A Holistic Approach to Customer Experience is the key to Generating Positive ROI: Here’s Why
A few weeks back I was having dinner with several of my closest friends who I’ve known for over 35 years. One friend is a highly regarded and sought-after orthodontist who has a patient waiting list of five months. The others at the dinner included the founder of a large and extremely successful construction development company, a highly respected entertainment lawyer, and the last friend is an industry leader in manufacturing retail equipment for stores around the world.
I was surrounded by a group of very successful individuals in their respective fields. When I took a moment to reflect on our dinner conversation, it occurred to me that they all have something in common. Their business focus is to determine what their customers want and they spend the time to understand the nuances of that.
Direct Investments Where They Will Do the Most Good
Regardless of size, any company can leapfrog over its competition if it understands its customers. I’ve been in the software business for over 30 years and as CEO of the Enprecis Group, I realized one thing: Customer Experience (CX) software can transform your work.
In this digital age, the end user dictates which channels and applications are used for transactions and interactions. The point is, we need to monitor each and every one of these interactions to ensure we are delivering the most consistent and best customer experience possible. There was a time when companies used to compete primarily on product, service, or price. This is no longer the case.
Today, if they expect to thrive, companies must compete on customer experience. Since customers can quickly and easily voice disappointment, you must be able to monitor the real-time experience of each and every customer to ensure your brand, employees, and services are meeting customers’ expectations. The goal of the Enprecis Group is to customize each user’s experience so their overall satisfaction produces a ‘9+ customer service rating’. You should follow this lead if you want to improve your customers’ experiences and generate positive ROI.
Understand and Fulfill What Matters to Customers
Serious about growth and profit? Start with the experience of your customers. Know and manage every step of the journey they take through your business. According to a Gartner survey (Gartner Predicts a Customer Experience Battlefield, conducted by Tom McCall in 2015), 89% of marketing leaders believe that in two years they will be competing primarily based on customer experience. In this new competitive landscape, the question to ask is, how can customer experience drive value for your business? You probably can’t-do it all, but you can do what matters most. Prioritize improvements: for the company, for each department, for each franchise, dealer, and service provider, and deliver more with less.
If you’re serious about creating a great customer experience and improving your existing workflows to significantly impact your company’s bottom-line, then you need a robust customer experience management software. The power of your CEM program is something the Enprecis Group can enhance and accelerate.
But how do you get all the stakeholders on board with your plan of action? The key is to share insights they cannot overlook – insights they actually crave. When I look at my friends and their businesses, I see that they made smart choices about CX priorities to perform better than any competitor and to disrupt how business is conducted to become leaders in their respective industries.
Why Voice of Customers Matters
Want to ensure customer satisfaction? Listen to what customers are saying and act on it. Nothing pleases customers more than their voices being heard and acted upon. An important role in this regard is being played by Voice of the Customers (VOC) programs. For the most forward thinking and customer-centric CEOs, CMOs, and customer experience leaders, VOC programs are a strategic asset.
According to the Best Practices of the Best Marketers Research Report (conducted by Vantive Media), CMOs who were ranked in the top quarter, based on performance, used VOC programs – a whopping 68% more often than their lower-performing counterparts. Most companies and I say this based on personal experience, think they know what their customers want. Often, however, they are only partially correct or completely incorrect. Either scenario results in a cascading effect that degrades Research & Development, marketing communications, sales effectiveness, service delivery, and CX objectives.
The negative financial impact incurred in any one of these areas is a significant hidden loss than goes unrecognized by most business leaders.
Making Things Transparent to Customers
As mentioned earlier, customers want their voices heard, and most of them will take an active part in your VOC programs. However, all your efforts and investments will result in nothing if you consume too much of their time and then don’t act on their feedback. This will only infuriate your customers.
Gartner, an American Research and Advisory firm, surveyed some companies to understand how important customer experience was to them. Of all the surveyed companies, less than half corresponded with their customers to inform them how their feedback was used. In fact, the percentage of companies that did relay to customers how their feedback was used to close the loop was a mere 5%.
It’s simple: if you don’t review and use the feedback of customers, then don’t ask for it. Why ask for input and then ignore it? If you do act on the customers’ feedback obtained through the Voice of the Customers (VOC) programs, many benefits will await you.
VOC benefits include faster resolution of customer problems and improved customer experience. Additionally, there are financial benefits, such as increased customer share and customer retention. The ROI can be extensive; some companies have achieved well over 200% increase in customer lifetime value, which was achieved by immersing employees at all levels in customers reality, emphasizing the end-to-end customer lifecycle, and reviewing action plans regularly with senior leadership for resolving customers’ top issues. The financial gains: this large software company saved over $20 million annually in cost to serve customers). And that’s in addition to the revenue gains represented by ongoing higher lifetime value of many segments of customers besides their key accounts.
Customer strategies and tactical strategies are two different things. Separating the two will significantly impact an organization’s ability to achieve its crucial objectives of gaining an accurate, complete, and continuous increase in customer lifetime value.
When you’re sure about your customers wants, you can craft messaging, design business strategy, and provide solutions that enhance the customer experience. The end result is a significant boost in satisfied customers, sales conversions, marketing effectiveness, and customer loyalty.
How the Enprecis Group Can Help You
We believe that a holistic approach is what is required to achieve what customers need. By providing customers with a total experience that is simple, engaging, and memorable, companies earn their customers’ loyalty. This motivates the desirable behaviours of repurchase, retention, and referral – all of which directly impact the bottom line.
At the Enprecis Group, we have game-changing, role-specific insights that allow you to do things ‘Right’, and stand out from your industry competitors. Our Customer Experience management software provides an end-to-end view of your customers’ journey across key touch points, so you can confidently make important business decisions and increase lifetime value.
Our advanced CX management software helps companies drive profit, retention, and loyalty by using real-time monitoring of the experiences they deliver to their customers. Whether large or small, B2C or B2B, Enrpecis Group software is so powerful and nimble that every company can find a version of our technology to meet their needs. We have developed the most advanced and up-to-date best practices in CX and VOC, and are committed to continuously driving profitable innovation for you. Business consulting services, customer experience, management training, and net promoting benchmark data, round out all that we are able to offer our customers. In short, in using the Enprecis Group platform, companies can Control Their Destiny!
Enprecis Group Communication Team