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Anders Borg - 20 Apr 2017
Customer Experience Management, CX, can give you more than comprehensive insights about the customer’s buying experience. Geographic real-time measurement through multiple channels enables you to take faster and more reliable actions.
Today’s companies know exactly how important the customer experience is. But not all of them know that it can be transformed into an operational tool that runs parallel with the company’s revenue and profitability. Nicke Rydgren, Head of Professional Services at Bisnode, says that companies usually handle customer experiences annually or quarterly — and use the insights for broad initiatives and strategy work aimed at creating growth. That work is important, he points out, but more can be done.
“There are good opportunities to automate the processes and also extract ongoing customer insights that guide you to more direct actions,” says Rydgren. “This enables you to find out what needs to be done right away, and not generally for the business, but in a specific store.”
According to The Economist, companies are most successful with CX when senior management is engaged. Rydgren emphasizes this and says companies should let the CX work be a strategic issue that runs through the entire business. He likens it to how a company manages its logistics; the solutions need to cover the long term, but also the short term.
“Imagine a grocery store that runs out of a product,” says Rydgren. “With the right logistics solution, the central warehouse can find out before the fact and a shipment be sent out as soon as possible. There is no reason not to act similarly with CX — by continuously following customers’ experiences, we can pick up changes and act on them with the required efforts.”
Going in-depth with CX work and continuously gaining actionable customer insights that guide your company to the right measures obviously sounds good. But how does it work in practice? Bisnode already enables real-time monitoring in multiple channels, in terms of both rating and automated text analysis. This way, companies can merge customer input from apps, surveys, social media, customer support, staff reports, comments on the company’s website and so on. It’s then a question of following and actually acting on the input that emerges.
“It’s an ongoing work where we find links between financial results and customer satisfaction in a particular store together with how the store performs in terms of service, product offerings, cleanliness and the like,” says Rydgren. “You can see directly when any area begins to fail and then take counter-measures. By following the development of customer experiences in stores where action has been taken, the method becomes more accurate as well.”
With this kind of CX work, companies see customer experience changes in real time, both in specific stores and in the online shop. You can also refer the change to a specific reason and track how it affects sales volume and profitability. Those who want to make the measures even more powerful can use the option to build a predictive segmentation model.
“Here Bisnode’s segmentation and target group solution based on preferences, life stages and purchase opportunities comes into the picture,” says Rydgren. “With an insightful segmentation, we can see which groups have a certain experience and target specific actions to them. All so that the money invested on measures will have as much effect as possible.”
Nicke Rydgren believes that most companies have a lot to gain from taking their CX work to the next level, regardless of the current degree of maturity — there’s always room to become more cutting-edge.
“If you don’t have endless resources, you have to invest in the right initiatives, and the CX work concerns both efficiency and growth.”