Customer Experience (CX) strategy is critical to any business as it determines how a company interacts with and serves its client base. A well-defined and executed CX strategy can reap the following tremendous benefits for any organization:
Business Growth
One key advantage of a CX strategy is its ability to help organizations plan for future growth. By taking a long-term view of customer needs and preferences, companies can make informed decisions about allocating resources and optimizing the customer journey. This can include identifying areas for improvement, such as streamlining processes or introducing new technologies to enhance the customer experience. It can also involve building organizational competencies or re-aligning structure to better enable customer-centric operations.
Business Transformation
A CX strategy plays a key role in business transformation. As consumer expectations evolve and new technologies emerge, companies must be proactive in adapting to these changes. A CX strategy can help organizations identify new opportunities for innovation and drive change across the business as a whole, whether by introducing new products and services or redesigning existing customer touchpoints. Having a seasoned CX advisor to provide best practices and objective perspectives, and guide a business through these challenges is invaluable.
Seamless Omnichannel Experiences
A strong omnichannel experience is also essential for success in today’s digital business landscape. An omnichannel strategy ensures that customers have a seamless and consistent experience across all channels, whether through in-person, online, or mobile interactions. A CX strategy can help companies design and deliver an omnichannel experience that meets the needs of their customers and offers user-friendly conveniences.
Increased Loyalty
A CX strategy also positively impacts customer and employee loyalty, as it sets the bar on how exactly a business delivers value to both internal and external stakeholders. When employees believe strongly in the CX strategy, they feel empowered and regularly advocate for the company on their own doing. Similarly, when customers know, believe, and trust that the business is delivering on its CX strategy, they tend to be more loyal and recommend the organization’s trusted value proposition to others.
Several known companies have successfully implemented CX strategies to drive business growth and improve customer satisfaction. Here are a few well-known organizations that have made a mark and set the standard for CX initiatives:
1. E-commerce
Amazon’s CX strategy is centered around convenience and ease of use. The company has invested heavily in technologies such as one-click ordering and personalized recommendations to make the shopping experience as seamless as possible. Amazon has also introduced innovations such as Amazon Prime, which offers free two-day shipping and other perks to members, further enhancing the customer experience. These efforts have contributed to Amazon’s success as a global e-commerce giant.
CX Principles Implemented
- CX vision and values as the foundation of business growth strategy.
- Alignment of core values, objectives, and outcomes.
- Integrated focus on customer obsession into the DNA across culture, operations, and policies.
- Empowering and enabling front-line staff and having customers as a priority.
Results
- At the end of 2012, Amazon’s stock price was $12, and over the past decade, it has risen to $86 at the end of 2022 (obtained a high of $178 in July 2021).
- Number of employees in 2012: 88,000 | 2022: 170,000.
2. Manufacturing/Technology
Apple is known for its innovative products and customer-centric approach. The company’s CX strategy includes a focus on design and usability, as well as a strong emphasis on customer service. Apple has implemented initiatives such as its Genius Bar, which allows customers to receive in-person technical support, and its AppleCare program, which offers extended warranties and support options. These efforts have contributed to Apple’s strong reputation for customer satisfaction and loyalty.
CX Principles Implemented
- Consistent experience across touchpoints – retail, online, and everything in between, even down to the packaging.
- Deep customer insights and understanding that aid in the design of easy-to-use products.
- Integrating continuity across the entire technology and product ecosystem.
- Innovation-first mindset.
Results
- At the end of 2012, Apple’s stock price was $18, and over the past decade has risen to a price of $135 at the end of 2022 (obtained a high of $179 in December 2021).
- Number of employees in 2012:76,000 | 2022: 164,000.
3. Hospitality
The Ritz-Carlton hotel chain (owned by Marriott International Inc.) has a CX strategy centered around exceptional service and personalization. The company has a strong focus on training its employees to provide personalized service to guests. It has implemented initiatives such as the “Lady in Red” program, which assigns a dedicated concierge to each guest to help plan their stay. These efforts have contributed to Ritz-Carlton’s reputation for luxury and customer satisfaction.
CX Principles Implemented
- CX vision and values as the foundation of business growth strategy.
- Consistency across touchpoints, interactions, staff, geographies, and channels.
- Enabling and empowering front-line staff
- Executive-level prioritization of CX initiatives.
Results
- At the end of 2012, Marriott’s stock was $37, and over the past decade has risen to a price of $150 at the end of 2022 (obtained a high of $179 in April 2021).
- Industry employee turnover:60-70% | Ritz-Carlton: 20%.
These are just a few examples of companies that have successfully implemented CX strategies to drive business growth and improve customer satisfaction. By putting customers at the center of their decision-making and investing in initiatives and technologies that enhance customer experiences, these entities have been able to positively differentiate themselves from competitors and build strong reputations for customer satisfaction.
An organization needs to learn where it currently stands in terms of its CX goals and what steps are needed to become a customer-first organization. Having a trusted customer experience team or third-party Managed Services Partner (MSP) can craft a tailored, customer-centered growth plan for your business. Opting for a Customer Experience as a Service (CXaaS) offering can provide much needed access to seasoned CX and strategy experts who can help:
- Develop a CX vision and craft an aspirational story.
- Ensure executive buy-in and organizational alignment.
- Create engaging experiences by design.
- Empower and enable front-line staff.
- Build a customer-centric culture, starting with your employees.
Original Article posted on IT Business Net
About the Author
Brett Sharp is the Senior Director of Customer Experience at Synoptek, bringing over 22 years of relevant experience to the position. As a CX Strategy & Design executive, Sharp defines and scales the corporate vision, aligning strategy and managing execution in addition to enhancing the team's competency to deliver a consistent and elevated customer experience. Using an analytical, results-oriented approach, he helps develop successful programs which effectively reduce attrition, improve profitability, and serve as the foundation for sustained revenue growth.