Scott Brinker's most recent Marketing Technology Landscape famously touts 5,381 different software solutions. Software choices are obviously growing, but this abundance of choice fuels confusion. This bewilderment is further fanned by aggressive marketing and an alphabet soup of technology acronyms.
In J.D. Power’s most recent U.S. Retail Banking Customer Satisfaction Study, the six largest banks (Bank of America, Citigroup, JPMorgan Chase, PNC Financial, U.S. Bancorp and Wells Fargo) lead the industry in customer satisfaction. Smaller banks and credit unions fell behind, suggesting less effective investments. But how can this be? Shouldn’t these big banks be losing the customer experience battle to the more personalized service of their smaller, more local competitors? The recent Digital Banking Report provides part of the answer: only one third of retail banks have a formal customer experience initiative.
Customers and call center employees are frequently envisioned as the houses of Montague and Capulet, eternally struggling against each other. Customers constantly complain about poor treatment, hold times, and unhelpful staff. Employees describe these jobs as the worst they’ve ever had, facing the full brunt of customer wrath. As a result, call centers average annual turnover rates above 40%, while customer loyalty numbers continue to decline.
The Mall of America delights patrons with a chatbot creating a high-tech, engaging retail customer experience.
With the increase in online shopping and questions whirling around the relevancy of brick and mortar shopping malls, our local retail icon, Mall of America, welcomed a new chatbot named Pepper. The chatbot can not only direct visitors to specific locations within the mall, it can talk about deals and promotions, and even connect them to an actual human being. We connected with Justine Santa Cruz, VP of Partnerships at Satisfi Labs, the company behind the Pepper Robot at Mall of America, to learn about Pepper, artificial intelligence(AI) and its impact on customer experience (CX).
In following the Centriam CX Money Map (which details 12 drivers that make the financial case for a customer experience program), we will delve into the two drivers involved with reducing costs in contact centers and marketing while maintaining, and potentially improving, customer experience.
Improving customer experience increases customer lifetime value. In fact, it dramatically increases it, as research indicates that satisfied customers spend more than twice as much as unsatisfied customers. But how does one begin constructing a business case applying this fact?The Centriam CX Money Map, a guide to the majority of the financial benefits a customer experience program provides, can help.