Wouldn’t it be great if you could predict how much revenue you’d be receiving 2 months from now? 6 months from now? A year from now? Finance departments take lots of factors into consideration when trying to make long-term revenue predictions, but often fall short because they’re not seeing the whole picture. In this edition of #CXSecrets, I’m going to reveal how measuring customer experience can help companies more accurately predict long-term revenue.
https://www.business2community.com/customer-experience/cx-secrets-not-measuring-cx-like-not-counting-money-02024096/
Customer experience is the new global currency for companies looking to invest in differentiation and growth. Best-in-class firms have leaped in eagerly, capturing customer feedback at every touchpoint, closing the loop quickly and integrating efforts across their entire organization.
There are many different theories on how to build and sustain a customer experience program, and advancing technology continues to provide lots of cutting-edge measurement, reporting and planning tools. However, understanding foundational components is essential for company leadership as they look to adopt best practices. Here are five basic concepts to help firms raise their CX game.
https://customerthink.com/5-components-of-a-great-customer-experience-program/
Customers demand relevance and real value from marketing in exchange for loyalty now. The true value of personalization can only be harnessed when organizations work on capabilities that are founded on enhancing Customer Experience (CX).
https://retail.economictimes.indiatimes.com/re-tales/how-can-brands-personalise-customer-experience/2929/
It sounds like a contradiction in terms, doesn’t it? How can you optimise a journey with friction when for many it is considered the nemesis of growth and success? It is annihilated at every opportunity in the digital world for fear the customer might abandon a purchase or fail to sign up for a newsletter. This is not necessarily the case in physical locations like stores, restaurants and service centres. Sometimes a little friction can be a good thing.
http://customerthink.com/improve-customer-experience-by-introducing-friction/
Ensuring customer experience success is an ongoing effort. Just as brands evolve, so too do their customers. We see customers evolve in their interactions with products and services, their complex and varied needs, and the channels through which they express feedback. Customer journey maps document those interactions at scale and help companies better understand the actions, thoughts, expectations and feelings of the people that connect with their brands. These maps help businesses capture customer analytics and track critical pain points to maintain quality customer experiences and address problems.
https://www.cmswire.com/customer-experience/dont-let-journey-mapping-fatigue-keep-you-from-cx-success/
Forrester recently published a paper on the future of customer experience measurement and they didn’t mince words with comments like:
• “CX leaders told us that their response rates are declining, especially among younger customers”
• “Today’s empowered customers reject old-school CX surveys”
• “Even companies that have an advanced CX measurement program need to innovate further to remain relevant and effective.”
They have some great examples embedded in the paper, but I’m starting to hear some variation of, “OK. I’m on board with what Forrester is saying, but specifically, what do I need to do to get more feedback and more thoughtful feedback?”
Here’s how I’m seeing Forrester’s concepts applied successfully:
http://customerthink.com/the-future-of-customer-experience-measurement/
When the topic of customer satisfaction arises, the modern mindset leaps immediately to the traditional retail realm of B2C relationships and starts compiling all the exciting new ways to keep track of, as well as boost their success. Yet, this same mindset is becoming increasingly essential in the world of B2B, since a customer-focused approach dictates the long-term success and the quality of relationships built in both B2B and B2C. You may not create a standard questionnaire or stick to a classic social media scheme to delve deeper into the minds of your customers, but B2B is in dire need of redirecting their focus to their customer pool.
https://customerthink.com/how-to-measure-b2b-customer-satisfaction/
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/
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/
Businesses desire to make use of this insight, so “We’ve moved down a path to determine how to operationalize emotion, putting core insights on emotion into practices as we design, build and operate elements of the customer experience… This is not a prediction of how the customer will feel in the future; instead, it is an explanation of what they are likely to do as a result of feeling that way.”
http://customerthink.com/use-data-science-to-understand-customer-emotions-and-decisions/
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