Most retailers understand that upstream factors such as customer loyalty, retention, advocacy, satisfaction and brand preference have a causal relationship on both financial performance and operational variables. However, linking and measuring customer experience initiatives to tangible return on investment (ROI) can be a challenge. If retailers do not have a well-defined, structured measurement strategy, it’s very difficult to gauge how much CX is worth and show where it generates value – both for customers and for the business. Delighting customers comes with a cost. Delivering a superior customer experience should meet; even excel customer expectations. But, not at any cost.
http://customerthink.com/how-to-measure-retail-customer-experience/
“Your focus needs more focus,” urged the martial arts master, played by Jackie Chan, in The Karate Kid remake. The same could truthfully be said about any of our businesses. Focus is difficult to achieve and maintain. It requires constant diligence and discipline.
We could all learn from the experience of Phononic, the developer of solid-state cooling solutions used in a variety of applications and industries. Founded in 2009 and headquartered in the Research Triangle Park area of Durham, NC, this private company has been named a CNBC Disruptor 50 (twice!) and was just recognized for account-based marketing innovation at the #FlipMyFunnel conference, where I first met them. As a company who is just beginning to take their technology out of the lab and into the market, focus is everything.
https://www.forbes.com/sites/jenniferdavis/2018/09/10/5-ways-to-focus-on-the-buyer-and-their-journey/#10360c177c53/
The customer experience (CX) drives success or failure in retail, but who should claim responsibility for something so important? In most organizations, it’s the marketing department, according to research from Gartner.
https://www.forbes.com/sites/steveolenski/2018/08/31/does-your-cmo-have-the-necessary-tools-to-perfect-the-customer-experience/#1894bd0a2e3f/
In the age of social media, customers not only expect a meaningful two-way conversation but also insist that brands act on what they have to say.
At the same time, customers have become more demanding while their expectations continue to increase. In fact, almost two-thirds of the respondents’ expectations have risen compared to a year ago.
It all comes down to better customer service. Almost all respondents cited the quality of customer service as a determinant of their choice and loyalty to a brand, while 61% walked away from a brand due to poor customer service.
http://www.bizcommunity.com/Article/196/33/181466.html/
If you’re on your way to building your first voice of the customer program, you might be wondering if the entire process actually works. And by that I mean, is the customer feedback gathered through VOC programs actually useful and actionable, or should you brace yourself for a flurry of poorly thought out attacks on your industry as a whole? Moreover, one might wonder if the VOC movement is based on results, or if it’s just a way for brands to appear interested in their customer’s opinions.
So CMSWire spoke to five different brands who gave us five different ways they benefited directly from their own VOC programs. The proof, as they say, is in the pudding.
https://www.cmswire.com/customer-experience/5-voice-of-the-customer-program-examples-in-the-wild/
Data is only as valuable as what you do with it, and Voice of the Customer (VoC) data is no different.
In a world where a superior Customer Experience (CX) is now viewed as a key competitive advantage, leveraging VoC as part of your Customer Experience Management (CEM) efforts has never been more important.
Naturally, you must take a customer-centric approach to your CEM efforts, otherwise you run the risk of designing an experience that doesn’t meet their needs, and that places you behind the 8-ball compared to your peers. You need to better understand how your customers think – what makes them interact with your brand the way they do, and how they feel about the experiences you provide them.
These insights go a long way, but what exponentially increases the value of this customer feedback is how you leverage these insights as part of your CEM to build better experiences for your customers.
http://customerthink.com/the-true-value-of-voice-of-the-customer-in-customer-experience-management/
No two martech stacks are the same, but all martech stacks have the same core objective. Across industries and marketing channels, marketers seek to derive customer insights from data, with the aim of driving better business results. That’s why search engine optimization (SEO) is now playing a pivotal role across many CMOs marketing technology stacks.
Brands require a unifying data source that will link together their audience segments and their marketing activities, as a foundational layer for their martech stack. Organic search sits at the core of this ecosystem and acts, in multiple senses, as the true voice of the customer. As SEO is becoming voice-enabled, visual and vertical, the organic channel’s significance will only grow over the coming years. This makes it an invaluable element for any business that aims to improve their customer experience.
https://martechtoday.com/the-role-of-seo-in-the-martech-stack-the-voice-of-the-customer-223559/
Positive or negative, when a customer shares feedback with you, it’s a learning opportunity. You get the chance to see your business through their eyes, and that brief glimpse can change the course of the relationship completely. The direction it takes all depends on how you handle the situation.
We put together this quick list of best practices for responding to customer feedback, so you’re always prepared to make the most of it—whether it’s glowing, scatching, or just so-so.
https://www.business2community.com/customer-experience/4-rules-for-responding-to-customer-feedback-02111756/
One small customer insight can lead to millions in extra sales, according to Joe Urbany, professor of marketing at the University of Notre Dame, who spoke at the ADMA Global Forum today.
Urbany, who works with local company, Choice to Growth, and is the co-founder of Vennli, said there is a misalignment between what companies think their customers want, and what they actually want. And it's those gaps that represent financial value.
Closing the gaps can have enormous implications for the financial bottom line of a company. But to do that, organisations have to be brave and be willing to hear things from their customers they may not want to hear.
https://www.cmo.com.au/article/645984/how-disruptive-customer-insights-drive-financial-value/
This definitive guide will take you through every aspect of a creating a successful VoC program, from the different ways you can collect the voice of your customers all the way to the ways you can extract customer insights that will have a meaningful impact to your business.
In this eBook you will learn:
-How to select the right VoC methodology and metrics
-How to design and implement your VoC program
-How to connect and analyse your VoC data
-Tips for choosing a VoC solution
https://www.mycustomer.com/resources/the-definitive-guide-to-a-successful-voice-of-the-customer-program/
