What customer obsessed companies do differently
Most brands say they are customer focussed. But as we all know, it’s easy to talk the talk but it’s a lot harder to walk the walk. So, what are the typical traits customer-obsessed companies possess? What differentiates customer-obsessed companies from others?
1) They have top management’s attention. In order for your Customer Experience Strategy to be successful, top management needs to prioritise developing the relationships with existing customers rather than spending resources searching for new ones.
2) They have a customer strategy in place. A good customer experience means that the experience during all points of contact matches the customer's expectations. Your strategy should cover what that means in your organisation to ensure you have the same view across the organisation.
3) They keep track of Customer Lifetime Value. CLV is not only a KPI to measure return on investment but it is also a great tool to get to know who your best customers are. Long-term customer experience strategies need to aim at increasing CLV. If you manage that, you can expect a higher ROI.
4) They've moved from silos to journeys. Moving from a product to a customer-driven organisation is about creating a culture that understands the value of putting the customer first. Therefore, you need to involve all employees. Don’t make the mistake of just collecting and analysing customer insights. Sharing is caring! Involve all departments. Work agile and cross-functional.
5) They view tech as an enabler. What do you need to be able to out the customer first and live up to their high demands? Make an inventory of your tech stack. Identify the right platforms/apps/systems and make sure they talk with each other. Sounds complicated? Consider buying tech as a service.
6) They collect and improve data. You’ve heard this before. Customer data is the new oil. But in order to make data-driven decisions, you need to ensure that you have the information you need about your customers. During 2018 brands have had a bigger challenge than ever with implementing GDPR.
7) They use predictive analytics. To be able to deliver smooth, proactive customer interactions you need to act on data and customer insights. The biggest obstacle to get into predictive analytics is to be able to integrate old systems with new, but also to marry data from different departments in an organisation. It is not until this is solved you will truly be able to see the effect of new technology, such as AI.
8) They realise Customer Experience is the only advantage. According to Gartner, 91% of all marketers intend to compete with customer experience as the most important initiative for the next two years. Where will you be in two years if you continue like business as usual?
9) They talk with their customers! Listen in to Customer Service calls, talk with real customers and truly listen to feedback that you receive. And most of all, if you really care about what your customers say, act on it!
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How do leading companies focus on customer experience? How is CRM measured? And what are the biggest challenges? Download our CRM Barometer report below.