Personalised experiences – The art of getting it right
By Jessi Wesson - Editor at Fastmoving - Aug 21st 2017, 17:32
The annual CEM Africa Summit took place in Cape Town last week.
The event brought together some of the greatest minds in the industry who shared their valuable knowledge and provided innovative solutions in the CX sphere, all with the common goal of improving CX across Africa.
Amongst them was Aditya Rath, Head of Customer Advisory KPMG in India. Rath focused on personalised experiences and how to leverage new technologies such as AI and virtual reality to create experiences that are unique to the individual to drive engagement.
In the new ‘customer first' operating environment that is rapidly taking over, personalisation is key.
There are several dimensions of this new operating environment that are currently playing out. These include:
• Instant access
• Accelerated innovation
• Channel shift
• Democratisation of communication
• Customer power
• Renegotiation of trust
• Death of complexity
“Customers keep us true to our agenda and honest to our services,” he said. “This is only going to continue as we provide them with instant access.”
Rath statistically showed how, more than ever, CEO’S are willing to invest to get their business operations scaled up in order to provide customer experiences with the focus on representing the interests of customers, building trust, and basing decisions on customer insights data.
Master the economics of customer experience
“When companies over or under-invest, or deliver on customer expectations, profit suffers," says, Rath.
When experience fails to meet expectations, this results in missed revenue and share. When experience exceeds expectation, however, this results in higher than necessary operating costs.
Alignment is key. Economic value is maximised when customer expectations and experiences are in sync.
Enabling customer centricity
Organisations can create unique and differentiated experiences by:
• Aligning their people, operations, systems, and processes around the customer with the goal of providing personalised customer experiences;
• Developing relevant products based on customer needs and preferences
• Delivering seamless, connected experiences across all digital and traditional customer interactions
The rewards are significant
KPMG research shows that the top 25 companies achieved almost double the revenue growth of the top 25 Fortune 500 companies. It also showed that the revenue growth of the CX leaders over one year alone was over eight times higher than that of the CX laggards.
When it came to the profit growth of CX leaders vs. CX laggards, KPMG found that the top 25 CX leaders of 2016 achieved five times the EBITDA growth of those in the bottom 25 of the rankings over one year.
“CX does have a strong view on profitability,” concludes Rath.
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