The world over, the word Customer probably is the most used term across all businesses, and it is with a reason, of course. The newest extension added to the term Customer is Experience. Customer Experience or CX is often the parameter for the success of any business or industry.
So what is Customer Experience?
Customer Experience is your customers’ holistic perception of their experience with your brand. CX is a crucial business strategy for every brand. Since consumer craves for personalized, polished experiences, companies are always a step ahead to deliver them. After all, markets have understood customer demand drives change.
The rule of thumb when it comes to the customer experience: The better experience customers have, the more repeat custom and positive reviews your business will receive, while simultaneously reducing the friction of customer complaints and returns.
The year 2020 is the year that will shape the future of customer experience. Since transformation triggers such as globalization, digital growth, changing economy, and regulatory compliance are aiding Customer Experience, we are walking into the New World in 2020.
Brace yourselves for some trends that will undoubtedly shape customer experience in 2020.
1. Customer Experience is nobody’s property
Any business that has a customer experience mindset wins. Firms and companies have to be insanely focused on customers. The customer-first mindset is quite different from hiring a chief customer officer or having a customer service team. Companies must think about CX in everything they do, from hiring and leadership development, IT infrastructure, Product design to marketing, Supply chain, logistics, and continuous improvement for the overall trade.
2. Have clean CX vision
A customer-focused vision can communicate a foolproof customer experience. Create a set of vision statements that perform as guiding principles. Once the vision document is well in place, it will drive the behavior of your company or business. Every person in the organization should know how their work impacts customers and must be empowered to help solve any customer issue and thus provide the best experience possible.
3. Transcend your business
Businesses must be willing to transcend and transform fully into a new business model. Shed the old skin and give space to regrow a new one, should be the motto of any company. It provides a competitive edge and can always have the bandwidth to outmaneuver its competitors. Any company’s CX mindset, coupled with its focus on constant innovation, makes them powerful.
4. Digital Transformation has no end date
A lot of interest is generated around Digital transformation in the last few years as businesses scramble to upscale and become more digital and solve problems with technology. Digital transformation is here to stay, and this is a precursor to all customer experiences. Evolving technology leads to a new skillset for employees to grow the company and their careers. An employee having a clear vision and right skills can contribute immensely to the digital future as well as Customer experience.
5. Robotic Process Automation is in
Robotic process automation, or RPA, facilitates companies to automate repetitive tasks to increase efficiency and decrease costs. When you have machines to control the run-of-the-mill functions, it gives humans more time to dedicate to the uniquely human tasks, like creativity, innovation, strategy, problem-solving, connecting with customers, thus developing the strong customer experience.
6. Data Ethics gains ground
The General Data Protection Regulation or, GDPR, came into being in 2018. This supreme law gives customers power over their personal data, which allows all EU citizens to choose what information their companies have and remove their data from company databases for any reason. And companies not in compliance with GDPR risk huge penalties and fines in millions of dollars. This law has changed customer data from a business asset to the customer’s property. We will see some companies starting to differentiate by publishing their A1 manifestos to their shareholders, partners, employees, and customers in 2020.
7. Measure ROI from delivering great CX
Having a measurable customer experience is one of the biggest challenges faced by companies. Yes,
Business results will show if all the investments in your teams, process, and technology are paying off or not. But then many companies have devised a ‘Net Promotor Score’ or NPS system to collect valuable information by asking a single question. Many companies these days consider the NPS as a highly suitable benchmark for customer experience metrics as the standard customer experience measurement.
To sum it up, we’re entering a time great transition in customer experience. Customers possess the power and crave for exceptional customer experiences from brands they can trust. After all, the Customer is the King.