Just a fifth of Australian financial services businesses are measuring customer sentiment on social media, according to a social media management software provider, despite more than two-thirds using it primarily for customer service.
Hootsuite’s 2018 Social Business Report indicates that social media has become increasingly important for 80 per cent of financial services businesses over the last two years, with 70 per cent expressing that they use it predominantly for customer service.
The study further found that 81 per cent of leaders in the financial services industry believe social media has a positive impact on brand perception and trust.
https://www.theadviser.com.au/breaking-news/38050-industry-falling-behind-on-measuring-customer-sentiment/
In the future, competition for customers won't be won on product or price, but rather on customer experience. Technology will be a key enabler in sharpening your sword for this upcoming battle," says Jannie du Toit, CEO of Comalytics.
In our age of constant connectivity, the buying journey is no longer linear. Instead, digitally savvy customers want to switch across channels, processes and devices. This is certainly true in the retail world, where companies with a sound omni-channel strategy dominate.
https://www.itweb.co.za/content/DZQ587VJ1Vr7zXy2/
According to Forbes magazine, globally it is reported that companies across different sectors lose around 62 Billion due to poor customer experience. With a statistic like this, one might think that customer service is getting worse, when in fact it is getting better. The reason behind this is that the best companies are setting the bar higher.
Research done globally by Ipsos has shown that expectations have become more liquid, meaning that they are increasingly influenced by a much wider body of experiences across a variety of sectors. Here it could be argued that the increasing digitization makes it easier for a customer to compare, thus it’s possible that the service provided by Amazon’s One click ordering affects the way consumers expect to deal with their bank, utility provider or local restaurant.
http://www.venturemagazine.me/2018/07/customer-experience-excellence-ipsos/
Admit it. We as consumers are a demanding bunch. We have high expectations of the brands around us – whether that’s simply knowing our preferences, tailoring our online journeys, individualizing communications, or providing quick and hassle-free customer support. Put simply, we want to be the apple of every business’ eye. If things don’t go our way, well….it won’t be long before we’re off looking for an alternative that will meet our expectations. This logic is precisely why personalization efforts are so critical to the success of businesses – especially in the digital era.
Being able to provide these personalized experiences, however, has proven to be a real challenge among many digital marketers who are still in the process of adjusting to this growing trend. In fact, almost 60% of marketers claim that they struggle to personalize content (in real-time); an occurrence which is often attributed to the company’s inability to gain customer insights quickly enough and apply them. One way of removing this hurdle and gathering the necessary information for personalizing is by collecting customer feedback.
Let’s take a closer look at how customer feedback data drives the three ‘breeds’ of personalization.
https://www.abtasty.com/blog/how-customer-feedback-drives-personalization-efforts/
Exciting things are happening within your company and you want your customers and prospects to know about it! Whether it’s sharing new product updates, announcing new customers or sharing your latest blog posts, newsletters are a great way of keeping a wider audience in the loop with your business’ latest developments. And if done the right way, email newsletters can serve as a critical digital marketing asset. But how do you know if the content, design and overall message you’re sending out in your newsletters is ‘right way’? Well you can’t really know unless you’re using feedback surveys in your email newsletters…
https://mopinion.com/how-to-use-feedback-surveys-in-email-newsletters/
Customer journey mapping is a popular tool for visualizing a customer’s experience. These maps provide a visual outline of various interactions that the purchaser has with a brand. It’s become a must for businesses as it allows managers to spot potential problems, going a long way in ensuring that the customer experience is satisfactory and hassle-free. When the customers’ road to conversion is straightforward, they’re more likely to stick with that brand.
In fact, taking advantage of the benefits of journey mapping, according to research published by Aberdeen Group, “Customer Journey Mapping: Lead The Way To Advocacy” the ROI for doing so is 200% greater employee engagement and 350% more revenue from customer referrals. Just imagine the profits and the ability to relocate toward bigger tech cities, such as Austin or San Francisco.
But, for successful customer journey mapping, it must be a collaborative process, with brand managers, markets and customers are included, allowing a manager or owner to form a complete perspective of what’s going on, from the moment the customer first discovers the brand through the buying stage.
In order to get a clear picture of this journey, there are four essential components of journey mapping.
http://customerthink.com/four-essential-components-of-customer-journey-mapping/
Your service desk customers typically have the last word about the services you provide, like it or not. There’s a bit of the old adage here – “the customer is always right.” While that thinking has a long legacy in the business world, there is a bit of movement to such philosophies like “the employee is always right” that reflects the sentiment that without properly empowered employees customers can’t be properly serves. Nevertheless, in the organisations where service desk customers typically have the last word, it is increasingly important that you track how they feel about their interactions with you. But how do you actually measure how well your service department resonates with the user base?
This is no easy task, though. Quality customer experience is as important as it is difficult. Satisfaction among your customers depends on how you’ve helped to solve their issues rather than what you did to solve it. In other words, your customers don’t want to know what it’s the sausage, they just want the sausage.
Quantitatively measuring that may otherwise be defined as qualitative can be a bit tricky, but there’s no reason to panic. There are ways forward.
https://www.itproportal.com/features/tracking-customer-experience-with-key-performance-indicators/
We have the technology to listen to customers, but we're still not getting customer experience right. According to the State of Customer Experience 2017 report from business process services company Conduent, brands fail to provide 80 percent of customers with first-step resolutions. Further, 75 percent don’t provide enough support to encourage successful self-help.
https://www.cmswire.com/customer-experience/10-common-voice-of-the-customer-mistakes/
When was the last time you were asked to provide feedback as a customer? You probably don’t remember. The truth is, you probably were asked but ignored or declined the request due to some level of inconvenience, or you simply didn’t recognize the request.
More importantly, when was the last time you solicited feedback from your customers, and what level of input did you receive? In an age where customer experience is a strategic priority, if soliciting feedback from your customers isn’t part of your ongoing strategy, you’re missing out on not only another touchpoint, but also an opportunity to collect invaluable data about your customers, company, and service. That data can then be appended to existing data sets to understand even more about what drives customer satisfaction and where you may have opportunities to increase service levels and revenue.
But, in order to get the most value out of your feedback requests, there are several variables to consider.
https://blogs.aspect.com/do-you-know-what-makes-your-customers-tick-and-what-ticks-them-off/
When you think of Voice of Customer (VOC) Feedback, it’s exactly what it sounds like.
Voice of Customer Feedback is direct and clear feedback on your product or service straight from the mouth of the consumer/customer.
Whether you achieve this data through market research, surveys, or focus groups, it will provide you a competitive stance on your product or services, or what deficiencies your product or service has in the current market.
https://ledgeviewpartners.com/blog/how-to-use-voice-of-customer-voc-feedback-to-improve-your-customer-service-team/
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