Here are some quick, eye-opening CX statistics:
- More than 80% of customers are willing to pay more for better digital customer experience. In other words, a good customer experience (CX) implies your customers will spend more.
- Companies that earn $1 billion1 in a year can expect to earn, on average, an additional $700 million within 3 years of investing in customer experience. This implies a 70% rise in revenue within 36 months.
- 74%2 of senior executives believe that CX affects the willingness of a customer to be a loyal advocate. If you want your customers to stay loyal, you should invest in digital customer experience.
These statistics and more show that companies who successfully execute a digital customer experience strategy accomplish a higher customer satisfaction rate, improved loyalty, and consistency in buying and referrals, thus leading to increased revenue and a reduced customer churn rate. Remember, businesses can only derive the true value of digital customer experience when they broaden their horizons and take appropriate steps to enhance the end-to-end customer journey. This can be done through deep journey mapping, instead of placing a siloed emphasis on individual touchpoints.
This blog talks about how organizations should rethink their digital customer experience strategy to deliver excellent experiences. According to Forrester Research, a digital customer experience strategy is a plan that guides the activities and resource allocation required to deliver experiences that meet or surpass expectations of customers within and across digital interaction points.
Ways to Offer the Best Digital Customer Experience
Begin With the Customer
Spend time trying to understand what your customers want to achieve and how your business approach helps them in gaining what they want, without them switching to your competitors. For instance, don’t prompt them to navigate through complex websites. Potential buyers look for direct, digital access, one that is highly transparent and has a streamlined path to make a purchase. Besides, fast and effective personalization is key. It reflects all the information you have on your customers, such as their past purchases, usage patterns, and search behavior.
Customer journey mapping is crucial to improving and personalizing customer engagements, which strengthens the relationship of a customer with the brand. At the end of the day, you should focus on addressing and serving the needs of every customer.
Leverage Analytics to Better Understand Consumer Behavior
Analytics is a powerful tool that enables businesses to track a buyer’s journey at every single step and thus effectively manage their digital customer experiences. Develop a strong analytical framework of what your buyer does by tracking the sources from where he visits your website, the pages he views, and the time he spends on a page. As you better understand who your customers are, how they behave, and what type of experience they look for, you can make your digital tools contextually intelligent and personalized.
Today, an increasing number of organizations are using customer analytics to effectively understand their customers and to capitalize on that information. Customer analytics enables them to gain deep insights into customer attitudes and preferences to predict future behavior and deliver customer 360-degree view throughout their lifecycle. Combined with Business Intelligence (BI), this kind of deep analysis can be shared via dashboards, scoreboards, and other visualization tools to communicate results, besides key performance indicators (KPIs) and predictors.
Invest in Omni-Channel Engagement
Organizational silos count to be one of the primary hindrances to the customer-centric success of any business. An omnichannel approach may be defined as a synchronized operating model wherein all the channels of your company are well-aligned and present only a single face to your customers. Your customers can thus interact with your brand wherever, whenever, and howsoever they want across multiple channels. Note that omnichannel customer experience is composed of several individual customer touchpoints over multiple channels that seamlessly connect, allowing customers to pick up where they left off on one channel and continue with their experience on the other. Omnichannel customer experiences lead to seamless, consistent, and personalized customer experiences across all touchpoints.
Automate Contact Center
As businesses continue into the new decade, the execution of contact center automation is gaining prominence. It is thus essential for enterprises to implement best practices. One of the major contact center automation best practices is to balance key performance indicators (KPIs) and core service goals with automation to improve customer experiences and operational efficiency continually. You can optimize omnichannel services for your customers as well as employees only when you know when to use human interaction from live agents and when to deploy AI-powered virtual assistants and automation processes. As you find this perfect balance in your contact center automation approach, you will be known to have a “Thoughtful Automation.” The most common contact center automation trends comprise of chatbots and active listening, robotic process automation (RPA), statistical machine learning, and deep learning neural networks.
Offer Your Customers a Way to Share Their Feedback
According to Forrester, more and more companies are using customer analytics techniques, such as customer satisfaction analysis, customer journey analytics, and customer engagement analysis to effectively understand and enhance the digital customer experience. Measuring customer experience is critical for every business. It enables your business to understand how well it is performing and how customers perceive its products and services. You may develop your own KPIs to track digital customer experience. You should thus measure CX comprehensively, systematically, and efficiently by employing the right metrics in the customer journey. Customer satisfaction score (CSAT), Customer Effort Score (CES), and Net Promoter Score (NPS) are a few of the key customer experience (CX) metrics.
Is Your Digital Customer Experience Strategy in Place?
Remember planning an effective digital customer experience strategy by hiring digital customer experience services is way more than just assuring your customers that they should receive the products and services they want efficiently. You should realize the significance of keeping your customers delighted. Delivering effective customer experiences creates immense value for customers and businesses. The experience value created helps businesses to detect the customer value, as and when they establish contact, thus deciding how to maximize that value through personalized service and ensure maximum CX ROI.
2. Global Insights on Succeeding in the Customer Experience Era, Oracle Study