eringilliam: digital*

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  1. We hear companies throwing around common phrases like, ‘Customer centricity is at the heart of our organisation’ and ‘We’re very much in tune with the needs of our customers’. Not surprisingly, seeing as how according to a study carried out by Bain and company, 80% of organisations they surveyed believed that they were providing a superior customer experience to their customers. Meanwhile, just 8% of their customers shared this opinion. Only eight percent! This is a huge disconnect and gap in perception, one that is commonly referred to as the customer experience gap.
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  2. An MIT Sloan/Google report last year pointed out that our current key performance indicators (KPIs) for customer experience are no longer accurate for today’s digital environment.

    Most KPIs today focus on compliance, not commitment, the report said, so they are “key in name only, rather than being indicators that companies can use to truly improve performance."

    We asked some marketing professionals what they identify as the KPIs making a difference in their organizations.
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  3. Customer service agents have hundreds of conversations across channels every day, and all of the data from these interactions comes directly into the contact center. But, without being proactive about analyzing the information at their fingertips, businesses may be missing critical cross-channel insights. In fact, 44 percent of marketing and customer experience professionals say they offer four or more channels to communicate with their brand; however, 58 percent admit they think their customers only use two or three.

    Customer expectations change constantly and without analyzing interaction data across all channels, companies might be wasting time and money. For businesses to stay on top of consumer preferences, they must go beyond capturing voice-of-the-customer insights and examine that information to make decisions that drive positive change.
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  4. In today's highly commoditised age where there is often little differentiation when it comes to competitive products and offerings, the biggest factor that prompts customers to patronise one brand over the other is often customer engagement. There are several studies that show the impact of customer experience on both customer acquisition and retention.

    A study conducted by Bain & Company, in association with professors from the Harvard Business School, found just a 5% increase in customer retention rates increased profit by 25% to 95%. Therefore, customer experience is an important influencer of an organisation's profitability. Organisations are already starting to realize this. A recent Frost & Sullivan study found that about 80% of organisations in Asia-Pacific recognised customer lifetime value as the most significant business benefit delivered by customer experience.
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  5. On Tuesday, Skift Tech Forum drew about 400 attendees from dozens of travel industry segments and 20 different countries to Santa Clara, California, in Silicon Valley, to talk about what’s next in travel technology.

    Skift editors noticed a handful of ideas that percolated during the day’s talks, workshops, and networking breaks, including the growing digital divide, best practices in personalization, the promise of voice-powered search, and speculation about Amazon or another big tech player moving into travel.
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