Consumer Duty – How can contact centres help to comply?
Consumer Duty requirements were launched by the UK’s FCA in June 2023 and represent legally binding regulation for financial services. But what does t...
Meeting customer demands can be a struggle for today’s businesses. Their expectations change from day to day, and customers expect results before they even contact you. Technology plays a leading role in these high expectations. The business community is embracing technology across all aspects of their operations. It streamlines communication and makes tedious tasks more efficient, but businesses that don’t use it wisely fail to deliver. When you don’t deliver what your customers’ want, the customer experience is less than desirable.
Customer Experience
Experts predict that customer experience will outweigh price as the key differentiator consumers crave by 2020. If you don’t make the customer experience your priority, customers will slowly move on to companies that do.
Customer experience (CX) includes every interaction a customer has with a business throughout their relationship. According to Harvard Business Review, nearly half of businesses view customer experience management as a strategic priority. Yet, few get it right because they focus on internal operations instead of their customers.
A positive customer experience occurs when a customer feels like their interactions are valuable, easy, and enjoyable. How do you know you are delivering a positive customer experience if the customer doesn’t openly express their feelings? The answer is customer data. Tracking customer data and using it to make better business decisions gives you a competitive edge over your biggest competitors.
The Importance of Data in 2017
When it comes to data, experts are buzzing about its importance, and every business is trying to figure out how they can use it to be the best. When used the right way, it unlocks a plan to deliver an exceptional customer experience.
How Data Benefits the Customer Experience
The first critical step to using data is to track it. Speech analytics or customer engagement analytics software enables businesses to capture and transcribe every conversation with customers in one central location. Tracking and analyzing the right types of data give you a better understanding of customer expectations and makes it easy to deliver what they want.
Trending Product Issues
- Identify poor performing products.
- Identify process steps where customers struggle.
Staffing/Education
- Track individual agent performance.
- Look for common scenarios.
Customer Needs
- What do they call in looking for?
- What are they struggling with?
Customer Journey Insight
Are your customers calling your contact center multiple times for the same issue? Speech analytics can help you identify long, arduous customer journeys and track the customer experience across those multiple interactions. It’s a common misconception that speech analytics only captures information from phone calls. The truth is, you can track and transcribe information from all communication platforms including voice, e-mail, web chat, text messaging, and social media.
In the past, businesses had a false belief that if every caller is happy, then everything is great. By analyzing all customer interactions, even those on social, you gain valuable insight that make it possible to identify shortcomings so that you can create an action plan for improvements. Why does it matter?
In our technology-driven world, data is exploding and quickly becoming the most important trend to follow in 2017. The right data and insights will help you improve customer experience. By making customer experience a priority, you will develop loyal customers that want to keep doing business with you. Over time, loyalty results in increased revenue, referrals, and profits.
What are you doing to make customer experience a priority for your business?
