eringilliam: customer-centricity*

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  1. When we look at customer experience leaders today, it’s not surprising to find they have a number of things in common. From a macro level, we see that many of the individual strategies and tactics these leaders deploy roll up to three high-level areas of strategic focus: customer centricity, operational excellence and digital transformation, and the places where they intersect.

    We see these brought to life in companies of all sizes ranging from hyper-growth startups to some of the most successful technology and financial services companies you can think of.

    The good news is no matter what business you’re in, you can learn from these folks, and apply these lessons to your business as well.
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  2. Today’s customers realize they aren’t always treated the same as all other customers. Some customers get VIP treatment and special offers, while many others don’t. Customers understand the difference and realize that companies are simply rewarding customers that deserve it a little more. You can learn more about this idea in a talk at Google on customer centricity found here.

    That’s where customer experience comes in. Different customers have different kinds of relationships with brands. Fader uses the example of Stitch Fix, which offers a completely different box of clothes to each customer to create a one-of-a-kind experience. As technology and personalization continues to improve, Fader says that customized approach will become the rule more than the exception.
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  3. As companies define their target maturity state and compliance road map, there is a tremendous opportunity for putting forth their brand as one that customers can trust. Come 25 May, the real beneficiaries will be companies that put customer experience at the forefront of their delivery plan and revisit data processing activities that are likely to cause most detriment to customers.

    GDPR offers many avenues for companies to enhance customer experience and the core of customer centricity can be summarised into three facets, as below.
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  4. Marketers in the UK are typically missing out on revenue and delivering an improved customer experience by not measuring the lifetime value of their customers, a new report has revealed.
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  5. Things have changed, big-time. Businesses that have maintained an above-average American Customer Satisfaction Index (ASCI) in their industry for the ten years between 2004 and 2014, have delivered 400% the returns to shareholders as those with average scores (McKinsey, Putting customer experience at the heart of next-generation operating models). In the last decade, through the Great Recession, mastery in customer experience has delivered a CAGR of 15%.

    The shock factor is huge here, because it teaches us that customer experience has become the new master. Satisfy your customers, and grow rich. This is radically different than what business schools taught twenty years ago. Customer experience has always been a survey, an afterthought, a checkbox. Now it is your primary profit generator.
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  6. NelsonHall and NASSCOM have launched a new study titled Digital Customer Experience Services: How India Can Lead the World which reveals that, despite suggestions that the rise of digital channels will lead to reduced outsourcing and a shift away from offshore service delivery, the opposite is the case – and India is set to benefit.
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  7. Over the last 12 months, the Catch Group has been on a customer-centric mission to service customers to keep them coming back. To this end, the online marketplace overhauled and optimised all touchpoints to open the lines of communication with customers. The group integrated Zendesk's customer support platform, built dedicated customer service centres and teams, reached out via new channels, and importantly, gave its customer service agents autonomy in decision-making.
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  8. A talk by Aisling Hassel, Airbnb’s head of global CX, at a recent event organised by CXPA Ireland was inspiring. Airbnb are game changers and not just in how they democratised travel. In a CX context, they have motivated and enabled employee to deliver a powerful customer-centric strategy based on that most precarious of marketing variables: trust.
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