Riding the crest of the customer experience wave
We’ve all been talking about the importance of customer experience lately, but what we rarely talk about is just how hard it can be. By definition, customer experience is the perception of your brand that customers have from each and every interaction they have with you – be online or in store or with your brand’s communications, your advertising or even your position on climate change. And making every single interaction for every customer a great one is no mean feat.
To make it more complex, in this fast-paced world, customer’s expectations are increasing as they see the power of new technologies and enjoy superior experiences with other brands. Combine this with their knowledge of the value of their data, brands must truly commit to constantly improving the customer experience.
An organisation-wide strategy is necessary to execute truly differentiating customer experience, and often, for large companies, breaking down silos between divisions and even re-organising themselves. But even with a customer experience strategy in place, successful brands know that improving their customer experience isn’t something that’s ever finished. You need to continuously evolve to deliver fresh, relevant and engaging experiences.
The Financial Services sector has its own particular challenges – while central to customer’s lives, for many years the focus has been on meeting regulation and upgrading legacy technology. Delivering top of the line experiences that truly differentiate hasn’t been a top priority, but there are some standouts like Monzo and BBVA who are leading change.
On the other hand, the travel industry has been a leader in driving loyalty for years both through constantly upgrading and changing the travel experience as well as traditional points programmes that are hugely popular. However, it’s a constant battle for each brand to truly differentiate themselves from the rest of the pack, and stay different, especially in a difficult commercial environment. Customer focused brands like Southwest and Airportr are making waves in the experience space with two different approaches that are both making an impact.
Those brands that do deliver on customer experience really do reap the benefits of loyalty – customers stay longer, spend more and have higher lifetime value. Our experts have identified 3 key principles for success – understanding human behaviour, deep insight into your customer and focusing on the moments that make the most impact.
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