Increased consumer expectations are making old business models of engagement obsolete and driving new transformations every day. Today, a product or service is expected to add value in a client’s life directly and be aligned to a company’s purpose. Digital has become, therefore, a key differentiator in building competitive advantage. It means that it’s not enough to look at automation and bots as structures between you and the clients, but proactively create a culture that is responsive to client needs and consistently questions efficacy of a solution.
What’s changing?
With the advent of predictive analytics and AI, businesses are diving deeper into data to target the right customers and provide personalized services and recommendations. Data-driven approach has enabled better targeting in marketing, helping in improving products and resulting in effective cross selling and higher conversion rates. Alongside the traditional contact centre channels, there are a host of platforms like WhatsApp, FB Messenger, website chatbots, etc. that are enabling real time response to customers at every touchpoint.
The speed and precision of AI technologies, in addition to human insights, can provide the continuous intelligence needed for CX. More brands are embracing messaging platforms to increase client engagement and strengthen customer loyalty.
What are some developing trends?
More and more brands are looking to make a gradual shift from Augmented Reality (AR) to Virtual Reality (VR) to Mixed Reality (MR). The latest immersive technology, also referred to as hybrid reality, has the potential to seamlessly shift functions to MR headsets or head-mounted displays providing effective, digitally focused CX.
In future, sensor-enabled data could combine to make buying a financial product a protective, frictionless process, integrated into customers’ day-to-day lives. For example, autonomous cars could assess damage and immediately file claims, houses can proactively monitor for leaking pipes or smoke, and wearables can immediately activate travel cover when one is abroad. Data could be gathered from smart homes, wearables, vehicles to create personalized products.
Organizations will further need to collaborate with start-ups and fintechs that are already innovating with the technology needed for this new customer-centric and digital-first world.
Automation v/s personalisation: The future is blended processes
Automation, integrated into business processes, minimizes costs, frees up internal resources and eliminates chances for human error. It cannot, however, replace personalisation as consumers prefer human touch during their interaction with businesses.
The right balance can be achieved using future technologies like big data and AI. Utilising consumer information for predictive analysis, i.e., to predict spending habits, interests, and future needs has been normalised to the extent that consumers now expect customised experiences in their interaction with businesses.
Creating differentiation & value addition
The current competitive environment requires businesses to rethink their strategies and differentiate themselves by redefining their value paradigm. The disconnect between an organization’s view of value and the customer’s view of value is the key driver of transformation. The fundamental source of value is in personalised experience of the individual customer and the quality of their interaction with the organization.
Big data is enabling organizations to calculate value that is being generated and use it to innovate, to deliver better products and services.
Role of Client Advocacy
Client advocacy is a specialized form of customer service in which companies focus on what is deemed to be best for the customer. It gets the ball rolling on changes in a company’s culture towards customer-oriented operation processes.
Client advocacy provides a strategic edge to organizations in business acceleration and has been specifically beneficial for legacy corporations in adapting to changing times. In recent times it has helped organizations survive challenging economic conditions.
Importance of creative thinking – The future of CX design
Using creative thinking to develop distinct and memorable experiences is the next point of evolution for CX design. The intersection of data, creativity and technology will drive the transformation for businesses across the globe. Industry leaders are recognising the value of investing in creativity and new tech adoption.
While AI driven automation is reshaping operational strategies and driving consumer trends, a customer-centric business strategy that provides customized products and services is reshaping the future of CX.
References:
https://www.researchgate.net/publication/334756816_Customer_and_organisational_value