MANAGING in the

NEW WORLD

Customer Engagement

One thing that marketers need to understand the pulse of is, customer experience. The most memorable of them are enhanced, not due to a value- for- money proposition or by extra features being added in, but because of the suffused emotion. To combat this, companies go to great extents to eliminate extreme experiences. As a result, not just the terrible ones, but also the great experiences get eliminated. Companies, must instead embrace the outliers, as those will be the sticking points that customers will remember from their experiences. Those that constantly try to eliminate complaints, end up merely creating a mediocre product. In order to infuse the customer experiences with emotions, marketers need to work on stimulating the stress. Disappointments need to be converted into delight, with the right human intervention. Especially with digital marketing now being such a potent tool, efforts need to be made to plan for surprising the customers. As part of that, the brand must invest time and effort on storytelling. Social media is a great tool to spread such ideas and stories. Finally, the company needs to run controlled experiments, to understand market reactions.

Souece:https://sloanreview.mit.edu/article/the-magic-that-makes-customer-experiences-stick/

Uploaded Date:11 September 2019

While there are several challenges during the process of establishing AI- driven customer experiences, some of them are particularly crucial. These are broadly speaking, the economic, technical, political and cultural. The economic hurdle is about showcasing to all key stakeholders the real- time boost to the bottom. The technical hurdle obviously remains about ensuring that the systems and technology are ready to be used. Talent management is a major challenge as there are several cultural hurdles too. The key to them is to negotiate past the human- centric prejudices. Whoever handles this, needs to understand the method of working with virtual agents such as Apple’s Siri or Amazon’s Alexa. The political hurdle is about winning over the management, often with vested interests. Most of these political hurdles are intra- organization rather than macro.

Source:https://sloanreview.mit.edu/article/four-challenges-to-overcome-for-ai-driven-customer-experience/

Uploaded Date:20 August 2019

Several leading companies are now in to the throes of engaging with Ops 4.0. More than the other capabilities such as the technology in use, researchers have found out the most important element in executing this proficiently. That is the firm’s talent management setup. To ensure this, a compelling change story needs to be broadly disbursed. Instead of telling people about it, the leadership needs to demonstrate the same. In this way, the team members can get a hands- on experience on how digitally- enabled operations work. The staff needs to be brought onside to be a proactive part in their own development.

Source:https://www.mckinsey.com/business-functions/operations/our-insights/operations-blog/ops-40-engaging-your-people

Uploaded Date:29 July 2019

Shopping is getting more convenient for the customers, while retailers are now being able to offer more personalized offerings. All this is getting possible, thanks to the judicious use of Artificial Intelligence (AI). This is also enabling retailers to finally programme their entire fleet with a customer- centric approach. One such offering is Personality Insights, developed by IBM’s Watson. Due to the enormous data warehousing taking place, retailers are now able to identify which customers to target for what kind of products. Advertising spend can now be better targeted to the right segments. AI also allows retailers to provide recommendations, based on the individual profile mapped out. Buyer personas are created in this manner. Global cosmetics giant Sephora has aced this value chain. Its chat bot interacts with people, using AI, to propose solutions to the customers’ needs.

Source:https://sloanreview.mit.edu/article/customer-centricity-in-the-digital-age/

Uploaded Date:24 June 2019

Some strategies have been uncovered which will help brands ace the Customer Experience (CX). First of all, companies need to recognize the importance of time for the customer. To this end, ING Direct France, has been extremely proactive. Aviva France has gone one level up by introducing easy methods to pay. Digital marketing tools need to be used to make sure the customer feels connected, but not overwhelmed. In this way, as real estate firm Nexity did, customers get the assurance of support, but the constant over- arching presence of a seller. Guerlain which is a perfumer, is making use of Google Assistant to directly answer customer queries. Self- service tools also need to be brought in to the main fold. Stories need be shared with customers as this will apply the human touch to the brand. Collaborative work can be done as shown by Fox Not. The entire experience needs to be personalized as done by Accor Hotels. Customers could be provided sampling options before they buy, as Decathlon has done so well in Canada. For this, real- life simulation can be one of the most practical ways.

Source:https://www.forbes.com/sites/shephyken/2019/05/26/ten-customer-experience-cx-strategies-to-amaze-your-customers/#5ae4ae4027ee

Uploaded Date:08 June 2019

Among several sectors experiencing a transformation, it is banking that is right at the centre of this change. They need to work in an environment of strict regulation, newer competitors and fickle customers. Transforming the customer experience is now a key tenet all working on. This is proving to be an equally potent force as an efficient process or even a superior product would do. Newer companies are joining in to this bandwagon, such as Amazon Cash, Alipay and Facebook Messenger P2P. The transformation programme needs to be durable in the medium to long run. Customer experience needs to be aligned to value. Talent recruitment must be geared towards building a cross- functional team, but with the backing of the top leadership. The customer needs to be at the centre of all this transformation. Agility is a must to ensure scalability.

