Are Your Investments Seesawing With Customer Satisfaction and ROI

Four reasons why your technology investments might not be panning out when it comes to customer satisfaction and ROI.

Many companies have increased CX investments, expanding existing platforms and adding new ones, yet customer satisfaction continues to fall.

Customer satisfaction has fallen to its lowest level in 17 years, according to an ACSI report. The report says that continuing decline is strongly correlated to lower consumer spending with brands with poor CSAT performance.

Below are four reasons technology investments are failing to add to a company’s ROI.

Failure to Involve All Departments

“Simply throwing money at CX is never enough,” said Rebecca Gutner, Brandwatch senior vice president of CX. “To create a truly remarkable customer experience, companies must assess and evolve their entire process end-to-end. The emphasis on CX must be present culturally throughout the entirety of your company. It needs to be at your organization’s core — a critical part of its DNA.”

This means looking not just at traditional client-facing teams, such as customer success, customer services and customer support, but at all teams and departments across the company, including product, marketing, finance and leadership. This way, CX becomes a pillar in and of itself that becomes more of an organizational value than a practice.

Some technologies have advanced to incorporate some of these additional touchpoints, like product Net Promoter Score (NPS) or executive engagement, Gutner said. “Without customer-focused incentive structures holding these adjacent teams accountable, the advancements of these technologies and touchpoints are often for naught. To create truly remarkable CX, companies must align their entire practice — touchpoints, teams and incentives — along their desired customer journey so that teams win when customers are made successful.”

Related Article: Drive Growth By Improving Your Customer Experience Strategy

Rushing to Implement CX Solutions

“It’s no surprise that CX investments are going up while customer satisfaction is falling. For over a decade, the word has been out that customers — and employees — will leave you for the company that provides the better experience,” said Derek Adams, senior product marketing manager at WalkMe.

But in the race to capitalize on this trend, contact center vendors prized time-to-market over user experience design, which is time-consuming to do correctly, Adams added. “This resulted in some great CX functionality obscured by confusing interfaces and endless possibilities for customization, ultimately resulting in more frustrating user experiences.”

The rush-to-market problem often results in two primary issues that hurt CX:

  • Failing to properly onboard new technology, which can lead to a poor initial experience, resulting in a lost customer.

  • Opting for inflexible technology that fails to adapt to market changes.

Related Article: The ROI of Investing in Customer Service Training

Conflating Customer Satisfaction With CX

Customer satisfaction and CX are related, but different. 

“Though most businesses are good at following best practices that impart a seamless CX, it is usually confused with customer satisfaction,” said Brian David Crane, CallerSmart founder. “Satisfaction is an end product that is variable, which means that a customer who is satisfied with a buying experience doesn’t mean the same tomorrow.”

Source link

We will be happy to hear your thoughts

Leave a reply

Reset Password
Shopping cart