Keep pace with customers and competition with an effective Customer Experience Strategy and meet your Brand promise
Strategic Imperative
Business leaders in today’s competitive environment have understood the importance of customer experience. They understand that the market has become a level playing field as all companies have their people, processes, systems, and products in place. Little they can do to differentiate in product and/or price to prevent customers from shifting loyalty. Moreover, with so many options to choose from, buyers in most cases may overlook the hassle of switching over and prefer a competitor. In next five years customer experience is going to be the primary factor deciding customer loyalty and become the key differentiator deciding business’s fate. Research has found that 89% customers switch their loyalty due to poor customer experience. Moreover, 86% of them are willing to spend more with a customer centric company with superior customer experience which could eventually uplift profitability by 35%.Customer Experience has become a major growth driver for businesses to keep pace with customer preferences and beat competition.
Five business challenges driving CEOs/CXOs to focus on Customer Experience:
Customer engagement - consistent customer experience
- Enabling consistent experience across channels both digital and non-digital, across functions and ensuring unified experience across life cycle journey
- Enabling seamless experience through Omni channel and cross channel capabilities
Differentiation through innovation and beating competition
- Taking service experience to customer finger tips by leveraging innovative technologies in the mobile devices and digital space
- Enabling real-time and dynamic experience through Omni channel capabilities
Revenue growth – turning cost centers into revenue drivers
- Turning cost centers such as contact centers and customer care centers into revenue making machines
- Transforming non-sales channels into sales enablement and direct sales channel without compromising on superior customer experience
Operational excellence – optimizing cost base
- Improving operational efficiency and productivity by eliminating non value adding components in the operation eco system
- People, process and technology optimization to shorten and fast track the value chain
Customer experience culture – building customer centricity
- Developing customer experience as a culture and instilling customer service attitude as a competence within organization
- Driving customer centricity by aligning leadership, workforce, culture and functions
To remain relevant, organizations will have to adapt to changing customer demands, competitive markets, and disruptive mega trends that is shaping businesses and customers alike.
Frost & Sullivan’s Customer Experience Management not only helps leadership address business challenges by identifying growth roadmaps, but also helps businesses stay focused and aligned to customers and the ever changing market dynamics.
Frost & Sullivan Customer Experience Management Offering:
Customer Experience Visioning
- Customer Experience Diagnostic
- Customer Service Analytics
- Voice of Customer
- Industry Benchmarking
- Voice of Internal Customer
Customer Experience Strategy
- Customer Service Strategy
- CRM Strategy
- Channel Strategy
Customer Experience Design and Solution Blueprint
- Customer Experience Blueprint
- Target Operating Model
- Channel Design and Optimization
- Cont. Improvement Through Lean Six Sigma
- Process Engineering
Customer Experience Delivery
- Customer Experience Events and Workshops
- Thought Leadership Content Development
- Training and Development Program
- Customer Experience Best Practices
- Recognition Program
- Contact Center Transformation
With our understanding of voice of customers and markets, along with our extensive base of consulting experts, we are uniquely positioned in the customer experience space. Our global expertise on the most disruptive Mega Trends, technological advances, and customer experience innovation makes us the partner of choice to translate customer experience into a successful growth opportunity.
Taking customer relationship to the next level and driving superior customer experience require sound understanding of the drivers shaping customer preferences, innovation, and differentiation in customer engagement and own capabilities to meet customer demands.
In line with the need for businesses to keep pace with competition and customers, our end-to-end customer experience transformation approach aims at unearthing hidden opportunities for business growth and establishing a strong foundation for effective customer experience management.
Phase 1
Customer Experience Visioning
Understand and Analyze
- Conduct internal and external customer experience assessments
- Conduct competitive benchmarking and analyze market position
Phase 2
Customer Experience Strategy, Design and Roadmap
Strategize and Define
- Define to be state people, process and technology strategies
- Define target business models, operating model and customer engagement models
Design
- Design to-be state solution attributes
- Qualitative and quantitative feasibility study
- Design validation and to-be state solution blueprint
Phase 3
Customer Experience Delivery
Develop
- Baseline processes and process models
- Develop technical solutions
- Develop people capabilities
Execute
- Program manage implementation
- Implement functional and technical solutions
- Track and monitor KRAs/ KPIs
Customer experience management strategies help CEOs, CXOs, CSOs and customer experience operation leaders prepare for the future by keeping pace with dynamic customers and competition. Our value proposition is strengthened by our expertise in driving growth strategies, industry coverage, and our unique capability to combine external customer perspectives and internal organizational capabilities.
- Gain a 360 degree view into where you are on your customer experience journey and where you should focus next
- Develop actionable growth roadmaps to improve end customer experience and develop a customer centric organization internally
- Build on disruptive megatrends, digital innovation and best practices to stay relevant and ahead of competition
- Implement result oriented strategies, people, process and technology practices enabling short and long term business growth through:
- Improved customer satisfaction
- Improved operational efficiency and productivity
- Reduced cost to serve
- Improved employee satisfaction
Schedule a Customer Experience dialog with our Customer Experience Management team to discuss your customer experience challenges and objectives, and learn how your challenges can be translated into opportunities to bolster customer engagement and business growth.
Dr. Tiran Rothman
Director, Head of the Equity Research Program
equity.research@frost.com
P: +972-9-9502888
- Trends in the Customer Experience Management Market
- The Potential for Internet of Things (IoT) in Customer Service
- Leveraging New Channels to Improve the Customer Experience in Travel & Hospitality Industries
- Global Customer Analytics Landscape
- Customer Experience Management Study Australia’s Telecommunications Sector 2015
- Enhancing Customer Relationship Management (CRM) for Small Midsized Businesses (SMB)
- Malaysian Medical Insurance Sector Customer Experience Management
- Future of Customer Experience with User Interface Technologies (Technical Insights)
- The Changing Landscape for Customer Support and CRM
- Omni channel Customer Interaction Solutions in India
- Cloud Service Level Agreements: Customer Concerns and Provider Promises
- Customer Experience Analytics: Taking a Closer Look