Customer Experience Management: How Digitalization Helps
When we think of digitalization, it’s usually in the context of processes like accounting, production, and similar areas where businesses are seeking faster, more secure, and more agile operations. But arguably the most important reason for digitalization is external to the company – in its potential to positively impact the customer experience.
Consumers want timely, personalized experiences.
Most consumers don't even think about “digitalization” – they simply expect a flawless experience. Business processes aren’t likely to cross their minds until they have a bad experience – a bungled order, service lapse, or inaccurate bill. These negative experiences can chip away customers’ trust. Ninety-six percent will stop doing business with you if they think they can get better service elsewhere.1
Thanks to the “Amazon Effect,” consumers have high expectations for personalized, interconnected experiences in every area of their lives. Companies that want to remain competitive must follow suit with satisfying customer experiences.
There's a direct correlation between improving the customer experience and revenue. In fact, businesses that focus on CX can potentially double their revenue within 36 months.2 How does this goal align with customer expectations? Those who purchase high-end products and services are willing to pay a premium of 13-18% if they receive an “excellent customer experience.”3
Companies must ensure their digitalization efforts ensure a customer-centric culture.
Digitalizing the customer experience (CX) is a strategic, coordinated use of technology to optimize customer interactions – whether online ordering, technical support, or billing and payments. Organizations that want to transform CX should consider these three important tactics as part of their strategies.
- Gather customer insights. What products and services are most appealing to your customers? When do they shop? How much do they typically spend and how do they like to pay? These basic questions are just the beginning of the discovery. The more questions you ask, the more you’ll understand customer needs. Enhancing the customer experience to deliver one that is more personalized requires not only collecting customer data, but also cascading that data throughout the organization to marketing, customer service and other teams within the organization. A comprehensive digital solution will help accomplish this goal.
- Evaluate your technology solutions. Simply put, the goal of CX is to understand what customers want and deliver on these desires. What technologies and processes will help consistently do this? For a comprehensive, integrated solution you’ll want to consider the following tools:
- Customer data management
- Cloud-based computing and storage
- Omnichannel technology
- Artificial intelligence
- Predictive analytics
- Authentication and identification management
- Customer experience management
- Deliver a fully connected, personalized experience. Consumers don’t want to be seen as commodities. Forty percent will end their relationships with companies if the experience isn’t personalized.4 Top-performing businesses understand the difference between “personalization” (using the customer’s name) and delivering a “personalized experience” (knowing customer needs and preferences and delivering on them). The rewards are great for those who get it right — 60% of buyers are likely to become repeat customers.5
Consumers are almost continuously connected through devices like smartphones, streaming media services and digital assistants. Understanding who your customers are, as well as why, how, and when they connect to deliver the best possible interaction with your organization is critical.
Thanks to rapid technological advances, consumers now have more control than ever over how they engage with businesses. Customer-centric organizations are attuned to this, and weigh decisions against potential impact to patrons. The goal is a positive customer experience at every step of the buyer's journey.
Contact a Synovus Business Banker or your Relationship Manager to learn how you can enhance your customer experience.
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