It’s going to impact you…and the way CX is practiced going forward.
This slew of recent transactions (such as CSG’s purchase of Kitewheel), will spur innovation and consolidation that will result in broad, new enterprise experience platforms. These offerings will pack a powerful punch by combining previously disconnected technologies and capabilities, such as journey mapping, analytics, and orchestration.
That means they’ll be able to do more. And do it more reliably and efficiently, which will raise expectations across the CX industry for what it is possible to achieve.
And that means your leaders are going to expect more from you. Lower costs. Higher impact. Better outcomes.
If you’re not investing in your CX tech stack now, just know that pretty soon you might be jockeying for market share against competitors who did. And you’ll be vying for the loyalty of customers whose own expectations continue to rise.
I hate to be the bearer of bad news, but that’s not going to work out well for you.
These expanded offerings make it possible to create, monitor, and manage a 360-degree picture of customer behavior in real time. Multi-channel listening posts gather richer insights, which feed AI systems that solve problems before they arise. Comprehensive communications platforms allow for automated, personalized interventions at friction points. Nimble A|B testing gives you a low-risk, affordable way to experiment with messaging.
These innovations are considered the driving force behind an anticipated 17.5% annual growth rate in the global CX market
No matter how high your scores are on traditional surveys, they’re not going to generate the business impact those kinds of capabilities can. So as more organizations embrace this technology, the “traditional” ways of practicing CX are going to go extinct – and they might take the companies that haven’t adapted with them. I don’t want yours to be one of them.
Now is the time to embrace new ways of thinking about the work you do, and the results you are striving to achieve. (And not just because so many of the old ways didn’t even yield results!)
But there’s more to it than just shiny new tech toys. Too many companies also still focus on addressing the first two of the three components of CX, Effectiveness and Ease. But the third, Emotion, which only about 5% of companies measure, has been proven to be the most reliable predictor of customer loyalty.
I believe programs more commonly focus on effectiveness and ease because, well, it’s easier. But that leads to a find-and-fix mentality that might prevent disloyalty, but doesn’t really build loyalty.
The enhanced capabilities of these tools and platforms make sentiment easier than ever to track. That will help you elicit your target response to create customers who buy more often, cost less to serve, and recommend you to their friends. As a result, I believe designing to elicit an emotional connection will take its rightful place (finally!) at the forefront of CX. It’s long overdue.
So set aside your glossy reports and presentations filled with survey results! Prepare for this new era in customer experience – an era of action and improved outcomes for customers and businesses.
If you need additional motivation to embrace customer experience management tools, know that these innovations are considered the driving force behind an anticipated 17.5% annual growth rate in the global CX market. And that could work out very well for all of us!