One of the key challenges of the present business scenario is to build added security in to the overall customer journey. For this, the use of business analytics will be of great help, as it will enable the brand to curate personas, fitting in to different customer types. CIAM or Customer Identity and Access Management controls need be selected and then applied so that experiences could be prioritized. Design principles also need to be integrated within the broader team architecture. Strong governance mechanisms need be in place so that the secure customer journey can be ably supported. Overall, there must be the right balance between the customer experience, with the built- in security.

Source:https://www.mckinsey.com/business-functions/risk/our-insights/building-security-into-the-customer-experience

Uploaded Date:17 July 2020

With the ‘new normal’ approaching, companies will need to heavily ramp up their customer servicing. Some emerging trends in consumer behaviour are already noticeable. For one, there is an increased traffic over online channels. This presents the perfect opportunity and scope to build on the existing digital marketing capabilities. There will now be increased focus on safety and health. There are some trends that may trend a lot now, but could see a reduction once the new normal sets in. One such is videoconferencing. Telemedicine for mental health could be among those that face fast acceleration to the future. Restaurant delivery is one aspect that should more or less return back to the old normal. One key trend that has the potential to stick around is the wellness apps. Companies need to be prepared for a digital recovery. A safe and contactless customer journey now needs to be the default mechanism. Customer feedback, now has to be anticipated, and not just be asked for. The business intelligence loop needs to be configured in such a way, that the customer reactions can be tracked authentically real- time.

Source:https://www.mckinsey.com/business-functions/operations/our-insights/elevating-customer-experience-excellence-in-the-next-normal

Uploaded Date:29 May 2020

One company that has truly been able to engage its customers, turning them in to a community, is Lego. The company was for long one of the leaders in its area, but struggled in the toy market in the 2000s once the internet and video games arrived. But the last decade has seen the company replace Mattel as the leading toy makers, as they made use of the business intelligence gathered from within its own fan community. Marketers have lesser control over the feedback mechanism now, thanks to the presence of web pages and handles such as Twitch, Instant Pot or Sneaker- heads. The lessons to consider from the Lego case are aplenty, but most critical should be the willingness to trust one’s customers. Another is to start with the “who”, instead of the “what”. A sustained collaboration ought to be worked on, rather than a mere short- term investment.

Source:https://hbr.org/2020/01/turn-your-customers-into-your-community?utm_medium=email&utm_source=newsletter_monthly&utm_campaign=technology_activesubs&utm_content=signinnudge&referral=00208&deliveryName=DM68802

Uploaded Date:21 February 2020

A recent survey done by the Georgetown University established respect to the be the single most important attribute employees seek from their firms. Yet, that is not always forthcoming. Leaders too do not seem to fully comprehend what exactly workplace respect is all about. That is why companies fall short in spite of genuinely well-intentioned efforts. There are two forms of workplace respect- owed and earned. Owed is attributed equally to all, while earned differs from one to another employee depending on their performance, or behaviours demonstrated. Respect is something not always sought after, but when missing it can lead to loss in productivity as employees keep ruminating over this aspect. Respect also helps in employees developing their identities. In order to close this gap and ensure increased mutual respect, certain steps have been identified. For a start, a baseline needs to be established for owed respect which will be minimum and common for all. Specific corporate training programmes must be organized to educate employees and team leaders about the right manner of conveying respect. Such sessions must also let leaders know of seemingly proactive practices which may instead backfire. One must realize that respect causes positive ripple effects. The earned respect to be conveyed must be customized for each employee and level. Respect is infinite, so it must be seen not as a time-waste, but one that saves time.

Source:https://hbr.org/2018/07/do-your-employees-feel-respected

Uploaded Date:28 January 2020

In order to extract authentic business intelligence on any customer’s long- term viability with the brand, companies are increasingly turning towards data. Enormous piles of data warehousing thus needs to be produced before coming to logical conclusions. Specifically, this data needs to be collected at the point of the first purchase. A lot of companies, in the mad scramble for this data, have piled on huge quantities of money, but do not know exactly how to use. That is where a recent study conducted on thirteen- thousand shoppers has conclusively pointed out to a customer’s first purchase as being critical to the journey. On the other hand, those going for Black Friday or other such festive periods’ discounted deals, tend to stick most for the lower- value goods. Ascarza is one company right at the forefront of this analytical process, using a black box pf their own to uncover these mysteries.

