According to a recent research by Salesforce1, the lists of priorities were topped by the need to improve customer experience. The research also showed that the pandemic raised the digital expectations of 68% of the customers.
Forbes2 claims in a recent survey that customer experience accounts for 80% of the value a company delivers. The survey also shows that offering an excellent customer experience can add 5.7 times in revenue growth. With those kinds of figures, it is no wonder CIOs are increasingly striving to make their businesses customer-centric.
The following four reasons give you an insight on why customer experience should be a top priority for CIOs and CTOs in 2022-23
CX is the new battleground for competition
The new battleground of competition is the customer experience. The customer experience (CX) is the most important competitive differentiator for a company and is becoming an increasingly important part of your customer decision-making process. It is also an essential factor in determining how well a company performs.
High-quality products and services can take you only so far in the current market, in which customer demand and expectations are the driving factors. Price has become less relevant as customers are more likely to show loyalty if they have a positive experience with a brand or service (not necessarily because they offer the best product).
Business owners and leaders used to decide based on traditional indicators like sales and revenue. This strategy, however, has grown to include customer experience as a critical component of business success. To succeed in a competitive environment, you need to understand that customers are now more informed. They can learn about your competitors and compare prices or choose different products or services altogether. That is why it is so important to help them choose you by giving them something special—a good customer experience that is memorable, personal, and makes them feel valued.
Automation in customers' cycle has made the whole process easier
You can use automation to reduce the time spent on repetitive or manual tasks, such as spending hours mining data on customer feedback. You can also use it to improve customer satisfaction by providing a seamless experience across multiple channels and devices. For instance, if a consumer places an order online, they do not want to give details to a call center worker over the phone again.
And you are not just improving customer experiences; automation technologies benefit your company in various ways, including lowering expenses, generating income, and enabling technology in the workplace by facilitating communication between departments and employees.
As a CIO or CTO, you understand that technology has always been the driving force of business innovation–it is no different when it comes to customer experience. Technology can help you understand your customers and their needs better than ever before—and provide the means to meet those needs—if only you know how to use it.
To Increase Customer Satisfaction (CSAT)
In our experience, we generally find that the number one key to increasing CSAT is eliminating frustrating moments for customers, which naturally increases their loyalty. Disrupting customer experience and a consumer receiving an email or text with partial information can be frustrating. It is even worse if they have to contact support again to resolve their issue or the system has a bug meaning the customer cannot update or change their order. When you think about your own experiences as a customer, do you get frustrated when you have to re-resolve an issue? Of course! We all do.
To eliminate these frustrating moments in your business, CIOs and CTOs should evaluate their CX.
Customer experience is key to brand loyalty
Customer experience and customer satisfaction are strongly associated with brand loyalty and retention. There is a clear correlation between the level of customer experience, customer satisfaction, and a company's bottom line.
A survey by KPMG3, 86% of loyal customers will recommend you to family and friends. 66% of customers who have had a good experience are likely to leave a positive online review. However, Only 46% of your customers will remain loyal after an unpleasant experience.
CIOs and CTOs must enable their support staff with the tools to give customers a good experience. The goal of the tech department is to empower customer support with the tools necessary to give customers a good experience. That means understanding and translating customer needs into marketing tools, customer service applications, and product development.
The customer is always right. No matter what period you are in or what kind of business you work for, understanding what your customers want is critically important. The real trick is knowing when to adapt and when to hold firm. CIOs and CTOs can help bridge the gap between older and newer generations, so it is no surprise that they will play an increasingly important role in the coming years. As they know, the future of technology depends not just on innovation but also on understanding how society will receive that innovation.
As businesses continue to evolve in the digital age, customer experience has become the top priority for most of them. People today have grown from passive consumers to active participants in the brands they support. Those who provide remarkable experiences for their customers are likely to get ahead in the competitive industry. An essential component of success is its steadfast customers and high feedback scores.
As customers become more aware of their rights and how technology can improve customer experience, the requirement for a better customer experience will increase.