What is NPS?
It’s an easiest and the fastest way to find out how your customer feels about your product or service and what you can do to improve it!
How many times customer view/feedback about your product/service help you to enhance sales? Did you ever feel in your work that a personalized connection goes a long way to retain a customer? How many times you felt overwhelmed with information flow and data to use it for your advantage to create an edge for your product/service. If your answer is consistently “No” for above questions, then you need a rethink. Even if your answer is “Yes”, there is a constant learning on customer experience management to use it support your business.
Customer Experience Management is how customers engage with your company and brand, not just in a snapshot in time, but throughout the entire arc of being a Customer. So it’s a customer for you when he is researching for his need for a product/service, and then evaluating a product/service provider followed with sales and after sales purchase.
Every organization irrespective of its size and business are in the CUSTOMER EXPERIENCE business, and how an organization delivers for customers is as important as what it delivers.
We list five major reasons on why your brand/organization needs “Customer Experience Management”.
If you are a part of product startup team, whether you are an area developer or a founder, you find yourselves pulled into a biggest concern and that is finding ways to add good number of users. There is always this constant struggle to choose between investing on the product engineering or branding/marketing. If you are a funded company it gets even worse as we have eyes on quick revenue to justify the cost.
So how do we come about the effective way to grow substantially?
Customer Experience for the big Launch of your Product
Well, the answer is simple; one has to be a stand out in the market, leading the way amongst all comptetitors in their particular product or service stream.
Innovation accompanied with evolving technologies has led to so many product startups worldwide along with India. Product startups particularly try to solve a major customer pain point, and What do you think is the biggest challenge in this space? Is it the new idea, the innovation itself? OR Is it the product development?
Well here is the surprise, it's the finding, connecting and retaining the actual users or CUSTOMERS.
For startups at an early stage, or while growing fast it is important to have a deep understanding of customers , their perceptions, expectations to initially generate an enthusiasm and eventually to acquire, retain customers in the long run.
A business exists because there are “Customers” to buy an organizational product/service. A business must know its customers to cater to their needs and requirements. However for long term success, growth and to remain profitable, a business must also have an ability to understand, retain and attract customers.
At the onset, a business needs a clear understanding on what is their unique value propositions and which requirement of customer is their product/service rendering to retain and attract customers. This sounds simple. Isn’t? You will agree it is not. A business can have a million dollar idea, product/service but if is not able to understand its customer’s requirements/needs which is complex for sure there will be no taker of the organizational product/service. Customers will not buy if they don’t want it and think they don’t need it. To persuade them to consider your product/service, a business owner needs to understand, listen and interact with its customers.
Last two years have been a time of reckoning for organisations in India. From a dull period after demonetisation, GST implementation along with newer challenges spurring in each and every sector, 2018 saw growth enhancing for the organisations to cheer. This is also creating a momentum for customer experience management where organisations have been working to find out what does it mean for their individual journeys when they have customers with more expectations, shorter attention spans who are intrinsically connected all the time and thus communicating more about their experiences.
In this blog, we are summarising some of the Trends for organisations in India which we have accrued over the year while working & interacting with some of the Customer Experience (CX) experts in leading organisations including Start-ups in India. This blog also is summarising the takeaways from a small study entitled “Customer Experience Trends and Practices for 2018” under whose aegis we also shared some insights on our social media pages(https://www.linkedin.com/company/pink-guava-consulting-services/) on trends/practices that have worked for customer experience management in India.
We found that for most of the organisations in India,
We have to be mindful of ground challenges that you face as founders and CEOs or leaders of start-ups. As a leader of your start up, it must be intriguing to deal with sales process while bringing in the customer perspective, because it is the customers who make a business whether currently they are paying or not. To add to this are Customer expectations that have enhanced and customers now are interacting, talking, buying through different channels, resources and devices.
To navigate through this complexity, Customer Experience Strategy plays a vital role. Customer Experience defines how the customer is interacting with your organization and draws perceptions around it through all the interaction points. It is a differentiator that makes a customer loyal to you and be an active advocate of your start-up
Fourth industrial revolution is the age of disruption and rapid change. Customer experience is becoming an important yardstick to survive and thrive. Research proves that there is a huge gap and enormous opportunities for organisations to make aggressive and transformative changes for growth in customer experience.
You can strive the change on your own in your organisation and create your success story like Amazon, Mcdonalds.
In our last blog, titled ‘Stellar Customer Experience’ we have briefly touched upon what you could still do in 2018 and make Customer Experience work for your organization. You can click here to read it again https://www.pinkguava.org/blogs-1/2018-5
The intent of this blog is to address the first section i.e. a simple DIY (Do it Yourself) process for “Writing your own Customer Success Story” through an impeccable Customer Experience Management Program.
90day strategy to close 2018 with some Action!
30days - Build your customer story.
Before you want to start make sure you have weighed options of whether you want to drive it internally or hire a third party. Either ways, the objective is to have substantial data and information in hand to know current state and opportunities to grow. This is how you get started:
Want to drive it yourself
Conduct or review your recent customer surveys, service logs or CRM data can help you find low hanging fruits.
Talking to employees and listening to reasons causing frustration in their day- to-day work while dealing with customers. Their experience counts in overall customer experience
Adopting technology is a good strategy to make your customer experience management program more efficient, both in speed and reliability. So much of innovation has gone in this area in past few years that there is no end to new products being launched every day be it for gathering 360 degree customer view, managing and analyzing customer data or servicing customers. You name it and we have a solution to manage using latest technologies like Machine learning, Artificial intelligence, Big data, IoT.
Customers are interacting with an organization through multiple channel, various mediums, touch points like email, mobile app, social media etc. Greater and engaged customer experience needs consistency throughout the organizational deliverables. End to end integration in organizational functions and operations from the point of view of the customer can create consistency to enhance customer experience. And “One View of the Customer” for multichannel and touch point integration can bring in the required consistency and efficiency.
When globally, 75% of companies want to work on customer experience, it is becoming a long term value creation model which is sustainable, equitable and shall build gains for all together.
Top management alignment/greater focus for Customer Experience Strategy
Customer Experience Strategy comes through the customer focused culture. Thus, top management with an infectious attitude towards creating a powerful customer experience can lead a company towards growth and financial success. Forrester reported this year that the top three challenges for a customer experience program include organizational culture (54%), organizational structures (45%), and processes (41%), and thus more focus on internal customer.
Customer Experience Management through customer insights supports evidence based decision making to create value both for the customers and the business. In this digital age, Customer insights become more valuable as it aids to further the engagement and deepen the relationship between the organization and the customer.
Customer insights can support your business,in
Research and Practitioners suggest that currently Customer Satisfaction is the most widely used parameter to gauge the Customer Engagement in an organization. Most organizations measure Customer Satisfaction or its derivative - Net Promoter Score to mirror their Customer Experience for understanding their customers in a better way.
But Does Customer Satisfaction Studies of today’s age deliver the true customer sentiments? Will Customer Satisfaction Studies lead to more customer advocacy for the organization? Not necessarily.