Why CX Technology is pivotal in today's customer-centric market

In today’s climate, it has become very apparent that technology is the primary driver in the change in the nature of relationships between client and customer.

With more channels available than ever before, competing businesses are at every turn. There are also more solutions within MarTech, AdTech, CRM, and analytics than ever before.

But, is this increase in automation and available technology truly affording better experiences for our customers?

In footage from a popular conference, a well-renowned Founder & CEO of a highly-successful support & ticketing system opened the conference with a simple message. The essence of which being: successful entities view customer experience and customer service as key driving forces of business growth and advancement.

Brands like Uber, Amazon, Tesla, Netflix, Everlane, and Deliveroo are changing the way we do business because they’re absolutely meticulous about customer relationship management and offering experiences that customers don’t expect.

The knock-on effect of this of course, is that they generate swathes of repeat business, reducing the reliance on new business generation, and the pricetag one might expect to associate with it. This is further eased by word of mouth referral.

 

So, why exactly is this more effective?

Statistics show that satisfied customers are 60% more likely to recommend or promote a brand. This means both new and repeat business come in one, neatly-wrapped bundle.

On the flipside of the coin, what we refer to as ‘detractors’ are 70% more likely to tell people about a negative experience, typically via social media channels such as Twitter or review sites like Trustpilot or Google Reviews. This, if not correctly managed can lead to less repeat customers and trickier acquisition cycles.

This is why, in a survey by eConsultancy relatively recently titled “Enterprise Priorities in Digital Marketing”, 62% of digital marketing leaders rated “improving customer service” and “customer satisfaction” as their top priority.

Within this survey, they also gave a nod to the fact that customers’ spending when they are returning customers is, on average, five times higher than that of a one-time purchaser.

Business or customer acquisition is always going to be paramount. However, in an age dominated by social media and real-time customer interaction, the 21st century customer is demanding and often easily angered.

They know what they want, and they want it quickly and easily. Which is fine, right?

The problems come when a customer’s experience doesn’t quite meet their expectation, either because they don’t get what they want, or because they don’t get it in the way they have been conditioned to expect.

If this occurs, they are likely to tell absolutely everyone.

 

Chatbots & AI

Nowadays, there is a lot of ongoing discussion about chatbots and AI but the common opinion is that for businesses to truly excel, they need to look at how they’re using that technology to provide the best possible customer experience.

However, it is equally important to be aware of when your customers are not having a great experience through the use of surveys, ratings, and feedback, and to act upon it appropriately – especially early on in their customer lifecycle. That is not to say that they should be forgotten about further down their customer lifecycle, though.

Another avenue to explore when considering customer satisfaction ratings are Net Promoter Scores, or NPS. This rating is used to determine the customer’s future path, including rating and review requests which drive new downloads and organic growth.

Their score is formed through several contact points throughout their journey. Think, for example, about when you make any contact with your mobile network provider. Within a few minutes of the call ending, you will receive a number of SMS messages that will ask you to rate your experience with your representative. One of the biggest use cases for integrated SMS and offline interactions is to ask new customers for feedback after their first purchase.

Businesses utilising methods like this have seen huge increases in conversion rates to repeat purchase by having their call center team call customers who haven’t had a great experience in store. Dealing with bad news makes you money!

 

Notion Edge’s Final Thoughts

Regardless of the channel, it’s important that you use find the correct ways to use automation to improve your customers’ interactions with your business. This is just as important is finding out whether you’re actually achieving that goal and dealing with it accordingly, via the channels that suit your customers most appropriately.

Once correctly mastered, Customer Experience (CX) technology can and will be an extremely valuable asset to both you, and your customers.

To gain direct insights into how Notion Edge’s approach might give you the competitive advantage in delivering top-tier CX, head over to our services page to see what we can do for you.

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