Customer experience the new wave

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Customer

Experience The New Wave

Shankaran NairPresident & Chief Strategy Officer


Customer

Experience

is Great!


Customer

Experience

is Great!

Right?


It Pays To Be America's Most-Hated Companies


The companies you

hate are making plenty

of money. In fact, the

scorned tend to

perform

better than the

companies you like*.

* Source: Bloomberg


* Source: Bloomberg

• Bloomberg compared the 2013

stock returns and ASCI ranking of

146 publicly traded US

companies.

• The most-hated companies

perform better than their beloved

peers

• If anything, it might hurt

company profits to spend money

making customers happy


* Source: Bloomberg

They just don’t

have much

incentive to care….


Thirteen Years of ACSI Data Suggest Otherwise


Historically there is a

positive relationship

between customer

satisfaction and stock

price


• The anomaly in 2013 was due to

the “Junk Rally Phenomenon”

• Investors & VCs are chasing

Unicorns which is driving

valuations up.

• Low cost vs High Quality


Eventually Customer

Experience Really

Matters!


Technologies Clutter


Different technologies / vendors for different stages of the customer’s

journey

Search/Pre-Purchase JourneyBehaviors e.g., need recognition, consideration,

search

Purchase JourneyBehaviors e.g., choice, ordering,

Payment

Post-Purchase JourneyBehaviors e.g., consumption, usage,

engagement, service requests


Communication is changing…


There are more customer interaction touch-points than

ever before. It’s the age of omni-channel experience


There are more customer interaction touch-points than

ever before. It’s the age of omni-channel experience

But digitization, when not integrated, leads to cluttered channels and lack of unified

communication


Interacting with customers is

only half the battle won, to

understand and act on the

data in each interaction is the

real game-changer, which in

turn, drives customer loyalty.


Customers are changing…


In the past, customers shared a personal rapport with banks since they had to visit the premises for their needs


Today, a simple click or touch is all it takes, no matter physical or digital


Due to the growing demand for digital

convenience, personal rapport which was there

in the past is lost.

Customer loyalty, now and in the future, will be

about the availability of convenience and

personal rapport


Discover

Consider

Evaluate

Purchase

Use

The path to purchase

used to be linear…

Expectation

Promise

Reality

DeliveryEvaluate

Discover

Consider

Purchase

Use

Dynamic Accessible Continuous

Branded content and channels

Open content and channels

Now, accelerated by technology,

the customer journey is…


Buying Behavior Has Changed


Different technologies / vendors for different stages of the customer’s

journey

Search/Pre-Purchase JourneyBehaviors e.g., need recognition, consideration,

search

Purchase JourneyBehaviors e.g., choice, ordering,

Payment

Post-Purchase JourneyBehaviors e.g., consumption, usage,

engagement, service requests


Who is the single owner here?

Global

System

IntegratorsRIM

ISV’s

Consultants

Cloud

service

providers

Advertising

agencies Digital

Marketing

agencies

Public

Relations

Data

Centers

Regional

system

integrators

Market

research

firms

Value

added

resellers


State of

Customer

Experience in

MEA


Brand Experience, Customer Experience, User Experience. In fact, it's used so much

that it’s nearly been diluted of all meaning and yet it is one of the most critical

components to success in business today. Companies that once thrived on

innovation, bringing new products and services to market, are finding less reward for

their efforts as competitors are able to quickly match new features and technology -

making them almost indistinguishable from one another. What truly defines a

brand today is how its customers experience its products and

services. It is so important, that successful companies are now shifting their focus

from product innovation to “experience innovation”

Experience is Everywhere

“Customer Experience” shows 223 Million Search Results

on Google


• Service resolves an issue, addresses a need, delivers the result

you expected in the first place.

• Experience goes beyond. It creates lasting impressions,

shareable moments, lifetime reminders.

• Service is what customers expect. Experiences are what they

discover, unexpected, lingering, sustainable – in good ways and

bad.


Steven Paul Jobs


Bernard D. Sadow

United States patent No. 3,653,474



Pause and Rethink

Question the Status Quo


By 2016, 89% of

companies expect to

soon compete mostly on

the basis of customer

experience, versus 36%

four years ago

Gartner

Is this the case with

you?


