It’s not just you. Competition among companies is getting fiercer and there is more performance pressure on CMOs that ever before. So what can you do? This week’s post offers a few important suggestions. First, customer-centricity is more crucial than ever. Second, CMOs must collaborate with CIOs to integrate new technologies into their business. And third, keep abreast of the latest trends by reading industry blogs like our very own CMO Perspectives.
We hope you enjoy these articles. Let us know your thoughts by commenting below, or reach out on Twitter: @NICE_CX
A century ago, American-born British retail magnate Harry Gordon Selfridge coined the term the "customer is always right." That mantra is outdated, writes Chris Randall. In today’s age, the catch phrases go a lot further. Phrases like "the customer is king," "customer-centricity," and "the age of the customer" are part of the zeitgeist.
That’s why it comes as no surprise that customer-centricity has spread across most industries, from retail to the financial services industry.
For instance, last year, writes Randall, the UK Payments Council implemented new rules to minimize the wait time for customers who switched banks. Instead of waiting 30 days for the switching process to complete, customers now can move from one bank to another in seven days. Since the launch, there have been over 1.1 million customer switches (a 19 percent increase compared with the same time period one year before).
What this means for UK banks is that competition is fiercer than ever. They can no longer rely on customer inertia but must actively strive to retain customers. Banks can do this through an integrated digital/physical strategy to aid in their customer experience programs.
This entertaining article by Roger Dooley offers three customer service lessons involving coffee companies. For those of us with a coffee habit, we know how much we crave our morning Joe and how frustrating it can be when bad customer service stands between us and our cuppa.
That’s why Starbucks had a brilliant insight when they created an app that lets customers pay with their mobile phones.
Reportedly, Starbucks planners observed that many, if not most, customers stood in line using their smart phone. When they ordered, customers had to put the phone down to extract cash or a credit card from a wallet or purse. The clever folks at Starbucks realized that letting customers pay with their phone would eliminate the entire juggling process.
Last year, Starbucks reported that 15 percent of its sales volume was generated by its mobile app.
Dooley then offers two examples of coffee companies that didn’t do customer service as well as Starbucks. One of these is Keurig Green Mountain, which created machines with technology that prevented customers from using non-Keurig cups.
The other is Nespresso, which had an arduous registration process for their brewers. Management guru Tom Peters recently made fun of them in a series of Tweets. Unfortunately for them, Peters has over 100,000 Twitter followers.
The one big takeaway from all three stories, writes Dooley, is that companies and brands need to focus on their customers’ needs ahead of their own.
International Data Corporation predicts 25 percent of high tech CMOs will be replaced every year through 2018. Those who don’t get on board with the latest in marketing, says author James Thomas, especially tracking ROI and cooperating with CIOs, will see their jobs most at risk.
Thomas goes on to describe these trends. Organizations succeed only when CMOs and CIOs share a single, customer-focused business technology agenda. The CMO and CIO are the two roles that matter most for 2015, he writes. In addition, he writes, in the age of the customer, the CMO of 2015 must own the most important driver of business success – the customer experience – and represent the customer’s perspective in corporate strategy.
This well-researched infographic is a keeper. It offers 10 tips, based on surveys, polls and psychological research, that answer the age-old question: What does the customer want?
The tips include:
1) Customers value “good” service more than “fast” service.
2) Customers will remember you if you remember their name
3) There are few things customers talk about more than a pleasant surprise
4) If you bring up money, it makes customers more self-centered
These are just a few of the gems in this infographic. It’s not a bad idea to print it out and pin it to your wall.
We hope you enjoyed our picks and bookmarked a few articles for future reference. Please don’t forget to share with other CMOs.
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