BIBHAKAR PANDEY | January 24, 2022
Recently, I met one of my clients after almost two years of isolation. We were catching up after a long time, and the discussions ranged from the pandemic, well-being, family, business, work, and everything in between. One of the key discussion items that intrigued both of us was how the digital evolution had shortened its journey by at least 3-4 years, thus creating a whole lot of pressure and opportunities at the same time for enterprises.
It's no secret that the pandemic has significantly increased the traffic on digital channels, which has created some basic challenges for enterprises like:
• Understanding who their potential audiences are
• What are their buying patterns
• Who are their potential loyal clients
• What are they looking for from a brand information perspective
• How can they be engaged seamlessly across the current brand and more
The opportunity for companies to engage with their end-users has never been more lucrative, especially when it's not that difficult to trace. Potential buyers systematically leverage digital technologies and access to so much rich customer data available for enterprises to parse through. But then why are enterprises still struggling with some of the basics?
If data were the end solution to everything, enterprises would be able to understand their employees' needs much better and proactively retain them. After all, most enterprises have a wealth of data about their employees, family members, spending patterns, personal choices, and engagement patterns. But, instead of looking at that more insightfully and holistically, it's looked through the lens of monitoring and career progression. Taking an insight-led approach is important in this space, especially when we all know how costly it is to replace a high-performing employee.
According to recent research conducted by Harvard Business Review (HBR), employees between the ages of 30 and 45 years have had the greatest increase in resignation rates, with an average increase of more than 20% year-over-year (YOY). Coincidentally, the resignation rate between 20-25 and 60-70 has significantly dropped from 2020 to 2021. As a result, most research analysts encourage employers to leverage data and lead with insights to create a personalized retention program for their top employees.
Coming back to my earlier point, having access to rich data in and of itself isn't enough for enterprises to create a seamless, personalized engagement for their consumers through their entire journey across multiple channels, from awareness to loyalty. Currently, the biggest challenge for enterprises is that the data sits in their respective organization silos with no easy way to access and parse this data for meaningful insights for real-time decisioning. While there are lots of technologies and platforms available now to help through this process, let's face it, there's no one single silver bullet to solve this complex issue.
There are a few things that successful organizations are doing to make the most of one of the most opportunistic moments in the history of customer experience transformation.
1. Leading with genuine customer empathy leading with an experience mind set, requires seamless access to meaningful insights
2. Implementation of 'most right' set of tools and technologies
3. Building and maintaining an ever-evolving talent pool
The challenge for Enterprises right now is addressing all these points in parallel and continuously measuring and improving upon their core KPIs leveraging these parameters.
Continued customer engagement creates a wealth of information and data across the channels of interactions. Customers are now looking for enterprises to leverage this data to engage with them more holistically and appreciate them as people and customers. To deliver on that expectation requires empathy, which can be acquired by asking the relevant questions to gain deeper insights into their customer’s needs and address their problems.
Using data effectively allows companies to identify who their customers are and their issues, and then proactively solve those solutions or suggest solutions that connect them to the right person. This drives seamless customer engagement across channels and different organizational silos and gives customers an incredibly personalized experience.
Data is a critical piece that enables enterprises to engage with customers correctly. Empowered by data and tools, enterprises can demonstrate empathy at the appropriate times and offer personalized experiences that endear the customer to the enterprise. However, access to such data is just one aspect of creating a successful customer experience (CX) as a service for enterprises.
Besides that, companies need predictive engagement tools to let them understand and influence the journey in real-time.
These tools enable teams to improve business outcomes proactively. They can also help them create the right level of automation, leveraging intelligent bots that can help customers easily navigate a certain path and, where appropriate, bring the interaction to a human with a seamless transfer of information across the channel in real-time.
However, the best experience is realized when data, technology, and people work together like a symphony. Unfortunately, despite having best-in-class technology and automation tools with real-time access to data. Most experience engagements fail due to a lack of talent who can understand the customer's end-to-end journey across different touchpoints to deliver the desired outcome and continue to get better at it.
In this series of CXn FACTOR by CX STUDIOS, we'll be covering: empathy-led experience mindset and what that entails for leadership to bring customer experience (CX) to the forefront of their efforts; Leveraging data to drive meaningful insights and how, without the right data, customer experience efforts are very difficult; and lastly, how enterprise leaders need to focus on building and evolving their talent pool, rather than fighting the current talent war that's beset the industry. Read More