Only 1% of

companies deliver an

excellent customer

experienceForrester’s Q1 2015 US Customer Experience Index

Source: JD Power

1. Companies that really

understand customer

experience & deliver it

2. Companies that pay lip service

to the overall customer

experience. They understand the

concept but don’t deliver it.

3. Companies that just don’t

believe customer experience

matters.


Only 1% of

companies deliver an

excellent customer

experienceForrester’s Q1 2015 US Customer Experience Index

Is this the case with

you?

Source: JD Power


Impact of ‘breaking guitars’

Stock prices fell by 10%

Bad PR caused fall in customer

confidence

Losses of over $180m to investors

Do they ever learn?


Kulula Airlines – Delivering WOW flying experience, a

lesson to learn

• Kulula Airlines is a South African low-fare airline, operating on

major domestic routes

• Kulula passengers now have the option of pre-booking

emergency exit row seats at a small extra cost.

• "Flying Kulula is always an amazing experience, all the years I

have travelled I only use Kulula, the staff are professional,

efficient, and so friendly. From a Customer point of view, I would

definitely give them a 10 out of 10. Once every year or two I fly

my 83 year old mother in law down from Cape Town to visit and

she will only fly Kulula, she thoroughly enjoys the sense of

humour from the highly experienced flight attendants, the prices

are very accommodating. Kulula caters for everybody, the young,

the old, Executives, and people from all walks of life. Everyone

on that aeroplane gets treated exactly the same. The Flight

Attendants’ go out of their way, to make your flight comfortable

and it always is a memorable experience.”


When the customer

service reps hit the

phones, they are

instructed to do

whatever is required

to make the customer

happy.

75% of purchases

made at Zappos come

from returning

customers, and repeat

customers order more

than 2.5 times every

12 months We are a service company that happens to sell

shoes. And handbags. And more...


Middle East and Africa in the Digital Age












A majority of companies in

the region will still be

unprepared for digital

disruption


Satisfaction = Expectation - Delivery


Why can’t I

open an

account as

easily as I

can buy a

book from

Amazon?


As a customer we

no longer

benchmark our

experience with

Hong Leong Bank

exclusively with

Maybank or

Citibank…….


…..but with

companies such as

Apple, Amazon,

Starbucks, Zappos.

No Matter What

The Industry!


Apple launched

the iPhone….

After a few

months the whole

industry was

changed


Apple changed

everything by drawing

insights from what

makes successful

interactions between

people and computers


Starbucks was in

huge trouble…..


There are companies that operate huge

global network of stores….

Others distribute their products on grocery

store shelves…

And a few do an extraordinary job of building

emotional connections with their

customers as we have learned to do. But

only Starbucks does all three at scale..

- Howard Schultz, Chairman & CEO Starbucks



CX factor: Banking in Middle East




Create Your Future From Your Future Not Your Past


3 Fundamental Shifts in Customer

Behavior


Power to accessPower to be informed

and listened to

Power to demand


Need For A Future Ready Customer Experience


Every time a customer interacts with a brand,

they have an expectation of how that interaction

should proceed.

Research proves that good experiences attracts

customers while bad experiences lose

customers. Roughly half the time when the

customer is disappointed it leads to churn and

disloyalty.


Having worked with over 600 clients worldwide, Servion truly understands that the point of

interaction is the moment of truth


The Servion approach to building exceptional

Customer Experience is based on 3D’s:

Discover, Design and Deliver.


Consumer

Psychology

Brand

Management

Service

Management

Systems

Management• Disparate Ownership• Lack of Unified

Communication• Missteps in the Customer’s

Journey• Disconnected Approach

Towards Customer Loyalty


Customer experience by design and not accidentServion’s approach to building exceptional customer experience is based on 3D’s – Discover, Design and Deliver.

• Customer Experience. By Design. is our

holistic approach to deliver outstanding and

consistent customer experience.

• The secret lies in tailoring customer

experience on the basis of a brand’s promise

to its customers to ensure their allegiance,

• Then comes the technology and the ability to

interface the customer engagement platform

with the other backend systems.


Thank you!

Shankaran NairPresident & Chief Strategy Officer

Date post:	12-Feb-2017
Category:	Technology
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Customer experience the new wave

Technology