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Delivering Customer Experiences that deliver Value
CloudCherry | Featured | March 19, 2018
In any field, there are people who ‘claim’ to be good and then there are those that are actually good. The same holds true for businesses. You might think that your business is delivering great experiences to customers, but are customers actually finding value in it? Also, is your business able to measure tangible value from it?
By value, I mean more referrals, repeat business, higher revenue, and greater profitability. It’s something tangible you can extract from your CX program to derive insights and learnings from. It tells you if you’re actually doing the right things, whether the initiatives you take impact the customer as well as your business in a positive way and also cut down on investments that aren’t delivering the expected returns.
Why is this important?
Merely investing in a Customer Experience Management tool doesn’t suffice. When you’re investing in CX, it’s because you want to improve customer loyalty, retention, and ultimately be successful as a brand in the long run. To get started in that journey, mapping your initiatives with outcomes is a pre-requisite.
Not a lot of companies are doing that. 80% of companies say they deliver “superior” customer service while only 8% of people think these same companies deliver “superior” customer service.
Getting started with a Customer Experience strategy is generally never a problem for brands. Customer experience professionals are then assigned the task of launching initiatives designed to delight customers and make their experiences more effortless. But often they fail to quantify the financial impacts of these initiatives.
• First and foremost, brands need to have a clear understanding of their CX investments and the ROI they’re looking to extract from it.
• For your CX investment to drive returns, start off by postulating a hypothesis of all the milestones you’d like to achieve with this strategy. This is your game-plan.
• Bridge customer comments with their actions. Dig out your surveys from the past and extract data inputs given by your customers. These inputs form the backbone of your CX program.
• Identify customer cohorts and run target-specific campaigns to solve their queries and capture their attention.
• Have a futuristic approach towards CX. Successful brands think progressively on how they can improve services and deliver delightful customer experiences
• Link metrics such as CSAT, NPS and CES directly to business outcomes.
• Prioritize on customer queries and tickets based on nature and context of query, history of customer interactions, lifetime customer value and so on. For instance, if the customer is raising an issue for the third time in a row, then make it high priority as otherwise, there’s a high chance that you might lose the customer.
• Find out the financial impact of your initiatives. How does improving store experience by 15% impact revenue? What are the factors that drive more purchases on your website? How are these factors related? Amongst these, where can you invest to get returns in the near future?
• Understand the futuristic impact of your CX program through a predictive model. Would improving website experience by 10% drive more conversions? Do I execute strategy A or strategy B to enhance staff efficiency by 10%?
• Integrate experiential data with operational, observational, and transactional data to understand the nuances of your customers’ behavior, purchase patterns, and other trends. Use this data to come up with more personalized strategies for different customer segments.
• Empower your frontline staff and constantly get their feedback on how customer engagement and interactions can be made better.
A lot of customer experience programs lose momentum because of a lack of direction and no real sense. To combat customer churn and drive loyalty, your CX strategy should not just be able to collect feedback and track key metrics, but also help you design organizational processes and policies that drive business performances, optimize department functions and build a culture of customer-centric culture.