The winners are reinventing their Customer Experience
October 21, 2016
Shift Your Focus To The Customer
A large percentage of Companies are still far too product centric and selling what they have, rather than providing the necessary business value required to their customers. It's vital to shift to a more focused customer centric approach and hence deliver the right customer experience. Not only that it's key to choose your target markets and customers carefully and then build and retain customer relations through offering a great customer experience.
Customer Experience - 9 Statistics You Can't Ignore
Customers expect more than ever and insist on better service. When you consider the customer lifecycle and the three key stages of attraction, engagement and retention it raises various considerations associated with obtaining new and keeping existing customers satisfied.
The probability of selling to an existing customer is 60-70% and a new prospect is 5-20%
A dissatisfied customer will inform 9-15 people and 13% of them tell more than 20
It costs 6-7 times more to acquire a new customer than retain an existing one
55% of customers would pay extra to guarantee a better service
70% of experiences are based on how the customer feels they are being treated
It takes 12 positive experiences to make up for one unresolved negative experience
Price is not the main reason for churn, it is overall poor quality of customer service
A customer is 4 times more likely to defect to a competitor if service-related problem
96% of unhappy customers don't complain, 91% simply leave and never come back
The Winners Are Reinventing
Customer interactions for most businesses result in more than one customer touchpoint. In fact multiple touchpoints are the norm and on top of that a combination of both physical and digital touchpoints are now making the customer experience inconsistent and inferior. This in many ways is down to lack of joint up strategy around the customer when thinking about disparate channels, processes, systems and how to leverage customer insight in a better way. Most companies are taking care of multi touchpoints but a vast majority are still not considering ALL customer touchpoints when it comes to traditional and digital landscape.
Those companies that are now winning are reinventing their customer experience by driving transformation in business and IT practices. It is a complex change that has to be considered from a strategic perspective, but in simple terms you can leverage a simplistic framework to make inroads, as follows:
Identify the current customer journey
Collect insight, identify patterns and evaluate
Build profiles anticipate vision
Set goals and align the experience
People, Process & Technology alignment and enablement
Customer Experience Transformation
The framework alluded to above is very simplistic and pragmatic reference to part of what needs to happen in a full scale customer experience transformation. It's vital that you determine the How, What and Why. At Autus Consulting, we have evolved Discovery, Transformation and Growth enablement services around Customer Experience and Digital Transformation. Our methods will help uncover your Customer Experience challenge, goals, drive the necessary change around strategy, processes, IT / Digital tools, best practices and ultimately delivery stakeholder value to customers, shareholders and employees.
Think Big Start Small
Of course it is key to think about the big picture in terms of customer experience, but it's also vital to transform with speed, as your competitors and customers won't stand still. In order to get started we recommend a Customer Experience (CX) Accelerator whereby it helps you discover exactly the challenges you have, where you are trying to get to and ensure your organisation is ready to get onboard with the change journey ahead.
Our CX Accelerator will help you identify challenges and opportunities and provide you with short term suggested tactical improvements, a medium to long term CX Roadmap, a Value Proposition tied to target metrics and a Business Case that you can understand and realise the value from.
Experience You Can Trust
We have over 25 years of business transformation and technology leadership experience and would welcome the opportunity to explore how to support your business and IT transformation in order to deliver the best possible experience for your customers.
Please don't hesitate to contact us to explore how we can help you improve your customer experience challenge: