Continued improvement and investment in the customer experience, commonly referred to as CX, is crucial for organisations to survive and thrive in the current uncertain business landscape.
In fact, our inaugural Banking Industry Outlook Report, due to be released next month, found that for more than 50 per cent of the leaders we interviewed, customer service and engagement remains the number one strategy for survival. Customers are the wheels of any business. And to pave the way forward for business success beyond survival mode, firms must foster a customer-centric culture.
According to a Gartner research report on customer experience, 89 per cent of companies were expected to compete primarily based on the customer experience by 2016. Two years on from this study, it could be logical to argue that the percentage of organisations competing on the customer experience front are even higher today. This means it is even more important for businesses to create a culture that keeps the customer at the forefront of all decision-making. So how do leaders create a customer-centric culture?
- In a world increasingly reliant upon technology, the new competitive battleground is an exemplary CX that requires the least amount of customer effort. For today’s companies, this means that their CX strategy must evolve in ‘real-time’ and continuously improve to reflect changing customer behaviours and preferences.
- As the digital sphere makes its way into daily life, modern consumers are experiencing – and expecting – elevated levels of personalisation in their communications. It is becoming essential for customer-centric businesses to implement Artificial intelligence (AI) and robotics to provide superior levels of engagement. Of course, these steps must be measured. To continuously engage customers, businesses must implement data analytics to maximise CX, through tracking customer behaviour and preferences.
- As with any cultural shift, change starts at the top. It is imperative for leadership teams to instil and encourage a CX focus among employees who will be motivated to adopt CX in their everyday role. This top-down approach must be nurtured over time. Executives must implement customer-centric initiatives and on-going support to staff to achieve a large-scale cultural shift.
Providing a superior customer experience time and time again will ensure your business reaps long-term benefits across a range of key metrics. With consumer demands rapidly changing, implementing and monitoring an effective CX strategy will ensure your business not only achieves stellar customer service, but strengthened employee engagement as well.[/vc_column_text][/vc_column][/vc_row]