Consumer behavior has witnessed a whirlwind of changes in the past decade. Technological developments have enabled all industries to embrace digital transformation at scale. According to IDC, by 2023, digital transformation investment is expected to approach $7 trillion as companies build on existing strategies and investments, becoming digital-at-scale future enterprises.
The Customer Experience Officer has snatched away advertising budgets. And, rightly so. Customers no longer care about which celebrity is promoting the products. They demand the finest experience across all touchpoints – online and offline. Experts predict that by 2024, customer experience will overtake price and product as the key brand differentiator.
In order to align with the changing customer behavior, brands have shifted their focus from “what we want to sell” to “what the customer wants to buy”. Deeper segmentation and laser-sharp targeting – that’s been the mantra for every company.
Customers are giving more and more preference to brands that are constantly enhancing their Customer Experience strategy. Every company wants to win and retain more customers and here is where a top-notch Customer Experience strategy helps. According to research from PWC, 86% of buyers are willing to pay more for a great customer experience. Customer Experience (CX) will be the center focus as more and more brands embrace digital transformation.
Let’s start by understanding what CX means. The business engages with the customer across many different touchpoints. CX is the sum total of how the customer feels about your brand “while” and “after” interacting with you. As soon as he enters your ecosystem (online or offline), he starts to make his judgment. CX is not just restricted to existing customers but also extends to potential customers. Every interaction allows your brand an opportunity to build or ruin what the customer thinks about you. Remember, one bad experience can ruin 10 good experiences!
So what really contributes to a good CX? Here are a few points to consider:
This is the most important part while framing your CX strategy. It’s important for you to know who your customers are. From how they behave, what motivates them, what upsets them – you have to know it all. It’s not as easy as it sounds. Customer behavior is dynamic in nature. As a CX professional, you have to closely observe how customers are evolving and what your business can do to cater to their new needs. The marriage of data analytics and behavioral economics will help you uncover the CX strategy your business needs.
With all the noise around AI, ML, NLU, NLP, Cloud, this element often gets overlooked. If the past decade was the technological revolution, the coming one will be a psychological revolution. Companies need to build technology that connects with customers. Most high-tech products will fail if they’re not built with empathy. To create a CX that truly stands out – you have to empathize with your customers. Talk to them in person, do social listening, create scalable customer feedback solutions, etc. Do anything to know what moves your customer, build technology on top of it and serve it back to the customer.
Going above and beyond
To create delightful customer experiences, one has to think beyond what is already being done. Every stage of the buying process needs to be constantly re-evaluated and elevated, if necessary. Taking that one extra step that goes beyond customer’s expectations will ensure enhanced CX and customer loyalty.
Gone are the days when one geography was treated as a single market. The advancement of technology has allowed businesses to create solutions that talk to each customer in their preferred manner of communication. The scope of building a relationship with customers has never been more. Customer Experience elevates when brands talk to customers in a more personalized way.
