Organizations need a new way to measure CX and build empathy that reflects customer behaviors and motivations, while allowing for emotional connectivity. Fundamentally, the way they measure CX must shift in the following ways:
- From being brand-centric (what brands think is important to know) to being customer-centric (what customers believe is important for brands to know)
- From a measurement approach that is slow, retrospective and resource-intensive to a scalable measurement solution that is automated and always-on
- From having inconsistent, scattered data and insights in functional silos to having consistent, transparent and unbiased measurements
- From limited insights that are difficult to act upon to rich downstream insights derived from ambient customer data that are actionable at every step of the customer life cycle
- From different “versions of truth” to a common framework and measurement approach that links to business growth
Take for example how the above principles are applied in winning a bank customer that purchases a new home and does extensive research online to select the best mortgage deal. The customer has been struggling with his finances since the COVID-19 pandemic hit. When his bank offers a low-interest personal loan and a fixed deposit-linked mortgage, he accepts the personal loan and rejects the latter with a click in his mobile app.
Soon after, he receives another offer: a pre-approved credit card that has discounts and a higher cash rebate at places where he usually shops. As he finds this to be enticing and relevant, he accepts the offer delightedly.
Behind the scenes, extensive analyses and information orchestration had been done to understand the customer’s payment and interactive behavior in real time. This allowed the bank to know his preferred way of being engaged, lifetime value and propensity to purchase a product. Using these insights, the bank then tailored offers to meet the customer’s underlying needs without asking him directly. In this scenario, rather than pursuing loan repayment, the bank chose to cross-sell other products to increase the customer value in the long term and the number of products held by the customer, which in turn, translates into customer stickiness.
Unlike traditional rule-based triggers that are often reactive and one-sided, this was real-time and proactive. Depending on how customers respond, organizations can leverage customers’ ambient data to personalize engagements based on their behaviors and emotions at a particular point in time.
To achieve the above, organizations need to invest in technologies and platforms that allow them to quantify experiences at every touchpoint in real time and provide deep, actionable insights. This entails an integrated delivery engine that incorporates and automates the learning of customer and business data, as well as an automated technology layer to orchestrate the entire customer journey, activate customer engagement and close the feedback loop. Organizations also need to develop a set of models that quantifies the impact of experience strategies based on the value delivered to customers and the business. Solutions like EY Smart Experience are designed to help organizations prioritize initiatives that will maximize the return on experience.