Four Ways to Enhance Your Customer Experience and Improve Your Financial Outcomes
Companies delivering industry-leading customer experiences are winning the fight for consumer's hearts, minds and wallets. While doing so, they are also reaping the benefits of enhanced Customer Satisfaction (CSAT), increasing Customer Experience Scores and, most importantly, improving financial outcomes. It’s a simple fact. Increased CSAT, enhanced Customer Retention and a greater Customer Lifetime Value (among other Key Performance Indicators) are direct results of improvements in Customer Experience (CX). Not only will CX drive revenue, but it will also enable an organization to manage and lower expenses related to Customer Acquisition, Cost per Interaction and others. That being said, some companies struggle with staying ahead of the Customer Experience evolution and capitalizing on its game-changing benefits. Here are several ways to enhance your CX and stay ahead of your customers and competitors.
Deliver Omnichannel Experiences
Omnichannel is the continuity of Customer Experience across all potential channels a consumer will interact with a brand. This includes when they are on a laptop or PC, mobile device, telephone, or in a brick and mortar store. Omnichannel differs from a multichannel approach that most businesses have today because it fully integrates all of the above outlets into one seamless strategy that works in concert with a company's overall CX strategy. It goes beyond just having each medium look and feel the same. It is about providing streamlined service and delivering an experience that is personal and creates a connection with the customer. What ecommerce retailers are consistently recognized as having the best customer service? Disney, Amazon, Victoria Secret, Best Buy, Nordstrom and Macys. It’s no coincidence that all of these brands have mastered omnichannel customer service. Each has forged a reputation on delivering exemplary and highly integrated customer service across all channels. Whether in-store or through live chat, email, phone or social support, each company brilliantly utilizes an omnichannel approach by seamlessly connecting with customers across all of these platforms enabling them to consistently exceed CX expectations.
Disney – The Magic of Omnichannel in Full Effect
As a brand that understands that a great customer experience begins with the smallest details, Disney had perfected the power of omnichannel experiences. Whether visiting their magnificent website, planning a trip online, using their My Disney Experience tool to plan your vacation, arranging your park dining or making a Fast Pass reservation, customers are met with a seamless and integrated experience. The Disney mobile app extends the same experience to within the park so visitors can locate attractions and view estimated wait times. Plus, the company’s Magic Band program integrates all vacation components by storing your attraction Fast Passes and serving as a hotel room key, photo storage device and food ordering tool.
Create Personal Experiences Using Big Data
Simply put, Big Data effectively predicts behaviors and needs of customers based on past actions. Managing customer data is more critical than ever when competing in today’s omnichannel marketplace. Successful companies are integrating Big Data within their marketing strategies to better understand consumer marketing trends, enhance targeting and most importantly, increase their customer acquisition and retention rates. Using data as actionable customer intelligence has proven to be a powerful solution to delivering what your customers need, when they need it, all while aligning with Customer Experience expectations. Big Data is also extremely effective at creating a more personal experience for each customer. Nordstrom is a fantastic example of a retailer who has always been a customer service champion and is investing heavily in Big Data. They have gone so far as to establish an Innovations Lab that is leveraging the unique data from all their point-of-sale transactions, 2 million Likes on Facebook, 4.5 million followers on Pinterest, and 300,000 followers on Twitter to create a personalized experience for all customers that is integrated with all of their omnichannel resources. One initial result of Nordstrom’s Big Data investment is an opt-in application that customers utilize that pushes all their purchase history and preferences to salespeople the instant they walk in a store or shop online. The end result is the valuable ability to track customer buying trends and deliver an enhanced, immediate and personal customer experience.
Embrace Artificial Intelligence (AI)
Massive technological advances are moving AI from purely research and scientific realms into every aspect of our everyday lives. Self-driving cars are the most obvious example of how quickly AI capabilities are increasing, but the applications go far beyond having robots, cars, and other machines perform complex tasks in dynamic environments. Industry leaders across all business segments are investing heavily in AI and it is quickly becoming the new customer expectation. It has immense potential to positively impact Customer Experience and overall engagement, particularly in the area of Customer Care. AI can provide useful information about all of the interactions a company has with its customers. This can lead to more effective business process automation and a system that eventually will imitate the decision-making capabilities of a person, allowing routine inquiries to be handled more quickly. With AI technology, self-service efficiencies can be integrated within your customer touchpoints and routine tasks for live agents can be automated. Overall, it’s wide-ranging capabilities enable companies to operate more efficiently while delivering a highly innovative Customer Experience.
Discover What Works and What Doesn’t Work Using Workforce Analytics
Companies often fear that becoming too numbers-oriented will lead to analysis paralysis. However, making important decisions without a systematic approach to measuring performance and outcomes is not an effective strategy either. Overall, Workforce Analytics can be used to properly organize, manage and improve the most important aspects of a business. These include your human capital, customer relationships, brand management and product/service delivery. Numbers and data can also provide proof of ROI, time savings, and other tangible measures that can lead to more informed and smarter business decisions. Workforce Analytics deliver many intangible benefits to an organization as well. They can increase overall organizational alignment and create stronger team cohesion. Empowering managers with useful Workforce Analytics can create stronger ownership and accountability that can lead to more decisive and effective decision-making.
Recognized by CIOReview as one of the Top 20 Most Promising Customer Experience Solutions Companies, PPT Solutions empowers our Clients with transformational business solutions that deliver exceptional performance, outstanding customer experiences and measurable results. Visit pptsolutions.com to learn how we can optimize your business and Customer Experience.
"It’s a proven business fact – when Customer Experience metrics such as Customer Satisfaction and Net Promoter Score (NPS) improve, your profitability and revenue follow. It’s critical that companies stay abreast of trends and leverage big data to improve their financial outcomes."