by Kevin Craine | 12/21/15
Every business, from a multinational bank to a local bakery, needs to ensure that customers are happy and that they keep coming back for more. Customer satisfaction and loyalty are critical success factors for every organization. And how customers perceive your company and what they say about their experience in social and mobile media can have a direct effect on your brand in the marketplace.
As a result, there’s a new mantra pervading business today: deliver the optimal customer experience. C-suite decision-makers recognize the mounting need to keep and retain customers for a lifetime, but it can be an uphill battle. According to Ernst & Young, the world’s third largest professional advisory firm, just 25 percent of U.S. consumers consider brand loyalty as something that impacts their buying behavior. And research from Nielsen found that 78 percent of consumers are not loyal to any particular brand whatsoever. As a result, companies are searching for new techniques and technologies to help them optimize customer experience, lifetime value and loyalty.
One important way to improve customer experience is to improve how you use customer information to support that experience. According to McKinsey & Company, 70 percent of customers cite poor service response as a reason for leaving. By eliminating antiquated paper-bound processes, automating when possible, and using information in more agile, connected and relevant ways, organizations in all industries find that they can put more thoughtful customer experience strategies into place that make a difference.
Managing Customer Experience
The results can be profitable for organizations that get a grip on customer experience and loyalty. According BIA/Kelsey, a repeat customer spends 67 percent more than a new one, and 94 percent of customers who have had a great service experience will buy from that same company again. Even slight improvements in customer experience can pay. Studies from InfoQuest show that a “totally satisfied” customer contributes nearly three times as much revenue as a standard “satisfied” customer. Clearly, there is a great deal of up-side revenue potential in the business of providing consistently superior customer experience.
Real World Results
In financial services it might mean easing the stacks of paperwork needed for a new loan application or for new customer onboarding. In health care it might mean connecting the various documents and information in ways that provide better clinician and patient access. In the insurance industry it might involve speeding the processing of claims for payment. Other industry segments like logistics, manufacturing, government, and more, all benefit from establishing more dynamic business workflows that link together people, processes and information in new and more agile ways.
Ultimately, the key is to enable thoughtful data-driven strategies that allow you to be more responsive and relevant in your approach to customer loyalty and lifetime value. Look for solutions and partners that provide the right mix of experience, vision, and advanced capabilities that leverage the full value of integrated ECM technology to establish consistently superior customer experience.
Guest contributor Kevin Craine is the author of the book Designing a Document Strategy and a respected authority on document management and process improvement. He is the managing director of Craine Communications Group. For more information visit CraineGroup.com.