Our team collected a fantastic mix of articles this week that you’re bound to enjoy. From CX management, to loyalty programs, to customer engagement – we’ve got you covered! Have a look and feel free to share the buzz with other CX professionals.
Let us know your thoughts by commenting below, or reach out to us on Twitter: @NICE_Enterprise.
Loyalty: It’s Killing Your Business [linkedin.com]
We begin this week’s CX buzz with an interesting article from David Edelman, Global Co-Lead of McKinsey Digital, who writes that loyalty programs are generally not seen as a profitable venture. Although loyalty focused players are able to increase their market share, the impact on revenue growth is neutral overall.
The author suggests that only those brands with clear objectives are able to enjoy the benefits of loyalty programs. Successful loyalty programs understand both the profit customers generate and the influence they more broadly have on sales. The real payoff from loyalty programs comes from locking in those customers who drive profitability.
State of Customer Experience: The Industry May Die Before It's Fully Grown[linkedin.com]
This article begins with an interesting yet alarming note. “Despite the fact that the ‘Customer Experience’ discipline is a comparatively young industry I believe it is in danger of dying before it reaches maturity.” Colin Shaw, a CX expert, states three problems with the assessmentabove:
- People claiming to be CX experts, both from the agency and client side, aren’t really experts.All they have done is change their label.
- Customer experience is not about a software/technology or a program. It is a holistic approach which people fail to understand
- Senior level executives agree that Customer Experience is a key strategic issue but are unwilling to take any quality actions/initiatives that will change their regular routine.
Customer Communities: The Centerpiece of CXM [destinationcrm.com]
Customer Experience sounds simple enough, but without the right platform, tools, and training, one cannot expect to deliver 100% customer satisfaction. It is very important to leverage the customer community as the centerpiece for customer experience. Some of the advice from the article that can help you in this endeavor is as follows:
- Meet customers where they are by a using multi-channel service strategy.
- Deliver consistent customer experiences and always-on customer service.
- Don’t just listen. Act on customer feedback and suggestions. Then, close the loop and let customers know.
- Offer personalized and human experiences.
Four Secrets to Successful Customer Engagement[cmswire.com]
We're still very much living in the age of the customer. Customer Engagement pays big dividends. The authortalks about following these four Customer Engagement Attributes that can guarantee success:
· Social, Mobile, and Traditional Channel Alignment
· Transparency and Trust
· Customer Participation and Knowledge Availability
- Demonstrated Commitment to Fairness
The State of Your Customer Service: Don’t Make Rookie Mistakes[pinterest.com]
We conclude this week’s CX buzz with some interesting numbers. Did you know 75% of customers have spent more with companies based on positive experiences? Did you know 24% of the customers faced the issue of getting shuffled from representative to representative in the last year?
We are sure you will enjoy this infographic.