The more that customers are promised market-of-one, life-enriching experiences, the higher the customer experience bar is set.
If they don’t get what they want, they’ll go elsewhere.
According to a survey undertaken by Gladly’s in 2018, 92 percent of respondents say they would stop purchasing from a company after three or fewer poor customer service experiences.
Twenty-six percent of those would stop after just one bad experience 3.
Customers no longer compare the experiences they receive from organisations within specific industries or markets ‒ every experience is measured against the best they’ve ever had from any business.
Steve Molesworth, an expert in customer experience, says; “Data is where it’s at. It’s where every business should begin. It gives us the insight and evidence that allows us to design experiences that are next level. It’s the single thread that runs through all front-end experiences and interactions you have with customers.”
When used effectively ‒ and ethically ‒ data will underpin delivery of exceptional, personalised customer experiences. The kind that encourages customers to buy and stay loyal.
This is backed up by the data. Research by McKinsey Global Institute shows data-driven organisations are 23 times more likely to acquire customers, six times as likely to retain customers, and 19 times as likely to be profitable 4.
To become data-driven, organisations have to make use of the data they collect, yet there is still a significant disconnect between the time, money and effort invested in amassing data and the degree to which companies make active use of it.
What’s more, many companies are also holding customer data across multiple, unintegrated systems, leading to a fractured view of the customer.
It remains untouched. Data should be integrated and then mined for insight, which can then be used to define strategies and shape enriched experiences.
3 Gladly: 2018 Customer Service Expectations Survey / 4 www.mckinsey.com / 5 www.cio.com