Ever feel like you have content overload, so many blogs, websites and publishers pushing content at you 24/7 that you just don’t know what to read first? Fear not! Our bi-weekly CX Buzz highlights some of the best pieces on the web. This week we feature an interesting infographic from dmnews.com showing how not dealing with customer problems properly can inflate to much bigger problems. We share a video from techtarget.com on customer journey mapping and highlight our very own video on this topic by Forrester, currently featuring in our Perfect Experiences campaign. Check them out.
As you already know, poor customer experiences can lead to deflated revenue and lost loyalty. While most marketers claim to care about their customers' experiences (CX), SDL research shows that they may just be full of hot air. This infographic shows how a current problem can inflate and grow if you don't understand and deal with your CX failures in a timely manner. In fact, according to SDL's research, in the year following a poor experience, brands can expect to lose 65% of the previous revenue from a customer. What's more, 64% of those customers will stop recommending a brand, leave or give negative reviews.
As Tara Kelly so eloquently puts it, "marketing and brand management is more data-driven now than ever before, surpassing the record highs of even up to a few years ago – and that’s a good thing. Knowing who your customers are, what types of interactions they prefer, and where their interests lie is essential in a world in which the capacity to generate data is growing exponentially. For businesses, harnessing that data effectively can be transformative, both for a company’s relationship with existing and prospective customers, and for its bottom line." She explains, with poignant examples, how to avoid the counterintuitive data trap.
According to this LinkedIn piece, customer service in banking has been relegated to a subservient position, responsible for 'ease of use' and measured by questionable customer satisfaction scores. Lost in the translation are the emotional ties consumers have with their money and how banking can help with needs. Actually, emotion in customer service is something many organizations fail at, so there are some great points to ponder for all, not just banks, in this post.
Well has it? Colin Shaw asks, "with all the focus on Customer Experience over the years, and the increasing resource that organizations have put into improving the Customer Experience, what have been the results?" He cites the American Customer Satisfaction Index (ACSI) as just one of his sources for discussing and analyzing the trends. It makes for interesting reading.
Customer journey mapping is not a new concept for any avid CX_Buzz reader. Here is an interesting video and piece, featuring Banafsheh Ghassemi, co-founder at Tangerine Lab, a customer experience consultancy in Washington, D.C., discussing the importance of customer journey mapping in creating a solid customer experience strategy. If you haven't seen it yet, check out this Forrester video on customer journey mapping that is currently showcased in NICE's own Perfect Experiences campaign.
We hope you enjoyed this week’s CX Buzz, be sure to respond in the comments or tweet us @NICE_CX.