Description

Today, the experience economy is in full swing, strongly impacting organizations and their business models. In this new era, user experience is key to creating value. It is no longer just about the quality of a product or a service; it is about the emotions and experiences that clients have when they consume it. Firms from all sectors are increasingly focusing on improving and personalizing these experiences and interactions through the use of technology.

Businesses have long emphasized specific ‘touchpoints’ or ‘moments of truth’; those key instances when customers interact with the organization and its offerings, before, during, or after they made/did not make a purchase. The problem with that approach is that it can create a misleading picture. While it might increase customer satisfaction at those precise moments, it may also divert attention from the bigger picture, that is, the customer’s entire journey.

Touchpoints have multiplied and journeys have fractured, making it extremely hard to properly comprehend the omnichannel experience, let alone improve upon it. A wide approach to customer experience (CX) is mandatory in order to assess and resolve problems.

A CX-focused strategy must push for the implementation of tools that enable great customer and employee experience (EX). Globally, firms should adopt solutions that are aligned with their corporate objectives and are also easy to use for their customers. In other words, organizations have to invest in technology with a focus on CX outcomes, which will allow aligning CX with business goals and not only to integrate channels, connect customers from the digital world or save costs.

Decision makers have to understand that CX is more than just a differentiator; it is a crucial part of doing business in a world where switching brands is easier than ever before.

In this Growth Insight, we aim to address the essential progress that brands must achieve to be able to offer outstanding end-to-end experiences. They must also create trustworthy relationships with their customers, by leveraging real-time interactions and a higher degree of personalization.

This insight will also discuss the CX perception gap, which refers to the difference between the perception that companies have about the experiences they deliver and how customers perceive their own experiences with those brands.
Finally, the study will also comment on the fact that the current CX environment is being heavily influenced by constantly-shifting customer expectations and preferences, a large amount of information and data privacy regulations. Undoubtedly, building trust and achieving a balance between personalization and privacy is of utmost importance.

Author: Juan Gonzalez