What’s the CX buzz this week? (26th May, 2014)

Our team collected many fascinating articles on the customer experience, customer service, and the Customer Lifetime Value this week. We made sure to pick posts that are rich with insights, yet still engaging to read. We’re quite certain that these picks have a little something for every CX professional to pick up on. Be sure to share the buzz with anyone who could make use of this knowledge/

Let us know your thoughts by commenting below, or reach out to us on Twitter: @NICE_Enterprise.

Measuring Customer Experience One Step at a Time [customerthink.com]  

We begin this week’s CX buzz by asking a very basic question: is Customer Experience really measurable? There are those who say you cannot measure customer experience. The author argues this point by listing and explaining each and every aspect of the customer’s journey.

The author concludes that the only way to measure experience is by using outcome-based logic and systems thinking. It’s not an art; it’s a science with a little bit of creative thinking sprinkled on top.

Stay Ahead with an Honest Exchange of Customer Experience Insight [360connext.com]

Jeannie Walters, CX professional and author of this blog, believes that the best customer experiences are created from constant examination and innovation. She points out three messages she feels are important while dealing with customer experience strategies.

  • Understand the world you’re in now, not the world that the experience may have originally been built for.

  • Most leaders “aren’t there yet.”

  • Communication about customer experience is just as important as action.

Silo Mentality Damaging Fs Customer Service [engagecustomer.com]

Silo mentality refers to customer service departments in the financial services (FS) sector that struggle to connect the dots, with one in four queries being left unanswered. Did you know that the top reasons cited for escalating queries included a lack of information (39%), and a lack of technical skills (22%) amongst the teams tasked with responding to inbound enquiries?

In order to ensure that customer service agents are fully equipped to respond to enquiries, decision makers in the FS sector should consider implementing a central knowledge solution across all departments that can be updated with real-time decision support.

Just 42% of companies are able to measure customer lifetime value [econsultancy.com]

For companies looking to improve retention rates, Customer Lifetime Value (CLV) is a crucial concept, though hard to measure.

According to Econsultancy’s new report, brands recognize the importance of delivering a great customer experience, but need to re-define the meaning of customer experience to embrace every interaction with their brand.

It is not just about technology, but also being able to be ‘multichannel’ within an organization. Can all the internal departments ensure that they use their data and customer insight to collect, connect, and predict in order to deliver an exceptional customer experience?

Are You Playing Whac-A-Mole With Customer Experience? [cmswire.com]

And we end this week’s CX buzz with an article that questions whether companies are really serious about customer experience. We've all heard that the customer is in charge. CEOs and management teams agree on these points on an intellectual level, but emotionally, the new reality is a hard one to swallow. In the good old days, sales were the key to customer success. That level of influence is hard to let go of.

We are sure you will enjoy this article.

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