CXOs no longer consider technology to be the top factor that will impact their businesses in the coming two to three years, according to the IBM Global C-suite Study, released Monday. Instead, 68% of the 12,800 CXOs surveyed across 20 industries and 112 countries said they expect organizations to emphasize customer experience over products in the future.
https://www.techrepublic.com/article/why-cxos-believe-customer-experience-is-more-important-than-tech-in-digital-transformation/
As the influence of social media continues to proliferate, so does the volume of online consumer insights available to companies.
The ability to successfully filter, capture and analyze actionable data is extremely lucrative for data-driven organizations. According to a 2017 McKinsey study, organizations that leverage consumer behaviorial insights outperform their competitors by 85 percent in terms of sales growth and by more than 25 percent in total profits.
https://www.cmswire.com/customer-experience/the-customer-voice-bringing-value-to-online-data/
Companies with the best-in-class Voice of the Customer (VoC) programs achieve 10 times higher YOY increase in revenue compared to other firms. Furthermore, they retain 55% more customers, experience an average drop of 23% in YOY customer service expenses, and boast employee engagement rates that are 292% higher.
So, if your Voice of Customer isn’t delivering noteworthy results, then it’s time to take a hard look at what’s going wrong.
Making your VOC program best-in-class isn’t simple, but there are certain things that can be detrimental to it. Things you should ideally avoid doing. So, we decided to make a list of the 5 main things that can sabotage your Voice of Customer program.
https://customerthink.com/5-things-that-can-sabotage-your-voice-of-customer-program/
Many organisations are sitting on a wealth of untapped data in the form of call centre recordings and customer emails that contain valuable insights into the customer experience, while e-commerce sites have a lot of product image data that is ripe for classification and analysis.
These are examples of unstructured data sources that can be fed into deep learning algorithms to improve customer insights.
http://www.computerweekly.com/feature/Machines-delve-deep-into-customer-minds/
Journey analytics captures customer feedback from everywhere, doing the hard work in bringing together the ways in which customers engage, what they are trying to accomplish and where there are areas of friction that need ironing out. Their journey can be seen clearly, and shared across the company so that changes can be made and ideas implemented with confidence.
Using analytics to enhance the customer journey is a process that can be taken in stages. Here is an introduction in five steps:
https://www.marketingtechnews.net/news/2018/feb/26/journey-analytics-show-customer-experience-through-different-lens/
If you’re not actively gathering customer feedback—and acting on this feedback—you’re losing out. Why? The happier you make your customers, the more likely it is that you’ll retain them. Bearing in mind that it’s six to seven times more expensive to acquire a new customer than it is to retain an existing one, I’d say you should definitely invest your time and effort into making the most of your customer feedback.
https://www.allbusiness.com/5-ways-customer-feedback-can-help-beat-competition-115931-1.html/
Today’s interview is with Fred Shilmover, the CEO and co-founder of InsightSquared, a provider of sales intelligence solutions for high-growth technology companies. Fred joins me today to talk about InsightSquared and their journey with implementing a customer success programme and how and why they changed it.
http://customerthink.com/customer-success-needs-to-be-the-responsibility-of-the-entire-organisation-interview-with-fred-shilmover/
Many B2B companies use Net Promoter Scores (NPS) to evaluate customer outcomes and make important customer-related decisions.
The use of NPS scores attempts to distill diverse customers' complicated feedback about a company into a single score. It asks the question, "How likely is it that you would recommend our company/product/service to a friend or colleague?"
While helpful as a general indicator of customer sentiment, NPS scores alone provide an incomplete picture of customer relationships and often can lead to an imperfect understanding of the current health of a company's customers.
http://news.gallup.com/businessjournal/228047/ways-beyond-nps-fully-understand-b2b-relationships.aspx?g_source=link_NEWSV9&g_medium=TOPIC&g_campaign=item_&g_content=3%2520Ways%2520Beyond%2520NPS%2520to%2520Fully%2520Understand%2520B2B%2520Relationships/
If you’re a business owner and it isn’t clear to you that the customer’s voice is the most important voice to hear, you’ve been living under a rock.
Now, more than ever, customers expect their needs to be met, and they expect their feedback to be addressed right here, right now. Now that social media has made it easier than ever to spread “word of mouth” commentary about a business’s performance, business leaders need to be acutely aware of what their customers are saying about their brands, while also being able to act upon that feedback in a timely, efficient and satisfactory manner.
https://www.cmswire.com/customer-experience/your-customers-are-speaking-are-you-listening/
The customer experience is one of the most important factors in determining whether a first-time purchase becomes repeated, long-term business. That’s particularly true for B2B companies in the tech and energy spaces, where new, satisfied customers can go on to represent loyal and lucrative relationships.
As competition increases because of quicker shipping, more affordable or accessible material and the increasing role the internet plays in most business interactions, companies need to understand how to collect, quantify and act upon customer feedback if they want to be successful.
https://www.forbes.com/sites/forbestechcouncil/2018/02/22/how-to-quantify-and-utilize-customer-feedback/
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