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Home / Insights / Blog / What is a Customer Experience Solution? Everything You Need to Know
December 26, 2022 - by Synoptek
A recent report by Forrester states how 2023 will be a year of reckoning for customer experience programs. As companies struggle to keep up with evolving customer expectations while navigating a turbulent economy, it is vital to unify data into complete profiles and unearth actionable intelligence. This helps organizations to showcase a complete picture of customers, including their needs, preferences, interactions, and more. So, what is a customer experience solution? Keep reading to find out what it is, how it works, and why you should have one.
CX Management is crucial to business growth and success in an age where customer expectations are only growing. A deeper understanding of customers’ perceptions and feelings to better cater to their needs across the lifetime of their relationship: prior to the initial purchase and extending through the renewal or repeat purchase. Through interactions with a brand’s products and services, CX Management enables organizations to
According to McKinsey, a Customer Experience (CX) Solution is “structured to help meet companies where they are in their CX transformation journey.” Thus, Customer Experience Solutions help organizations:
As businesses realize the importance of CX, there is widespread interest in adopting a CX solution to streamline customer acquisition and retention processes. While several CX solutions are available in the market today, it is important to look for specific features and capabilities. These include:
Customer expectations are evolving all the time. As the gap between what customers expect and what companies deliver constantly widens, there is increased pressure to build an approach that aligns with rapidly changing expectations. Since customer experiences influence both loyalty and repeat purchase behaviors, here is how you can approach Customer Experience Management in the most optimum manner:
The right approach to CX can truly transform brand loyalty and increase business revenue for any organization. Let’s look at two success stories that underpin the need for a robust CX solution:
Customer challenge: A leading credit bureau company experienced a 30% customer retention loss that translated into $34 million. The company realized they had to up their CX game and looked for a partner who could completely refresh how products were developed and customers were engaged to ensure they delivered on expectations and provided substantial value.
Solution: Customer Experience Agency Macquarium, now acquired by Synoptek, undertook the assignment by infusing CX/UX best practices into tactical projects and enhancing capabilities to meet quality standards. By creating robust CX implementation strategies, frameworks, design standards, and governance processes, Macquarium successfully established an Experience Management Center of Excellence and designed a playbook that could be used as an ongoing reference guide to evolve to the next level of CX maturity.
Benefits: The design, development, and implementation of a robust CX strategy and reference guide has enabled the credit bureau company to become an experience-led growth company. The CX solution delivered is now helping the company support its brand strategy and drive continuous efforts toward defining, structuring, and evolving customer experience as a discipline across the enterprise.
Customer challenge: An electric utility serving 1.5 million customers was looking to capitalize on the emerging trend of smart homes and smart devices and curate a new digital brand experience to target their modern, tech-savvy customers.
Solution: Macquarium started with the implementation project with a detailed evaluation of the power company’s e-commerce platforms and technical infrastructure to understand the integration requirements with internal processes and operations for billing, shipping, accounting, and customer service. Once the technical foundation was identified, Macquarium created a new brand story, strategic framework, and style guide that reflected the new mission.
Benefits: The world-class brand, identity, and e-commerce experience have enabled the power company to offer more value to its customers. The Digital Experience Solution’s catalog has steadily grown and currently provides a broader and deeper range of products, including Smart Homes, Art Filters, Appliances, Electronics, Furniture, and Home & Living. Today, the website witnesses an average of 50K visits and is able to engage customers on a variety of levels, with brand awareness and customer base expanding across Alabama, the Southeast, and beyond. E-commerce sales are expected to surpass the $43 million mark by 2023.
Organizations that excel at customer experience management are most likely to succeed in today’s volatile business landscape. As attracting new customers is five times more expensive than retaining existing ones, the right approach to CX greatly improves these retention rates. Furthermore, CX offers an array of benefits, including better sales, improved ROI, and stronger customer relationships.
If you want to improve how your customers engage and interact with your brand while being at the forefront of their needs, you must invest in a modern CX solution to deliver more effective customer engagements.
At Synoptek, we provide a comprehensive set of Customer Experience Services. We can help you become a customer-centric brand and empower you with the capabilities you need to deliver positive customer experiences, enhance customer loyalty, and create sustainable business growth.
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