We talk a lot about ensuring your customers and clients have a seamless and secure customer experience . Let’s take a step back for a minute and think about what the words “customer experience,” or CX, really mean.
According to Harvard Business Review, customer experience is defined as:
“the cumulative impact of your customer’s end-to-end journey with you, the multiple touchpoints over time which create a true competitive advantage to companies that get it right.”
This implies that it is not a short-term line-item metric or KPI, it’s much more complex. Instead, it’s a lifetime journey across all touchpoints and communication channels. At DataMotion, we strongly believe the ultimate measure of customer experience is a customer’s lifetime value and being able to keep that customer.
Your customer experience strategy should be a holistic one, not a one-off interaction or marketing campaign. It should truly marry customer expectations with the business objectives of the organization. Think about it, if your customers are not satisfied and they switch to a competitor, then your ability to meet business objectives and revenue goals will become that much harder. On the other hand, if your organization can meet your customer’s expectations with service improvements resulting in greater customer retention, then you could see significant, long-term growth for years to come.
There’s a difference between hearing and listening. You may collect customer data to hear about all of your customers’ needs and wants, but if you don’t actually listen to their desires and implement changes to meet their expectations, then what good is the data anyway? Your consumers want to feel understood as individuals with relevant offers and messaging. So, if you’re able to use your customer data to create more meaningful experiences for them, then you’ll be one step ahead of your competitors. If you’re not able to use this data, then you might just be left behind.
So, now you know what customer experience is, but do you know why we’re talking about it and why it has become such a hot topic in recent years? In a follow-up segment to this blog, we’ll talk about the trends impacting customer experience and how they might impact the future of your company’s growth.
Do you work in the financial services industry? Learn more about how customer experience trends are impacting your company by reading this whitepaper.
Want to read more? Click a link below to jump to the other segments of this blog series:
Part 2: Why is Customer Experience Important – And How Can You Achieve It?
Part 3: How to Solve the Disconnect Between Compliance Regulations and Customer Experience