Source:https://www.mckinsey.com/industries/financial-services/our-insights/managing-a-customer-experience-transformation-in-banking

Uploaded Date:07 June 2019

Marketers are now trying to place themselves across the customer’s touchpoints. This customer journey actually starts much before it was thought of. Traditionally the start has been attributed to the awareness stage. But the CMO for G2 Crowd believes in otherwise. Interaction must be increased at each stage of the funnel. That is why marketers need to up their game when it comes to content- driven digital marketing. Even those not directly buying in to anything, can be engaged through the constant dissemination of relevant content. The company then launched a ‘Learning Hub’ to help curate solutions for startups. This idea took off. The content marketing thus needs to be aligned with the journey of the potential prospects who may be looking to buy the product.

Source:https://knowledge.wharton.upenn.edu/article/when-does-the-real-customer-journey-start-earlier-than-you-think/?utm_source=kw_newsletter&utm_medium=email&utm_campaign=2018-10-18

Uploaded Date:07 June 2019

For an unimpressive customer experience (CX), technology or the lack of it is often blamed. However, it is imagination that is actually more crucial. Technology is already out there, it merely needs to be applied the right way. Such views were further propounded at the recent CXO Talk. Most companies today have access to enormous quantities of data warehousing, so it is all about using it wisely. A recent book titled Matching Supply with Demand highlights these issues. The book has been co- authored by Nikolaj Siggelkow and Christian Terwiesch. New ways of thinking need to be embraced by the respective companies to ensure the generation of innovative ideas.

Source:https://www.forbes.com/sites/joemckendrick/2019/05/29/lack-of-imagination-not-technology-holds-back-superior-customer-experience/#5b10df357b55

Uploaded Date:04 June 2019

Customer service has historically been viewed by most companies as a cost centre. So, many have tried cutting down the costs on it. Virtual agents are one key example of this trend, where companies are saving on having to go for talent recruitment. Instead, technology is helping reduce the costs. A study however has confirmed that this belief is incorrect. The biggest gain of virtual customer service is to enhance the customer experience. Another observation is that these virtual agents most improve when paired with humans, and not replacing them. They can work together as humans can resolve problems with empathy, while bots can assemble the entire data warehousing, to be later used for analysis. Human agents’ time may be saved when using these bots. Human agents even become smarter and more efficient as a result. Human supervision will only further enhance their effectiveness. Human beings can now be freed to dedicate their time towards more interesting challenges. Thus, a human- machine collaboration has to be the new norm.

Source:https://sloanreview.mit.edu/article/the-future-of-customer-service-is-ai-human-collaboration/

Uploaded Date:04 June 2019

Human beings remain so successful as a specie primarily because of our ability to develop networks. This ability is further playing out in the present business scenario. Customers are increasingly more impatient now and do not mind churning out old loyalties. That is why the term Return on Investment (ROI), is increasingly being taken over by the Return on Experience (ROX). It is a more customer- centric phrase. ROX also highlights the behaviours that are delivering better experiences- both physical as well as online. The latter has a huge role to play in ensuring that the digital marketing measures get successful. A report submitted by PwC, titled 2019 Global Consumer Insights Survey, highlights the need for the alignment between the ROI and the ROX. Social media ads are increasingly an essential part of this.

Source:https://www.strategy-business.com/blog/ROX-Is-the-New-ROI-Prioritizing-Customer-Experience?gko=68aba

Uploaded Date:15 May 2019

One of the areas which is seeing substantial business innovation, is in customer experience. One of them is exemplified by a gourmet chain called Momofuku, which has launched in New York, its first mobile- only restaurant, called Ando. Another is a companion bot known as Endurance which connects best with patients suffering from Alzheimer’s. Ink hunter app lets customers try tattoos before the actual process. L’Oréal’s NYX provides virtual beauty advisers. GE’s Healthymagination enables customers to be immersed in global healthcare. Convenient customization is also offered by Levi’s. Lost customers may get tracked using Lowe’s Vison In Store Navigation app. Chinese kiosks such as Ping An Good Doctor are replacing human doctors using AI. Insomniacs may not be helped to fall asleep using a chatbot called Insomnobot- 3000, developed by Casper. Lifestyle brand Refinery 29 has developed an app called 29 Rooms to showcase its brand.

Source:https://www.forbes.com/sites/blakemorgan/2019/04/15/10-fresh-examples-of-customer-experience-innovation/#daca6d17d3a4

Uploaded Date:13 May 2019

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