Managing customer experience has become increasingly difficult because an organization's experience is impacted by nearly every department. Plus, to get executive buy-in to invest in customer experience (CX), processes and technology are needed to track CX programs and quantify their impact on the bottom line.
In my role, I get to talk with marketing and customer experience leaders across industries who work in organizations of all sizes. While each leader is focused on solving their organization’s unique problems, they all agree that competing on customer experience (CX) is a key priority— because when their customers have a good experience, their business directly benefits.
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?