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.
https://www.itweb.co.za/content/Pero3MZgRyEqQb6m/
You may be like many executives who’ve had more than a few sleepless nights worrying about your customers. Particularly the customers with problems (and on average that’s 3 out of 4 of your customers) — the ones who light up the phones and fill your inbox with concerns, complaints, and helpful suggestions. Surely if you don’t act and fix their issues, they’ll take their business elsewhere, right?
It’s a common hypothesis that you should prioritize your initiatives around those known problems or the ‘squeaky wheel’ issues. The ‘known issues’ are causing friction in your customers’ experience and should be addressed, however, they may not deserve the resources or priority that you think.
http://customerthink.com/the-customer-experience-risk-its-what-you-dont-know-that-should-keep-you-up-at-night/
As autumn moves into full swing, retailers work to finalize their preparations ahead of the holiday shopping surge. Each year, the fourth quarter plays a significant role in ensuring retailers remain profitable, but this season holds even more weight, as some experts predict it to be the most successful holiday season since the “retail apocalypse” began.
The road to a profitable season is paved by those who do right by their customers; by those who provide a positive, personalized and multi-channel experience that leaves their customers wanting more.
https://www.retailtouchpoints.com/features/executive-viewpoints/how-cx-will-make-this-holiday-less-apocalypse-and-more-revival/
Social media and the Voice Of the Customer (VoC). It’s a topic that keeps popping up, especially the value of social and the role of social signals in the overall VoC picture. In its “Integrated Customer Experience study“, Econsultancy once again showed that social media ranks surprisingly low on the list of channels used in a VoC context. Social is even often separated from the overall Voice Of the Customer approach.
https://www.i-scoop.eu/listen-voice-customer-stop-business/
As of 2017, 96 percent of Americans shop online. With just about everyone making purchases online, the web customer experience needs to be effective and efficient for a vastly varied customer base. It's no longer about simply setting up a website that allows someone to buy a product or sign up for a service. Today's online shopper is savvy, and a bad customer experience on the web can break your business.
https://www.retailcustomerexperience.com/blogs/managing-the-customer-web-experience/
Customer engagement and customer experience (CX) are too often used as buzzwords without a company making a true effort to shape their strategy and the way they do business around the customer. Moreover, companies feel that simply installing a technology product will be a silver bullet to providing better customer engagement. This shortsightedness creates an unsustainable environment that gives customers the sense of a disjointed company and employees left confused on how they can provide the best experience for their customers.
https://www.cmswire.com/customer-experience/9-challenges-to-successful-voice-of-the-customer-strategies/
It’s essential CX practice today to offer customers a range of channels through which they can interact with you. But adding new channels is only half the battle. It’s the CX team’s responsibility to coordinate them, too. At the B2B technology company for which I work, we call it connected listening.
For many companies, adding channels means adding silos to an already siloed organization. Lack of coordination across those channels can defeat the purpose and cause frustration for customers, who don’t care that your call center and web experience team operate separately from one another, or that your mobile app development team rarely communicates with your store or branch network.
CX organizations are uniquely positioned and skilled to ensure that organizations are offering customers great omni-channel experiences. Here are some guidelines to make the most of the omni-channel boom.
http://customerthink.com/connected-listening-3-tips-to-meet-the-cx-challenges-of-omni-channel-communication/
Times are changing and customer priorities are shifting. In fact, experts are predicting that by 2020, Customer Experience is set to take higher priority among customers than product or price. At this point, most businesses have read and understand that it’s an important factor if they want their business to be successful, but not all businesses have the means to monitor and improve their efforts. Want to make sure your CX goes above and beyond that of your competitors’? Try one of our free customer experience survey templates from the Survey Marketplace!
https://marketplace.mopinion.com/products-category/customer-experience-cx/
The future of customer experience (CX) is sure to be influenced by artificial intelligence, digitalization, the sharing economy, generational preferences, cross-pollinated expectations and much more. That’s exciting, yet the future of customer experience management (CXM) is calling out for significant shifts beyond the trends and forces in technology, socio-economics and competitive environments. The future is urgently calling for us to shift to company-wide alignment with CX. Here’s why:
http://customerthink.com/the-future-of-customer-experience-calls-urgently-for-a-significant-shift/
Customer experience is the new battleground for consumer-facing organisations (yes – retailers and shopping centres) as the industry fights for loyalty and customer needs increase.
Recently Forbes indicated 75% of companies report their top objective as improving customer experience and those companies who do it well will reap the financial benefits according to the ASX company financial results.
https://www.shoppingcentrenews.com.au/shopping-centre-news/industry-news/amplifying-cx-customer-experience-and-retail-trends/
