Overview of the session:
Customer experience is fundamental to business success and much of the discussion in this session focused on the impact positive customer engagement have on the bottom line. But, positive experiences need to be multifaceted – focusing on personalised communication, accurate delivery of service and frictionless interaction.
Customer data management can be overwhelming and complex for companies, but it remains key to delivering on better customer experience and forms an integral component of the areas of focus mentioned above.
With the majority of companies storing customer data in siloed systems and with companies’ engagement with customers based on a single data point or more often than not based on inaccurate (or outdated) customer information, the ability to profit from customer data is being held back.
- Companies that lead in customer experience financially outperform others by +80%
- Customers are also 5 times more likely to buy again from companies that deliver good customer experiences
- Consumers are 4 times more likely to refer companies to others after having a positive consumer experience.
Positive customer experiences lead to customer growth, which in turn drives business results – and getting this right can lead to long-term customer retention. Analysis of one of our clients monthly C-SAT studies shows that over the last 5 years there has been 0.93 correlation between customer service satisfaction and a high likelihood of re-considering the brand again in the future. Over this period their market share has increased 4 points, supporting the panel debate on the importance of getting the customer experience right at every stage of customer interaction.
If customer experience is today’s business currency, then our clients should not be complacent and get stiffed on the exchange rate. We need to focus a customer intelligence first strategy (to support planning and activation) and build relationships around companies that are trusted to provide the accurate consumer data to support our strategy to help deliver incremental business results.
Our clients need to understand the data that is coming into their organisations, and have a well-thought-out strategy on how to integrate all customer data points to build a richer picture of their customer.
‘Divisible data strategies and those silos really damage your ability to have a cohesive customer experience and deliver the information necessary for successful marketing campaigns’ – Chad Engelgau, CEO Acxiom.