4 key factors for a successful CX transformation
Recent developments in nearly every industry have prompted brands to reconsider their customer experience management (CXM). CX is now a priority for businesses seeking to increase revenue and build brand loyalty. Customer experience transformation is the only way for a company to survive in the market without succumbing to the pressures imposed by competitors and the superior decision-making abilities of new customers. In addition to other considerations that appeared rather unimportant only a few decades ago, new customers are now making judgments based on how the brand presents itself, how they engage with the customer, through which channels they are able to communicate with the client, and other aspects. These are some statistics that prove why customer experience management is necessary:
86%of customers may leave a brand after just two poor experiences
65%of customers would rather be impressed by a positive experience than good advertising
74%of customers make purchases based on experiences alone
61%of customers will pay 5% more for a diligent customer experience
Aside from incorporating customer experience strategies into a business, the most difficult challenge is execution. The customer experience must be flawless across all departments of a company. Because of hampered connections across each internal silo, most businesses are unable to reach their full potential. CXM and customer experience strategies seek to connect every silo in order to provide a seamless experience for every customer, resulting in a customer-centric transformation of customer experience. For businesses all over the world, the only way to function is to focus on the customer. Customer experience (CX) aims to work on customer satisfaction, customer needs, customer success, reducing churn, and increasing revenue in a repetitive and dynamic manner.
The key to successful CX transformation lies in the following 4 CX methodologies:
Recognizing: it is essential that a company recognizes the need for a CX transformation. Over the years, with enormous amounts of research and data collection through case studies leading cx research firms have found that a company incurs a loss of $289 on average annually when a customer relationship is lost to a competitor or abandoned. Poor customer experiences result in an estimated $83 Billion loss by US enterprises each year because of defections and abandoned purchases. Moreover 40% of customers that engage with companies over social media usually spend about 20% to 40% more money with those particular companies than other customers. Companies must use customer-centric approaches to please and retain their customers while increasing their revenue. So, the first question one must ask is ‘how can I improve my CX experience’?
Revamping: it takes a lot of effort and management changes to get CX strategies up and running. This also becomes a major space for brands to start bridging gaps and initiating changes across every platform and internal silo. Revamping structural changes can cause initial chaos, all leading to a greater good. Specifically for traditional companies it may become a question of value and following traditions. However, the ever-evolving need of customers must be kept in mind while catering to these necessary changes. Customers want to connect with companies that can provide for their changing requirements and be up-to-date with new trends and in such a case, revamping age-old techniques and traditional outlook becomes imperative. Customer experience connects every dot, through necessary changes.
Restructuring: once the brand is ready for changes by recognizing the need for CX and revamping core structures they should follow through with changes. Working on a deep organizational change with customer experience transformation through tools and processes that effectively work on customer satisfaction must be adapted by companies. CX uses analytics, metrics and surveys to challenge the system and bring in new techniques that can work towards a larger goal in an organization.
Retaining: following through with the strategies is of utmost importance to ensure the dots remain connected and there is smooth functioning in every department. Brands must also make an effort to maintain the trends and structures that have been developed for a seamless customer experience. Customers should be able to feel that their needs are being catered to, that they are constantly being heard and customer feedback is being worked upon.
CX methodology requires a company to gather data from customers which work as insights and make the gaps visible to the company. Once these gaps are visible the company must find a vision and goal related to the relationship, they wish to maintain with their customers by keeping in mind the gaps from the initial step. Eventually a strategy must be developed working on the operational, technical, and platform requirements. The company must finally prioritize CXM based on cost, effort, and business impact to successfully execute a plan. As the needs and goals of the market and customers change, the company must begin its journey again by gathering new data.
A successful CX transformation comes with CX best practices which are continuously worked upon. To be able to cater to each and every customer’s needs, companies today must start introspecting. Specifically searching for answers to How can I improve my CX experience? What is the future of CX? What is CX methodology? What is CX framework? What is a CX transformation?
Sonata GBW guides and uses the best practices in customer experience management based on the company’s goals and requirements using surveys, analytics and metrics. The future of a brand depends on their ability to grasp onto trends and create a space for themselves in the challenging, dynamic market that exists around us!
Our CX solutions are focused on transforming the total customer experience through surveys, metrics, analytics and auditing by using the CXM framework to combine physical measurements with digital Platformation™ capabilities. We are committed to finding the right customer experience strategy that can lead to a competitive advantage.
Sonata GBW is a global technology company specializing in customer experience CX measurement, platform-based digital transformation, supporting businesses to become connected, open, intelligent and scalable. Global coverage of more than 105 markets with over 27 years of market leadership through extensive measurement capabilities, powerful and intuitive reporting and analytics platforms give us the leverage to improve customer experience. It has presence across USA, Canada, EMEA and APAC regions. If you would like to know more about how we can assist you, please fill out the business enquiry form below.