Behavioral economics accepts that consumers are often irrational and make decisions based on various influences. By leveraging behavioral economics, companies design exceptional customer experience and even “nudge” customers to certain preferred behaviors or interactions to exceptionalize the customer experience and optimize customer lifetime value.
In this case study of Illawarra Retirement Trust (IRT), the seniors’ living development, Strativity Australia explores the impact committing to a customer experience strategy has on developing a more customer centric culture.
Spanning from the NSW South Coast to Sydney, IRT’s intrinsic motivation is the wellbeing and welfare of its customers. With over 8000 customers in 32 communities in their care, IRT sought to navigate an unprecedented structural change in the aged care sector to produce long-term sustainability.
Journey management is defined as “an active process used to optimize the journey over time as the organization and customers evolve.” It enables an organization to remain on course in its efforts to optimize the journey and the customer experience. This six-step process of connecting journey maps to action plans doesn’t have to be daunting.
Journey mapping is the starting point for customer experience efforts in many organizations. While an important initial step in improving the experience organizations deliver to customers, on its own, journey mapping does little to change an organization’s customer experience for the better. Meaningful improvement in the customer experience requires not only journey mapping but also journey prioritization and management.
Differentiating one’s products and services from that of their competitors is becoming more challenging because of competitive alternatives. Because today’s customers are unwilling to compromise on either product quality or speed of service, companies are required to offer both personalized solutions and rapid service.
Companies continually fail to understand the value and purpose of customer surveys from the perspective of their customers. While companies seek feedback and data, customers expect action and change. Lack of alignment of this nature can have disastrous consequences.
In an ever increasing customer-centric world, employees are the key to unlocking customer loyalty. Engaged employees deliver better customer satisfaction and profits. Yet, while considerable investment and resources have focused on customers during the last several years, many companies have neglected the individuals on the front line of delivering their customer experience – their employees.
Employee performance excellence is an ongoing, ever-evolving process. Because better performance often translates into better customer relationships and, therefore, increased revenues and profitability, executives need to understand what drives employees to deliver their performances: inhibiting fear or inspiring freedom?
Creating successful relationships is radically different in B2B environments from in B2C environments. Customers have different challenges, resources, and suppliers. Because of the complexity of B2B customer relationships, basic CX principles are rendered useless. Therefore, creating experiences for this different breed of customer requires fresh and creative ideas.
The results of Strativity’s 2014 Customer Experiences in Action Study provide insight into the characteristics of a successful customer-centric company, including five core customer experience components on which companies must focus to become customer-centric.
Customer relevance is a moving target, and as a result, Customer Experience Design has gone through an evolution. While companies focused on consistent experiences and removing dissatisfaction in the past, the new generation of CX Design aims to connect to the customer on a personal level to “wow” them in ways that align with their values.
Employee experience is not a matter of slogans and empty pats on the back. It is about nurturing a culture and an environment that will stir employees’ passion for the business, unleash the best in them, and inspire them to exceed goals and expectations. But in order to do so, employers must first eliminate obstacles and build trust with their employees.
While many top executives fully appreciate the importance of redefining their value proposition and creating fascinating customer experiences, they are reluctant to concede the necessity to do the same for their employees. However, an organization is the sum total of its people—for better or for worse—and can be a company’s differentiator and source of customer loyalty. Your job—your mission—is to provide an occupational environment where your employees can thrive and excel.
If you have a satisfied customer, you must have done something well and surprised your customer in some way. But how long will that satisfaction last? How long until another company, possibly in an entirely different industry, grabs their attention? To drive profitability and growth, companies need to focus on ensuring customers are both satisfied and loyal.
Luxury products represent the exclusivity and timelessness of refined craftsmanship, and customers of luxury brands are willing to pay top dollar for privileges not available to others. However, the customer experience that accompanies these privileges is not always worthy of such premium prices.
A certain class of brands can charge premium prices and retain loyal customers. In this study, Strativity Group sought to discover the secrets of these brands and what their customers expect from them in exchange for those premium prices and resolute loyalty.
If you’re responsible for implementing a customer strategy, it is up to you to push for the cx strategy to be internalized and adopted throughout your organization. This excerpt from Customer Experience Strategy lays out the “Seven Great Escapes” for resistance to change as well as the responses that will allow your strategy to keep moving forward without losing momentum.
To understand both the capacity for change and reluctance to change, it is necessary to take a close look at the functional areas within your company’s ecosystem. Mapping and examining the connection between different stakeholders, as laid out in this excerpt from Customer Experience Strategy, provides guidance about whom you should bring into the change process and at what stage, taking your change strategy from a place of resistance to real, meaningful change.
The transition from product-centricity to customer-centricity is not an incremental change; it is a transformational change. That’s why it is so vital to evangelize change management by painting a clear, detailed vision of customer experience and publicly commit to that vision. This excerpt from Customer Experience Strategy explains how to lead the charge and build the case to get executives onboard with customer experience transformation.
We often make the mistake of confusing excellence and consistency. At best, consistency meets customer expectations. But in a world of consistent experiences, who really wins: the customer or the processes?
Like an old married couple who lost their spark, many companies focus only on the rational side of the relationship, like convenience and comfort, but much of the love and emotions for their customers has gone by the wayside. It is time to take an honest look in the mirror and evaluate how you feel about your customers.