Do you seek feedback from your customers and use those insights to drive business improvement?
Research demonstrates that CX is overtaking price and product as the key differentiator for many customers. Demonstrating to your customers that you know who they are, you understand their needs and you value them, is critical to increasing customer satisfaction, loyalty and advocacy.
The Temkin Group Customer survey shows that:
86% of customers will pay more for a better CX.
Customers are 4x more likely to buy from a competitor if the problem is service versus price or product.
70% of buying experiences are based on how people feel they were treated.
Customers will tell 10x other people when they experience what they believe to be exceptional CX.
With compelling statistics like that, how can you afford not to listen to your customers and identify what is important to them?
The simplest place to start is to develop a CX framework with core customer pillars or commitments that your business will make to its customers. In today’s environment, understanding these drivers is even more critical – where do your customers expect increased support, how can you provide digital solutions aligned to these needs to ensure ongoing service delivery, and how is the supply chain (such as delivery) impacting your customer expectations?
Begin by listening to your customers. Seek feedback around their needs and what they expect from you.
Customer data can be found in a myriad of places – via contact centre interactions be it phone, chat or email; customer complaints; social media sites; customer focus groups online or face to face; and online pulse check, NPS or Customer satisfaction surveys.
Identify the key 3 to 5 themes in your customer data. These are typical expectations of your business that in your customer’s opinion are core to delivering a good customer experience. From our experience of analysing customer feedback across multiple industries, as well as completing research into customer needs, we find that the top five expectations fall into key categories:
Know me – personalise my service and understand my history with you.
Make it easy (to contact you) – offer me choice of channel and self-service options.
Earn my trust – be transparent with your fees and charges; keep my data secure.
Reward my loyalty – honour my long-standing relationship with you.
Be compassionate – show empathy when you deal with me; try to understand my situation.
Once you have identified your customer’s top expectations, these form your CX customer pillars – the commitments you as a business will make to your customers. Below are some generic feedback points that underpin each customer commitment or pillar.
Go further to map the expectations along the customer journey. Which are the pain points where you are not meeting these expectations – is it on boarding, issue resolution, renewal, and payment or account closure? These pain points form the key focus activities for your business – so you can close the gaps between customer expectations and the delivery of your promises to them.
The CX framework essentially pulls all these elements together – starting with the customer pillars, the key activities you as a business will do to support them, the process for embedding the CX framework into the organisation, and the methods you will use to measure the success of these activities.
Great customer outcomes do not happen by accident and you need a robust and repeatable framework and supporting processes to deliver each and every time.
Identifying the pillars for your customers is only the start of your journey. Our next blog will cover how to turn insights into actions – to deliver the outcomes that your customers expect and identify the actions your business needs to implement in order to succeed.