How to Create a Customer Experience Strategy: Case Study
Today's customers demand better experiences from the brands they interact with. To improve your customer experience, you will need to build an effective strategy. Such a strategy should create long-term relationships with customers by addressing their specific needs throughout their purchase journey.
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Customers today are prioritizing experiences over everything else when making purchase decisions. As such, finding a way to close the customer experience gap — that difference between the expectations of your customers and how well your company believes it is meeting those expectations — is more critical than ever if your business is to stay competitive.
Based on the market feedback, the customer experience strategy can be effectively applied to both B2B and B2C scenarios. Moreover, marketers are increasingly stepping outside of communication channels to develop D2C types of experiences.
Today's consumers demand better experiences from the brands they interact with; according to a recent Salesforce Research survey, 80% of consumers consider the experiences a company delivers as significant as its products and services. As much as 86% of buyers would rather pay more for a product or service if doing so can guarantee them a better customer experience.
Companies that will create better customer experience objectives will reap bountifully; available research shows that enterprises with yearly earnings of $1 billion or more earn as much as $700 million more every year within just three years of substantial CX investments.
To improve your customer experience, you need to build a compelling customer experience strategy. This article will explore what a CX strategy is, its challenges, best practices, and benefits to your business.
What is a customer experience strategy? Let’s start by defining customer experience (CX). Customer experience is not only the overall impression of your company, it’s all about your brand, products, and services. Customer experience takes a holistic approach beyond a company’s customer service department; it involves everyone in the organization. Some of the factors that are typically at play in great customer experiences include:
Unlike customer service, customer experience doesn’t focus on one specific interaction with a customer at a given time. Instead, it considers the entire customer journey and seeks to build long-term relationships with customers.
On the other hand, a customer experience strategy refers to all the actionable plans a business has set towards delivering an excellent, meaningful experience for its customers in all their interactions across various channels.
A CX strategy must incorporate all touchpoints in the customer journey, from awareness and discovery to purchase and customer loyalty. Moreover, it should create long-term relationships with customers by addressing their specific needs throughout this journey.
There are several challenges businesses face when developing a compelling customer experience strategy. These include:
There is a big difference between providing personalized experiences to each customer and delivering a one-size-fits-all experience. The former requires businesses to understand their customers enough to anticipate their needs and provide relevant experiences that add value. On the other hand, the latter is mass production of experiences with little or no customization, leading to customer frustration and, ultimately, churn.
Businesses need to respond quickly to customer needs as they arise. This requires real-time data collection and analysis so that they can make the necessary changes to their CX strategy on the fly.
Customers today interact with businesses across various channels, including in-person, online, over the phone, and through social media. Customers today want a consistent customer experience from companies across multiple channels.
Forrester reports that companies with robust omnichannel engagement strategies record a 10% year-on-year growth, a rise in close rates of 25%, and a 10% higher average of their order values. Businesses need to create consistent experiences across all these channels so that customers can quickly move from one to the other without feeling disoriented or frustrated.
With the rise of social media, customers today are more informed and have higher expectations than ever before. They are quick to voice their displeasure when their expectations are not met. It would be prudent for businesses to manage customer expectations by setting realistic ones and consistently delivering on them.
There are a lot of metrics businesses can track based on their customer experience objectives. Companies need to identify the metrics that matter the most to their trade and focus on those. Some of the most helpful CX metrics include customer satisfaction (CSAT), net promoter score (NPS), customer effort score (CES), and first contact resolution (FCR).
There are several ways that business enterprises can solve these and other challenges to improve their customer experience management. They include:
Businesses need to understand how customers interact with their brand across channels. They can use various tools, such as heat maps and session recordings to analyze customer journeys and identify areas where they may be getting stuck.
Customers today expect businesses to be available on their preferred channels. Companies can use customer data to understand which channels their customers prefer, make sure they are available, and promptly respond to customer requests.
Businesses can proactively address problems and deliver relevant experiences by predicting customer behavior and needs. Data analysis can help companies identify trends and patterns to take the necessary steps to improve their CX strategy.
Businesses can automate some processes such as lead capture, data entry, and marketing campaigns. Automating these processes can help companies improve efficiency and reduce costs by freeing up employees' time to focus on more critical tasks.
Businesses should connect data from various sources, such as CRM systems, social media platforms, and customer surveys. They can then use it to segment customers and deliver the right message to the right customer at the right time.
Collect customer feedback across channels and use it to identify areas where you can improve customer experience. Use customer data to make decisions about how to allocate resources so that you can operate faster and enhance the customer experience.
Use customer data to get a 360-degree view of each customer. This will help you understand their needs and how best to serve them.
Use customer data to receive insights into customer behavior. By understanding a buyer's values and motivations, your business can develop more effective marketing and sales strategies.
What makes a great customer experience? The following are some of the best practices for creating a customer experience strategy:
There are many benefits of providing a great customer experience, including:
Consider this scenario:
A large insurance company that sells life insurance policies develops a new customer experience strategy to improve interactions with its customers. It decides to leverage various technologies, including process automation, data consolidation and management, and data analysis.
The company’s customer experience strategy includes the following components:
Here's an example scenario of a CX strategy in action for the insurance firm:
A customer service agent is talking to a potential customer on the telephone. They are notified that the customer they’re talking to just requested a quote on a life insurance policy a few minutes ago directly through the insurer's website.
The customer service agent seamlessly modifies that quote and sends it back by text with personalized options for the customer. The customer goes ahead to finalize their purchase on their mobile phone while getting the right advice in real-time from the agent.
The insurer can streamline an otherwise complicated process of managing the same customer across different channels through process automation, data consolidation, and data analysis.
To create a customer experience strategy that works, you need to ensure that you're using the right tools. Intelligent automation is one of the most powerful tools to help with this.
Intelligent automation revolves around:
Here are some ways in which intelligent automation can help:
As a result, the business can update customer requests and records with ease and in real-time, improving the customer experience it provides.
Creating a great customer experience is essential for organizations today. Follow these key takeaways while creating a customer experience strategy:
Put It Forward's Intelligent Automation platform provides integrated data services in a single tool. It helps organizations to grow their businesses using process automation, data integration, and advanced data analytics coupled with predictive AI.
Leverage the Put It Forward's data platform to enhance your CX strategy.
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