Customer experience matters. Most businesses recognise this – and indeed many aspire to excel at it – but the important thing to remember is that it’s not a romanticised endeavour. Customer experience (CX) is not the preserve of the mega-companies with oceans of disposable income. It’s within the grasp of many, and moreover it’s essential for driving growth.

 

But how to qualify this? For starters, businesses need to move past the notion that a good customer experience is simply a case of being nice to people. Now, undoubtedly, this is a part of the process, but the reality is more multi-faceted. In simple terms, CX excellence is about winning and sustaining the loyalty of consumers. And in turn, this loyalty leads to revenue growth.

 

Making the right investment

There is of course a degree of spending involved. This is par for the course for any business. Good customer experience, though, is built on clear and comprehensive insight that shows company leaders where best to spend their money. The best kind of insight paints an accurate picture of the lifestyles and personalities of the people being served. In turn, this data reveals opportunities to meet emotive and practical needs.

 

However, the accumulation of knowledge must be thorough, and it must be continual. People change constantly, and customer experience strategies require regular attention. Software such as KPMG Nunwood’s Customer Experience Cloud can assist with this. It gathers and combines insight from a myriad of sources onto a single platform, and in real-time. On any given day, a company using this Cloud can instantly see the areas of pleasure and the areas of pain in the customer experience.

 

Let the old habits die

In terms of investment, it would be prudent for any company to look to such software as a starting point. The alternative is too risky. Business leaders can spend money based on instinct alone – a ‘perception’ of what the customer wants – without knowing whether it’s true. Or they can fall back on the lessons of the past and trust that these lessons will work again. But people move on quickly, and leaders may find that the consumer mindset has already shifted. A CX cloud can at least signpost the ideas that are most likely to bear fruit.

 

The rule of three

For one large car manufacturer, this approach has already yielded financial results. It operates on a simple three point principle: Listen, Understand, Act. In practical terms, this means the manufacturer…

 

  • Listens to the voice of the customer
  • Understands what disappoints / what customers love, and then
  • Acts to deliver a customer experience that drives growth

 

And none of this is theoretical. The manufacturer’s vehicle sales have risen exponentially with its Consumer Relationship System (CRS) score. For example, in a recent report the manufacturer showed that only 4% of customers who gave the company a CRS score of 1 made a vehicle purchase, whereas 12% made a purchase when they gave a CRS score of 10.

 

In addition, the manufacturer demonstrated that overall spending increased when the customer experience was stronger. For instance, 48% of consumers (all of whom were promoters) went on to spend money on servicing within a 13 month period, compared with just 34% (passives) and 26% (detractors.)

 

Growth and CX are linked

Companies such as this car manufacturer are only the tip of the ice berg, though. Countless examples exist of how growth is inextricably linked to CX. Investment always carries a degree of risk, but the best way to minimise this risk is to listen closely to the voice of the customer. Services such as KPMG Nunwood’s Customer Experience Cloud can deliver this – in a manner that is efficient, clear and actionable.

 

Are you ready to take your customer experience to the next level? Request a demo today.