Analytics & Insights
An Agile Approach to Measure Customer Lifetime Value
Measuring the health of your customer baseRead More
Author: Stephanie Caravajal
I’ve seen it many times: When a medium size company starts thinking about customer experience (CX) projects, it begins to compare itself to the elites – Google, Apple, Netflix, and Amazon.
Their massive budgets let them give their customers what they want before they realize they even wanted it.
And that’s okay. There’s no reason to be intimidated. Why? Because you have your own customers, and if you work to ensure they have great experiences with your company, then you’re good. Let Amazon play on its field, and you play on yours.
Besides, consider this: Today, more and more customers rank mid-size companies by their ability to offer real-time, accurate, and intuitive information on their products – the basics – that’s what they expect.
The important thing is to focus on your turf and work within your resources.
A solid CX program starts by understanding your customers and what they value. Some early information to gather includes:
Use this data to decide what can most improve the customer experience and yield a better ROI. How? Determine where your company has the most opportunity for improvement in your customers’ journey and work solely on those areas.
For example, suppose your call center is spending four minutes per call, and you want it at three minutes. But, if there’s a problem and customers aren’t getting the information they need, five-minute calls may be the answer.
So know your company’s top value drivers then prioritize CX initiatives that can give you quick wins. Then you can move on to longer-term projects.
We see how companies use customer-centric technology every day. Some examples:
How do you use technology to enhance CX? Put technology where the customer wants it. That might mean a simple payment portal. Or, it could mean intuitive sales options. Perhaps it’s adding mobile services.
The key is taking a customer-centric approach. From annual goal setting, to attitude and behaviors, adding focus on customer and employee experiences will help you build that customer-centric culture.
Creating effective CX initiatives starts at the top: by listening to employees and customers; rewarding behaviors; and enabling your employees and customers to be successful.
When you include CX in the company’s goals, it’s embraced by all employees and it becomes a common goal. Front-line workers then feel empowered to share feedback that’s often vital in understanding where to focus CX opportunities. And when they share that feedback, there’s buy-in that’s critical for a company’s CX transformation.
Finally, no good program can be effective without measuring performance. And the same goes for CX efforts. After you implement your CX programs, consider these key questions:
The investment on CX is clearly worthwhile and it doesn’t have to be a difficult endeavor. In fact, when you approach CX with the right steps, it can transform your customers’ views and relationship with the company and boost your employees’ satisfaction.
Stephanie Caravajal is a senior consultant at RevGen. She helps organizations understand how to increase customer value by understanding the customer needs and align digital enhancements by applying an overall digital architecture.