Improving the Customer Experience Forever
‘We have entered an era of constant change.’ Yes, it has been said thousands of times, but what is different now? The rapid evolution combined with convergence of digital technologies. They are forcing companies to rethink their strategy and how they execute every year now. In the last few years companies have been consumed with trying to understand, apply, and manage social media, customer demands for mobile interactions, and the overflow of Big Data. Meanwhile, new trends and potential disrupts are reaching their tipping points.
In the middle of this constant technology and culture change, companies are trying to improve or recapture their competitive position with new business strategies. While this volume of Perspectives focuses on strategies for revamping the customer experience, many businesses are embarking on other large-scale, high-cost strategies. They range from reshaping an industry through ‘blue ocean’ ecosystems to overhauling business models. With the new wave of digital disruption, how do companies ensure their strategies are relevant?
While technology and market trends cycle faster, we saw during the first wave of digital disruption that many companies’ strategy development and execution approaches couldn’t keep pace. They were too slow to recognize relevant threats and opportunities, create and iterate strategies, and implement strategic plans. Historically companies are accustomed to laying out a business strategy and plan that takes years to execute. Today they must become responsive enterprises—companies that can sense and respond to the market as quickly as the market changes.
Customer experience has become a competitive advantage. Companies that excel at customer experience perform better in the market. Companies with poor customer experience ratings often struggle with implementing the technology needed to execute their customer experience strategies, and the results are unsatisfied customers and high churn.
A responsive enterprise senses the market by getting constant, actionable insight at all levels. It is designed to respond, meaning it can quickly iterate, refine, and execute strategic plans based on that insight. The latter requires companies to change systems, devices, data, process, suppliers, even people, very quickly.
Companies are improving their customer experience ‘sensing’ with ‘customer 360’ programs, social analytics, and other Big Data efforts. But the biggest challenge is becoming a truly agile enterprise that can act quickly on this insight. Let’s explore what is required to become a responsive enterprise.