Different industries have different customer needs and customer experience requirements, however the one constant remains customer experience. One cannot stress the importance of this enough. Customer experience, needs and requirements for a telecom industry is different from a retail one. There are mainly 4 major sectors that would require perusal, namely the financial, telecom, retail and hospitality.
In the financial sector, customer experience has gained a lot of attention in the past few years. Their biggest challenge still remains providing an omni-channel approach. Using various vendors to provide the ATM services or mobile app etc, this sector ends up with a huge disconnect and added to this is the expectation from customers to interact with the businesses in the most secure manner across the various channels 24/7.
Telecom sector is one where product differentiation becomes very difficult. New government regulations, a fragmented market with multitude of operators, high customer churn, and most of all, the much broader service offering from landlines to internet and TV have forced telecos to change their strategy to adopt to the new customer service requirements. All this leaves customer care as the one place where a sustainable advantage can be achieved. Excellent customer care requires, enabled and knowledgeable staff who work towards ensuring the needs of the customer is being met, but also, a feature rich and powerful omnichannel.
The retail sector is heavily dependant on the various distribution channels right from retail stores to paper catalogues, to the digital stores, mobile apps etc. To be able to support all of these different channels, most stores rely on customer contact centres. These centres are not just responsible for providing excellent service but are also instrumental for cross and up-sells. Also, most physical stores have customers walking in with damaged goods or issues and concerns, the staff need to be able to deal with customers in person and record such interactions.
The hospitality sector is one where customer experience matters the most. This industry is driven by guest experiences. Service and guest alignment change is a good thing as it creates possibilities. With multiple channels of customer experience and competition on the rise, customer experience that delights is the only differentiator. This depends on knowing your guests and delivering a highly personalised, engaging experience, arming your frontline employees with powerful customer experience management.
Whatever be the variances, monitoring the voice of customers is an essential, this will enable businesses to improve their operations with better engagement and maintain a competitive edge. Social media channels enable customers to instantly share opinions and experiences and organisations must monitor this in order to improve operations and remain competitive. There are several metrics to measure key performance indicators or ( KPI’s, however, a formal metric for tracking, measuring and closely monitoring customer satisfaction, engagement and loyalty the Net Promoter Score (NPS) has been adopted across industries. Example, a telecom sector may use metrics like first time resolution rates but would rely on NPS as their leading indicator.
NPS is not just a leading indicator, it also provides a benchmark. However, what actions are to be taken to improve this score and business growth which is the lagging indicator (end result) is what really matters. The sort of intelligence that enables businesses to figure out exactly what is it that leads to a particular score, is available only by employing an artificial intelligence enabled tool. It will detail analytics which are deep and insightful, using which, management can decide on what roadmap has to be taken to improve customer satisfaction and loyalty thus increasing their score.
These leading and lagging indicators on one dashboard empower and enlighten top management on what is the actual scenario. Program metrics, action plan and customer engagement/voice metrics coupled in the context of operational and financial metrics, will enable others to see the whole picture towards the organisation’s financial growth. Hence, metrics for customer experience management may be the most influential facet of any business strategy and the only way forward.