This event brings together distinguished personnel from banks, government bodies and technology companies to discuss and address crucial issues on how to seize new opportunities in retail banking and wealth management while making it beneficial for all stakeholders.
Designing a Tailor-fit Customer Experience
Customer Experience is not a choice, whether aware or not, as far as there is a customer there is an experience. The question is if such experience is a well-understood, planned and executed strategy. Today’s consumers value the experience as much as they do the product, this is now understood by companies and prioritized by board members. The steps toward having an operational cx are well known: selection, management and analysis of Customer Data, Employee empowerment, customer journey transformation, and evaluation of benefits for your customer and your brand; however, as the headline suggests, going through each of those steps to create tailor-fit experiences goes beyond numbers and metrics. Customer experience needs to be personalized, both online and offline – from marketing to in-store purchasing. So, what are the major challenges companies are facing and how have they overcome them? Allow us to give you a sneak peek:
1. Look before you leap… but what for?
Customer intel! How do you get and store the right data, how do you analyse and use it? Nowadays, customers traverse many channels to find information about desired products and services. So, Go big data or go home.
Whether it is through social media, e-shops or traffic and behaviour on the website, each point of contact leaves a trace that marketers can follow and then use to predict future behaviour, segment customer groups creating customer insights and behaviour maps that allow them to shape a strategy that will shine. You can also improve your customer service and support performance – measuring support quality with customer satisfaction and measuring standard KPIs (First Call Resolution (FCR), Service Level Agreements (SLAs) for response and resolution times, as well as Average Response times) will give an idea on where you stand. There are many challenges in identifying the best use and purpose of customer insights: the large amount of data, protecting this data, considering both online and offline channels and using the CRM system wisely
2. Give power to the people!
What a cheesy cliché, right? It is true though – your employees are fundamental for improving customer experience. You have to put the customer first, but do not forget your employees are your first customer. Employee empowerment increases commitment, productivity, attention to detail and performance and also works like a charm on customers. Or is it just the case that well-performing companies have happier employees? It’s the old chicken-or-the-egg question. One thing is for sure: customer service before, during and also after a purchase can win or lose a customer in a wink of an eye. But how can you win and not lose your employees in the process? Provide them with sufficient training, make them believe in your business model and implement felt transformational leadership. Lead, but let your employees drive!
3. The right journey for the right customer
Customer expectations are rising. Emerging technology has helped this change. Digital touch points are already key players. AI, Chatbots… But often, a “human fix” is needed to fix some problems that the customer encounters on his digital path. There is a need for balancing the combination of digital and human to meet your customer preferences. There are several challenges here – you want to make the journey easier for your customer but to also surprise him. You can do that by creating fully digital services – easy and intuitive – supported by innovative employees who deliver great customer experience. Seamless, consistent CX can be secured with the right technology, use of AI or by paying attention to customer feedback. Companies also need to consider social media as an integrated channel.
The ultimate goal is to turn a person who is aware of something (let's say he hears something via word of mouth or sees an ad) or already evaluating it (visiting websites, blogs) into a customer. When he buys the product (in store, via e-commerce, m-commerce or sales), the biggest challenge of all comes – to turn him into a brand advocate.
At the end, budgets are always limited and management wants to see results. What should your CX priorities be?
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