2019 is the year of the customer. This is the emphatic view of those whose main mission is to research market developments and business expansion opportunities. A study conducted by Accenture and reviewed by the prestigious Customer Experience Magazine points precisely in the most critical direction for many of today's large companies.
We have heard and read ad nauseam that those who are not prepared for change will disappear. But when data is applied to these statements, the reality is even more extreme: according to the aforementioned report, up to two out of three large companies are experiencing truly difficult circumstances. To use business jargon: they are facing high levels of industry disruption.
What is happening to cause the hitherto all-powerful business leaders to find themselves on the brink of collapse? Nothing could be simpler, yet more complex, than the combination we are experts in at BRAINTRUST: Customer Experience. According to a recent study by Gartner, two-thirds (64%) of people place Customer Experience above price. So it's better to forget about price wars: customers don't care about them, and the trend doesn't seem to be changing. Competitive prices, yes, but not as the only strategic factor. "Well, but young customers (the ones that matter) do go for price," some might think. Not necessarily: according to another study by American Express, millennials are willing to spend up to 21% more if, in return, they get a customer experience that can be rated as excellent.
In light of this data, the digital magazine has compiled a list of five ways to dramatically improve the Experience, which we at BRAINTRUST would like to share with our readers.
1. Facilitate contact with customers.
Given the interest in millennials, the first question every large company should ask itself is: what is their preferred method of contact? The outdated telephone? An email that may not reach the right person in the company? A contact form that shows how busy the CEO and their top management are, making it impossible to contact them? We are in 2019, and the preferred method of contact is chat. It's no coincidence that Facebook and WhatsApp (i.e., Facebook version B) have designed apps specifically to help companies use instant messaging. Do you like chatting? If the answer is no, it's easy: think twice. Either chat or get out of the market.
2. Using AI to alleviate congestion.
Another aspect we regularly work on at BRAINTRUST is the use of Artificial Intelligence as a technological support to facilitate faster, more reliable, and more effective solutions. AI is so advanced that it can be linked to the previous point to establish conversations, but also to help Customer Experience managers identify, down to the last detail, the map of customer needs. This is an opportunity that should be seized, as it means time savings for the customer, which is a variable mentioned by two out of three people as the best thing a company can do to provide a good experience, according to a recent study by Forrester.
3. Focus on staff satisfaction
The whip to produce more, without getting up from your chair, watching every cent spent by the employee on duty, and deducting every minute of their unproductive time, is outdated. It doesn't work, it's not the key to doing business. We are in different times now, the times of Customer Experience, which are inevitably linked to Employee Experience policies. A competitive labor market is the result of a more prosperous economy, and it is also the reason why companies with better talent retention strategies are better prepared to compete in new scenarios. Remember that your employees are both your brand ambassadors and the first candidates, if they feel sufficiently motivated, to test the product or service you intend to put on the market. The equation is simple: are your employees satisfied working for your company? Good. Would they pack their bags and leave for the first company that offers them something more motivating? Bad.
4. Eliminate rigid commercial structures
"And hurry, because the offer ends today." Wrong. Past commercial policies, based on premises such as scarcity, urgency, or insistence, are enemies of success in today's business world. Not to mention internal commercial structures where nothing can change because they are burdened by a history of dependencies, hierarchies, and ramifications that are too rigid. Customer needs are changing, and your structures must be prepared for those changes. Success means quickly finding feedback, providing the right response, and accompanying the customer in the internal development of a product or service. Reorganize. Society has already done so.
5. Co-innovate to improve the customer experience
As a result of the above, the exclusivity of the asset is no longer a key business factor. We are in an era of shared economy, where value is generated by the ability to bring in external suppliers and create horizontal integration dynamics, as well as by the ease with which customers can join in the company's innovation. The obligation of the new entrepreneur and their top executives is to focus on what the company is truly excellent at and to make use of specialized professionals who may be located anywhere. No one is better than a customer to guide a company's innovation: what it lacks, what it has too much of, what it should change, and what it should strengthen. Cheer up, there are more candidates than ever to be the CINO (chief innovation officer).
Photo by Nadine Shaabana on Unsplash
