It is inefficient to manage your business by depending on assumptions about individual customers’ interests, needs, wants or values based on a “persona” that has been assigned according to demographic attributes. Leading digital companies have learnt that the key to understanding customers lies in the quantitative insights revealed by their actual behavior. For example, a lot can be inferred from a customer who pays out over $5,000 each month and hardly receives. This information is more relevant than the customer’s gender or age. Also, you cannot rely on your customers to raise the red flags that help you validate your assumptions and therefore manage retention or churn.
It is 100% efficient however, to identify these red flags by capturing customers’ behavior and outcomes and analyzing their digital footprint. In digital transaction processing especially, actions still speak louder than words, and frustrated customers often say nothing at all.
As control and experience moves away from internal staff to external customers and partners, service quality can only be measured and improved by measuring and improving the experience of those customers and partners. Digital Experience Management (DXM) is the set of tools and processes that makes this possible by providing actual process metrics, rather than customer-inputted satisfaction scores.
These process metrics capture the crashes, error rates, turnaround times, delays, queue lengths, elapsed time to resolution and other attributes that objectively quantify customer satisfaction at individual customer, product, service, loyalty segment, geography and other aggregate levels. In addition, process metrics give customer service, product management and software development teams the information they need to maximize productivity while reducing costs. Whilst CSAT and NPS scores are about perceptions, process metrics are completely objective. Therefore, comparing both results tells you whether a problem (if any) is a technical, a marketing or relationship management issue.
Perhaps the most important benefit of digital transformation is that it gives organizations the ability to create new revenue streams in ways and pace that can never be matched by analogue/brick and mortar operations. Increasing the effectiveness, ease and emotion that customers enjoy by just one point can equal millions of dollars in incremental revenue. Therefore, organizations that leverage customer behavior data to generate behavioral insights outperform their peers by 85 percent in sales growth and more than 25 percent in gross margin.
At Nathan Claire Africa, we understand that organizations will only invest in software and services that move the needle on revenue and customer service KPIs. Merely improving customer satisfaction is not enough. So, beyond all the talk, we have built practical and easy-to-deploy solutions that accelerate digital transformation and help organizations automate strategies to retain customers, acquire new ones and increase share of wallet.