The Simple Business Plan: Online Customer Experience
A 5% reduction in the customer defection rate can increase profits by 5 – 95% – Bain & Company BUSINESS PLAN The Objective: The pages ahead: Understand why Customer Experience is important? Who & What can a brand expect to gain by focussing on it? How to build foundations of a strong customer experience? “The idea behind this simplistic reference document is to provide a reference point and cut through the chatter around the buzz words to relate to what brands can do via simple measures to lay foundations for a strong customer centric online experience…” (I apologize in advance to the few, who will look at this and miss the heavy ideologies and complex equations that are so foundational in talking about the concept)
A 5% reduction in the customer defection rate can increase profits by 5 – 95% – Bain & Company BUSINESS PLAN Why focus on online customer experience… 55% of customers would pay extra to guarantee a better brand experience – Defaqto research Price is no longer the main reason for customer churn. They leave due to their basic expectations not being met… – Accenture global customer satisfaction report A 5% reduction in the customer defection rate can increase profits by 5 – 95% – Bain & Company ‘s Annual Study on Consumer behaviour & Retail Industry In this age of Social Media, a single dissatisfied Customer impacts the buying decision of others ! - Research by 1 st Financial Training services Institute
BUSINESS PLAN Today’s Online Customers: How do they Shop? What drives them? What does a brand gain from it?
BUSINESS PLAN What do they want from Brands?
Inventory, Promos, Changes, Policy Interpretation BUSINESS PLAN The Baseline Challenges ? Unintelligent IVRs & Self Service Options! No Evolution of Contact channels ! Information Gap: Clarifications! Customer Support Proactive removal of Customer irritants Lack of Updates! Poor Brand Reaction Time Long winded confusing policy! SIMPLIFY SUPPORT INFORM Issue Resolution SLA? ETA? CSAT? And many more……………… Online Help inaccuracy!!
BUSINESS PLAN What it all boils down to….. Based on customer expectations: 1.Simplify 2.Inform 3.Support
BUSINESS PLAN The first Steps ? Help & Support for Online Customer Review and clean up Help section on your website and also make it flow better. Use Hyperlinks & SEO Information Flow : Establish Content Governance & Gatekeeper to control all the sources of information flowing in Communication: During key points, lack of proactive & reactive communication with customers makes up top irritants. Also need to adapt Communication & Contact center Strategy to customer preferences Customer Experience Task force: To connect the dots across the different silos, task force including cross departmental leadership to review and regularly action customer feedback gathered through the channels & social listening. SIMPLIFY SUPPORT INFORM
BUSINESS PLAN Your critical Input ? Questions on next steps?