Customer Experience Predictions for 2016
Customer Experience Strategies
Many organizations are currently reviewing and planning corporate customer experience strategies and activities for 2016. As you review current processes and procedures and the things you would like to accomplish, looking into the crystal ball and predicting what the future may bring can’t hurt your bottom line.
One clear prediction for all organizations concerns the overall customer experience and how well your customers perceive their interactions with your company. According to Accenture’s 10th Annual Global Consumer Pulse Research, $1.6 trillion is lost by companies that disappoint customers with poor experiences. It’s a nearly 30% increase in the money up for grabs over the last five years as customers switch companies due to a poor customer experience.
Customers are savvy buyers. They demand excellent service from you no matter whom they interact with or how – by phone, chat session, or email. They view every contact point as one company and expect a consistent experience. And it is no longer just a matter of how much something costs. Consumers, especially B2B, are more than willing to pay a small premium for a great customer experience that is handled cheerfully and efficiently.
If price is not always the winning factor, what else can distinguish your company from the competition? The competitive edge is found in delivering a great customer experience. This has to be an overall effort beginning with the pre-sale and continuing throughout the life of the customer relationship. When employees put the customer first, they create goodwill and a true partner relationship. A satisfied customer will continue to use your services and products if they are met with a familiar and pleasant attitude. More than likely, they will even forgive minor discretions or inconveniences if the overall experience is a good one.
This kind of relationship builds customer loyalty with many tangible and intangible rewards. You will receive repeat business, referrals and positive reviews of your company that yield growth and profitability. You will be able to establish your reputation and brand for excellent customer service through long term customer loyalty.
Customer Service Programs
Many companies today have accrued huge stores of customer interaction and/or Voice of the Customer (VoC) data. However, most are challenged with effectively turning it into operational assessments and actionable reports. New solutions for unifying and analyzing data offer users “Business Objectives”, such as an understanding of overall voice of customer, employee and customer feedback, customer journey and customer behavior-reactions. The benefit of these solutions is that they can automatically look for the related customer-centric activities discovered through analytics, integrate the metadata of each activity, and present it as it relates to their business objective. With this type of big data management, your company can really listen to and understand your customers’ true sentiment like never before.
New Year – Old Plan
You don’t want to become a company that experiences big losses from losing unhappy customers. Success ultimately depends on how well you treat your customers, even more so in our “socially-enabled” society, where a negative post can have an immediate and dramatic effect on your business. As Amazon CEO Jeff Bezos passionately said, “If you make customers unhappy in the physical world, they might each tell six friends. If you make customers unhappy on the Internet, they can each tell 6,000 friends.” Don’t repeat last year’s mistakes. Be a winning company that gains opportunities by investing and planning in customer loyalty strategies that reinforce your brand, boost your reputation and deliver a great customer experience.
The Cost of Unhappy Customers (Infographic)