Retailers across the industry are coming to the same conclusion: customer experience is the best way to differentiate a brand. It provides increased cross-sell and upsell opportunities. It drives engagement through personalized interactions. It allows teams to make decisions faster, reducing wasted time and resources. It gives a complete view of the customer and aligns the entire organization. These are just a few of the benefits of customer experience. For further information, take a deeper look at the financial benefits of customer experience.
Almost all customer feedback systems include surveys with open-ended questions. Indeed, in the popular Net Promoter System (NPS), the survey can consist entirely of just two questions: a likelihood-to-recommend score, followed by an open-ended question explaining the score. As a result, as much as half of the data generated by customer feedback systems is verbatim, “unstructured” text.
The shopping habits of millennial's are a perpetual source of anxiety for retailers. Within the past week, The Economist discussed how established companies can win over these customers, and Deloitte released the results from their 2018 Millennial Survey Report. The crux of the matter is that many retailers are finding it difficult to connect with millennial shoppers. Even when able to sell to them, they are often unable to sustain the relationship. Findings from Centriam’s Retail Study confirm this: millennials are more price sensitive, less likely to repurchase, and 40% more likely to be detractors.
Maggie had a problem. In addition to her "day job" as marketing director for a regional telecom, she had been assigned a pilot project to gather more customer experience data. She knew she could send out more surveys but was wary if that would have any lasting impact. After all, had her company made any changes after five years of reviewing the annual customer satisfaction survey?
Editor’s note: We have already discussed in our CX Lab about the importance of making things easier for customers. We have expanded this conversation to include millennials, as a reason for digital investments by banks, and as an argument for simpler surveys. But as we talk to more and more CX professionals, we are finding a strong hunger for more examples of how to simplify experiences for customers. So today we offer you another example: real-time location sharing.
As outlined in our Community Banking Customer Experience Blueprint, designing an action plan for customer follow-up is the third and final step to launch your customer experience initiative. This blog will discuss key considerations to achieving successful customer winbacks.