Customers tend to do business with a company because it is convenient, it is a habit, or they are looking for particular product or service that it is hard to find elsewhere.
In today’s highly competitive market, differentiation from competitors through products and services alone is not possible. Although the organization can continue to innovate but any new product can be quickly imitated. Organizations are not judged by what they produce or sell as much of the quality of experience that the organization provides to their customers; this is really what differentiates them from their competitors.
If the customers find themselves ignored, talked down to or subjected to long lines, inconvenient campaigns, and uneducated employees, they might head for the door before they reach for their wallets.
Poor levels of customer service can cause the organization to loss even the most forgiving customers; even loyal customers can be turned away by inferior levels of service.
Anything that makes it challenging or unpleasant for a person to do business with should be cause for alarm, warning that provided service levels need improvement, and this forms the basis of the engine of change.
The engine of change strategies formulation aiming to:
- Culture: Change the organization culture when interacting with the customers.
- Technical: Improve the processes and empowering the organization customers, by managing the its data and enable the organization to utilize business intelligence & analytical solutions to integrated campaign management
- Political: Determine the usage of the organization resources and benefits
Most of the revenue-generating initiatives in organizations have been through product centric campaigns designed to push specific products to high-propensity customers. However, implementation has remained a challenge due to poor quality of campaign lead data and the inability to synchronize data across the organization and provide a single customer view between channels. This has been impacting the response rates, and decreases sales.
In order to change the approach to a customer-centric program, organizations must consider their data as an asset, manage it well, and have a single trusted source of high quality data inside an Enterprise Data Warehouse (EDW). This will then have the ability to design and deploy marketing campaigns taking into consideration individual customer behavior, previous responses and forecasted customer needs. These campaigns will be delivered consistently across different organization channels and touchpoints.
The Campaign Management solution should has a breadth of features including:
Multiple campaign types
Supports execution of a variety of campaign types, including: product and service promotions, customer service initiatives, announcements, partner company promotions, goodwill initiatives and informational/educational promotions.
Efficiency and cost saving benefits
Quick set-up and delivery of campaigns based on real-time customer information. This means that campaigns can be set up and delivered to customers in less than 30 minutes as opposed to traditional marketing campaigns that can take days or weeks.
Integrate with social media of Twitter, Facebook, and so for sentimental analysis and global customer reach and interaction.
A multichannel approach to sales and marketing that seeks to provide the customer with a seamless experience whether the customer get contacted for marketing offerings online or through mobile, call center, or served by the customer service representative in physical stores and branches.
A following set of quantifiable measures of Key Performance Indicators (KPIs) are suggested for an organization to be used to gauge its performance of customer experience improvement over time:
Once a prospect has made the first purchase, then the organization has to find ways to transform him or her into a loyal customer for life. Improving retention rates is the first step to increasing revenue from the existing customer base. As expected, companies that provide a superior customer experience tend to have lower churn rates.
Customer Acquisition Rate
Companies must continuously add new customers to their base to meet long-term growth goals. Providing a better experience from day 1 will keep prospects engaged throughout the buyer journey, and more likely to take the final step and make a purchase. Higher acquisition rates directly correlate with higher revenue rates.
Companies with lengthy sales cycles need to craft customer experiences that keep prospects moving along their unique buyer journey. One way to achieve this is to continuously offer valued materials and compelling offers to help prospects to move to the next step. Optimizing user experience throughout the process will help boost conversion rates at every touch point. Improving the user experience at touch points with underperforming conversion rates is critical to the buying process.
Net Promoter Score
Net Promoter Scores (NPS) are a standard gauge for assessing a customer’s likes and dislikes. Obviously, if the dislikes outweigh the likes, you will need to work hard to overcome negative feelings. Using a Voice of the Customer program to straight forwardly ask customers how they feel at different touch points – and listening to their feedback – is vital to gathering the insights the organization need to optimize customer experience and boost net promoter scores.
Customer Effort Score
Low Customer Effort Scores (CES) create loyal customers. The customers are busy – they will abandon the organization site or app when they have to spend too much time accomplishing what they believe to be a standard task. By eliminating any friction between your customers and their intended goals, the organization can lower CES and increase customer experience across the board.
(About the author: Usama Shamma is a senior program manager / chief architect with over 17 years of experience. He spearheaded the success of multimillion-dollar projects for major clients spanning multiple industries. He is a North America and EMEA 2014 & 2015 PMI global congress subject matter expert.)
This article was written by Usama Shamma from Information Management and was legally licensed through the NewsCred publisher network.