Do you know what has become #1 investment priority by CEOs is? If you guessed Customer Experience Management, you are exactly right. Why is that?
Last year my wife and I decided to save every single credit card offer we received throughout the course of the year. There wasn’t any rhyme or reason beyond the fact that we were just curious as to how many we would receive.
On January 1, 2014, my wife and I started counting… Counting… and COUNTING. Here is a picture of our living room floor!
Guess how many applications we actually filled out last year from this pile of 183 credit card offers? Zero, zilch, nada.
Why Customer Experience Matters More than Ever
Organizations have relied on traditional marketing and sales to pummel their message into our heads until we buy. They made the brand promise, but it has historically been difficult to see, when evaluating, if the organization consistently delivered on their promises before the purchase.
However, in today’s hyper connected smart-phone world of Twitter, Yelp, Google, Facebook, and YouTube just to name a few, we as consumers now have the power to say (to the world) whether the organization delivered on their promise or not.
This is a huge shift of power. Dave Carroll’s “United Breaks Guitars” YouTube hit is probably the most famous example of this shift, costing United Airlines $180 million in shareholder value in 2009. Here are a few more examples, read Business Insider’s “7 Customer Service Blunders That Went Viral”.
This is why the CEO is carrying the customer experience torch. And it’s also why traditional marketing and sales tactics such as my credit card story above are not enough to deliver the sustained revenue that keeps CEOs in the good graces of their shareholders.
Today, customer experience matters more than ever.
The Growing Influence of the Contact Center
We now know why customer experience matters. The contact center, for many organizations is a customer’s last resort to get their issue resolved. It’s where the rubber meets the road. It’s the place where the brand’s promise is kept or crumbles.
This is a huge opportunity for contact center professionals to continue to raise their organization’s bar.
Here are a couple worthwhile resolutions to consider for your contact center in 2014:
- Identify where your contact center can drive revenue
- Upsell, cross-sell, customer intelligence, account saves, partnering with marketing, feeding the sales organization, etc. Customer service is the new sales organization
- Stop Thinking Multi-Channel Start thinking seamless customer experience
- Social is here to stay… stop deleting negative posts, respond with empathy, and fix the problem
- If you have ignored a mobile customer experience strategy, it better be high on the strategy list for 2014... There are over 6 Billion Mobile cell phone users
- Start preparing for the shift of customer service from reactive to predictive
A Few Mind-Blowing Statistics to Start Off Your New Year:
- A 10% increase in customer retention levels result in a 30% increase in the value of the company. (Bain & Co)
- Poor customer experiences result in an estimated $83 Billion loss by US enterprises each year because of defections and abandoned purchases. (Parature)
- 89% of consumers began doing business with a competitor following a poor customer experience. (Oracle RightNow Customer Experience Impact Report)
- Customer power has grown, as 73% of firms trust recommendations from friends and family, while only 19% trust direct mail. (Forrester)
- 42% of service agents are unable to efficiently resolve customer issues due to disconnected systems, archaic user interfaces, and multiple applications. (Forrester)
- 45% of US consumers will abandon an online transaction if their questions or concerns are not addressed quickly. (Forrester)
- 86% of consumers will pay more for a better customer experience. (Oracle RightNow Customer Experience Impact Report)
- It takes 12 positive customer experiences to make up for one negative experience. (Parature)
- 89% of consumers have stopped doing business with a company after experiencing poor customer service. (Oracle RightNow Customer Experience Impact Report)
What are your Customer Experience Resolutions for 2014?