What makes your brand a market ruler?
There has been a longstanding product or service dilemma. Let’s look at the following statistics to solve it:
* According to a Walker study, by the year 2020 customer experience will overtake price and product as the key brand differentiator.
* Gartner predicts that by 2018, more than 50% of organizations will redirect their investments to customer experience innovations.
*Research shows that 55% of consumers are willing to pay more for a guaranteed good experience.
*86% of consumers are willing to pay more for an upgraded experience.
*66% of consumers who switched brands did so because of poor service.
Customer experience is the answer to all business questions.
Now let’s talk about Customer Experience .
Forbes says that “Customer experience is the next battlefield for brands. Those that get it right, will not only create long-lasting customer relationships, but will also earn a significant competitive advantage over those that solely compete on product, price or promotion.” in an article written by Brian Solis, award winning author blogger and keynote speaker.
Customer experience is the connect that develops on psychic as well as product use levels. The first experience with the product is key to building life long loyalty with customer. Signature Cx is exemplified when the customer builds trust enough to let you run his business and manage its vagaries.
What is a signature customer experience?
Signature customer experience is the pinnacle of good customer experience. Quantitatively, it must reflect in each part of the complete customer life cycle and qualitatively, it must set examples of high moments of customer delight and trust in the product.
Designing customer experience strategy and its implementation lies in winning enduring trust of your customer and in the ability to foster strong relationship with customer.
The key ideation metrics for converting customer service to signature customer experience:
What,how and where should we create a Signature CX?
Identify the issues and execute a well-planned signature moment.
Does the moment have any value?
Will the signature moment connect well with the customer?
Should there be different signature moments for different customer segment?
How well is the signature moment present in the complete customer lifecycle journey?
What do most of the customers expect from us?
Will the customer behavior change by implementing SCX?
Is the signature moment idiosyncratic and distinctive?
Does it have a brand recall value?
Does it encapsulate the brand?
Let’s look at an example!
World’s number one e-commerce company attempted a small change which had a significant spill over on its customer experience trajectory. The company automated the process of triggering Interactive Voice Response (IVR) calls to customers based on last mile scans. This process helped them to capture customer input on the veracity of a failed attempt scan marked by a Delivery Associate (DA). This mainly had 3 benefits:
(i) Removes the delay in seeking feedback
(ii) Allows better utilization of calling capacity
(iii) Eliminates human/manual costs.
How did this signature step impact the customer and the business?
With auto dialer, biggest eCommerce business to get more real-time feedback from as many impacted people as possible, and has been successful in achieving the same. Post launch, the IVR coverage has increased tremendously.
Success: Biggest eCommerce business now closely understands the customer delivery issues and based on the feedback they can improve their DA service.
NOW THIS IS A SIGNATURE MOMENT!
How to develop Signature Customer Experience ? Emotion is the key
Hundreds of “emotional motivators” drive consumer behavior says Harvard Business review in ‘The new science of customer emotions’. A strong emotional connection with a brand is a stronger driver of loyalty than factors like ‘ease’ and ‘effectiveness’, according to an annual benchmark published by the advisory firm Forrester Research.
Customer experience is the foundation on which emotional connection is built. Satisfying customer’s emotional needs is indispensable to reach the signature experience.
In the book, Customer Experience: Future Trends and Insights by Colin Shaw, Qaalfa Dibeehi, Steven Walden explains customer emotion in 4 cluster.
Research says that typical business only hear from 4% of its dissatisfied customers. This area of the pyramid can never be eradicated completely. However, if an extraordinary customer service is achieved for this cluster, then they may stick to product brand despite their initial dissatisfaction . But eventually if their complaints are analysed well and their grievances are redressed, this cluster will help us develop a better product.
Many large brands make profits by discounting their product . Here the aim is not profit maximisation but to gauge customers emotions by creating minor market jolts. Customer attention may be captured by new market moves and innovation which also form unique marketing and promotion tactics. Discount is ostensibly a sales promoter but the real intention is to strike the emotional chord of customer which generates an indulgent behaviour in customer,pushing estimated sales value higher. A business house hunting a CRM will opt for one that engages in continuous promotion. This ofcourse encourages the prospect to explore financial, product but the purchase may be secured only if emotions are catered and relevant services are rendered.
They are the foundation of multiplying customers. Bright local reveals 88% of people trust online reviews written by other consumers as much as they trust recommendations from personal contacts. Positive reviewers are assets in terms of brand loyalty building. 77% of people read online reviews before buying any product. Hence potential customers are always monitoring your brand performance. Showcasing signature customer experience will fetch positive reviews and this will create a larger prospect of customers for the product/brand.
Advocacy Cluster : ‘Customer gets customer’. This cluster is highly pleased and they can easily sell anyone the product. This cluster includes people whose loyalties are won over. The organization can rely on this cluster for customer maximisation. Implementing a signature customer experience for this cluster, will improve an emotional connection between your brand and a larger group of potential customers.
BIG BRANDS SUCCESS STORIES.
Signature Customer experience calls for out of box thinking to pleasantly surprise your customer, ultimately leading to the signature moment. Creative quotient has an unprecedented effect in reaching that moment.
Let us know about your experience of signature customer moments too. Looking forward!