How well do you know – I mean really know – what your customers want and need most from your brand right now?
It’s a tricky question to answer. When business consultant Adrian Swinscoe recently tackled it, he drew on lessons he’s been learning from a number of CX leaders around the world, whittling his findings down to 4 simple but powerful best practices. Best practice 1? Successful CX strategies are developed when brand leaders ask – and answer – the right questions about how brand, service, and experience strategy connect to the brand’s performance objectives. In other words, questions like “what is the human touch and technology balance” are critical – and the answers must be linked to ROI.
Buried in Swinscoe’s 4th best practice is a frequently overlooked rule: while customer surveys are highly effective tools for understanding customer perspectives, they’re never enough. To round out your understanding of your customers’ needs, priorities, and perceptions of your brand, draw from multiple data sources – including the insights from your own employees.
You can read Swinscoe’s piece, here. When you’re ready to improve your CX performance, reach out. We would love to learn about your brand and show you how Skybridge Americas can engage with your customers and deliver a superior experience in every interaction.
4 Best practices for leaders to add to their customer experience (CX) strategy in 2021
By Adrian Swinscoe
In recent months, I’ve been talking to several senior leaders about how to design your customer experience (CX) strategy in 2021. Some of the issues they will have to tackle if they are to deliver the great and stand out experience that so many of them desire.
To help with that, I’ve been talking about four best practices or objectives that the companies that lead their fields on customer experience have in common.
1. Ask the right questions
Firstly, these companies have clear answers to the big strategic questions regarding their brand, service and experience strategy, and how they connect to their overall business objectives.
These questions include:
- What is your brand, service andcustomer experience strategy?
- How does it support the achievement of your business objectives?
- What is the human touch and technology balance?
- Where is it now and where would you like it to be? And why?
- Will it change for different types of customers?
- Will it change depending on the stage of their journey?
Secondly, most, if not all, of their CX initiatives are focused on delivering business value and a Return on Investment (ROI).
The way they do that is by linking their customer experience strategy to the improvement of one or more of the key levers (customer interest, conversion rate, average spend, number of transactions in a given period and the cost to serve) that exist in most businesses.
Westpac, the fourth largest bank in Australia, and their ‘No Me’ program provide a great example of how this strategy works in practice.
2. Use data to segment your customers
Analysing their customer data, Westpac discovered that there were groups of customers with similar profiles. One group had adopted the same three products in the same order and for the same reasons over the course of their lifetime. However, they also identified a second group who only had the first two of those products and that there was a 90% chance that they would adopt the third product when the time was right.
Now, rather than compiling a marketing campaign and sending it out to the second group, they worked with the tellers in their branch network and modified their systems to alert the tellers to offer the 3rd product as a ‘next best option’ to the second group of customers when they next came into a branch. Doing so, the tellers were able to achieve a 40+% conversion rate when they offered the 3rd product.
This strategy allowed Westpac to improve both their average customer spend and the number of transactions in a given period for this customer group. In turn, this allowed them to clearly prove the ROI of their initiative...
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