It’s inevitable. At about this time, as the calendar hurtles from Thanksgiving to the New Year, we find ourselves reflecting on the year that has been.
Honestly, these year-end musings have been fairly routine. From a business leadership perspective, this review process is really more of an ongoing, disciplined approach to planning. It’s based on the belief that, when we reflect on the goals we’ve set, on our successes and our challenges, we keep improving.
It’s a solid discipline. But after a year like this one, one of the greatest lessons I think (no, I know) we must all take with us into 2021 is that, more than any single, particular process innovation or tech breakthrough, we need to invest in our own nimbleness. We need to be ready to turn on a dime and adapt as necessary. And more than ever, I am convinced that the key to that level of long-term success lies in the ability to pay close attention to what our customers need and value most. We need to understand our customers so well that we’re able to follow along and keep up when those wants, needs, tastes, and priorities go all fruit-basket-upset the next time.
A recent Customer Think article by Michael Hinshaw points to some clues our customers have been giving us this year. His 5 accelerating trends are spot on. But I think an even bigger, overall takeaway is one he hints at in his opening paragraphs: to keep doing better, we need to keep assessing and adapting.
You can read more below. If you’d like to start a conversation about how you can better meet your customers’ needs in 2021, and how Skybridge Americas can help you get there, please reach out. We would love to talk!
5 Customer Experience Trends That Won’t Change (And Will Likely Accelerate…)
In a post-COVID world, the future is full of obvious challenges and less obvious opportunities. In this fast-changing environment, most business executives recognize the need to better connect with, serve and support their customers while streamlining operations and managing risk.
And in uncertain times, a focus on customer experience is more important than ever. McKinsey notes that this focus is a winning strategy in the current environment, with CX leaders delivering 3X higher returns for shareholders over the 2007 to 2009 recession.
So what are these leaders doing? Of the many initiatives planned and underway, we’ve identified five existing trends that won’t change – and in fact are accelerating, as both customers and the companies that serve them continue to assess and adapt to the new world around us all.
Acceleration of Digital Transformation
Digital transformation was on the rise well before the COVID-19 crisis. But the crisis has supercharged this trend in a way that is changing customer and employee experience faster than many companies can adapt. Customer adoption of “digital-first but not digital-only” interactions has gone from straight-line growth to a hockey stick, employees are working from home and need to collaborate and access information to stay productive – and companies are racing to catch up. The value of digital channels, products, services, experiences, and operations is immediately obvious.
Proving the ROI of Customer Experience
Forrester expects 1 in 4 CX professionals to lose their jobs in 2020 because they can’t tie experiences to dollars. But for those pros who can, the future is bright. Ranks of CX executives who “get it” are predicted to grow by at least 25 percent. The good news is that the business value of customer experience is more trackable than ever. Better measurement and metrics models, analytical and decisioning frameworks and customer understanding are just a few of the tools savvy practioners use to make, and deliver on, the business case for CX.
Senior Vice President, Sales and Marketing
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