Source:https://hbswk.hbs.edu/item/identify-great-customers-from-their-first-purchase

Uploaded Date:27 December 2019

One thing that marketers need to understand the pulse of is, customer experience. The most memorable of them are enhanced, not due to a value- for- money proposition or by extra features being added in, but because of the suffused emotion. To combat this, companies go to great extents to eliminate extreme experiences. As a result, not just the terrible ones, but also the great experiences get eliminated. Companies, must instead embrace the outliers, as those will be the sticking points that customers will remember from their experiences. Those that constantly try to eliminate complaints, end up merely creating a mediocre product. In order to infuse the customer experiences with emotions, marketers need to work on stimulating the stress. Disappointments need to be converted into delight, with the right human intervention. Especially with digital marketing now being such a potent tool, efforts need to be made to plan for surprising the customers. As part of that, the brand must invest time and effort on storytelling. Social media is a great tool to spread such ideas and stories. Finally, the company needs to run controlled experiments, to understand market reactions.

Souece:https://sloanreview.mit.edu/article/the-magic-that-makes-customer-experiences-stick/

Uploaded Date:11 September 2019

While there are several challenges during the process of establishing AI- driven customer experiences, some of them are particularly crucial. These are broadly speaking, the economic, technical, political and cultural. The economic hurdle is about showcasing to all key stakeholders the real- time boost to the bottom. The technical hurdle obviously remains about ensuring that the systems and technology are ready to be used. Talent management is a major challenge as there are several cultural hurdles too. The key to them is to negotiate past the human- centric prejudices. Whoever handles this, needs to understand the method of working with virtual agents such as Apple’s Siri or Amazon’s Alexa. The political hurdle is about winning over the management, often with vested interests. Most of these political hurdles are intra- organization rather than macro.

Source:https://sloanreview.mit.edu/article/four-challenges-to-overcome-for-ai-driven-customer-experience/

Uploaded Date:20 August 2019

Several leading companies are now in to the throes of engaging with Ops 4.0. More than the other capabilities such as the technology in use, researchers have found out the most important element in executing this proficiently. That is the firm’s talent management setup. To ensure this, a compelling change story needs to be broadly disbursed. Instead of telling people about it, the leadership needs to demonstrate the same. In this way, the team members can get a hands- on experience on how digitally- enabled operations work. The staff needs to be brought onside to be a proactive part in their own development.

Source:https://www.mckinsey.com/business-functions/operations/our-insights/operations-blog/ops-40-engaging-your-people

Uploaded Date:29 July 2019

Shopping is getting more convenient for the customers, while retailers are now being able to offer more personalized offerings. All this is getting possible, thanks to the judicious use of Artificial Intelligence (AI). This is also enabling retailers to finally programme their entire fleet with a customer- centric approach. One such offering is Personality Insights, developed by IBM’s Watson. Due to the enormous data warehousing taking place, retailers are now able to identify which customers to target for what kind of products. Advertising spend can now be better targeted to the right segments. AI also allows retailers to provide recommendations, based on the individual profile mapped out. Buyer personas are created in this manner. Global cosmetics giant Sephora has aced this value chain. Its chat bot interacts with people, using AI, to propose solutions to the customers’ needs.

Source:https://sloanreview.mit.edu/article/customer-centricity-in-the-digital-age/

Uploaded Date:24 June 2019

Some strategies have been uncovered which will help brands ace the Customer Experience (CX). First of all, companies need to recognize the importance of time for the customer. To this end, ING Direct France, has been extremely proactive. Aviva France has gone one level up by introducing easy methods to pay. Digital marketing tools need to be used to make sure the customer feels connected, but not overwhelmed. In this way, as real estate firm Nexity did, customers get the assurance of support, but the constant over- arching presence of a seller. Guerlain which is a perfumer, is making use of Google Assistant to directly answer customer queries. Self- service tools also need to be brought in to the main fold. Stories need be shared with customers as this will apply the human touch to the brand. Collaborative work can be done as shown by Fox Not. The entire experience needs to be personalized as done by Accor Hotels. Customers could be provided sampling options before they buy, as Decathlon has done so well in Canada. For this, real- life simulation can be one of the most practical ways.

Source:https://www.forbes.com/sites/shephyken/2019/05/26/ten-customer-experience-cx-strategies-to-amaze-your-customers/#5ae4ae4027ee

Uploaded Date:08 June 2019

Among several sectors experiencing a transformation, it is banking that is right at the centre of this change. They need to work in an environment of strict regulation, newer competitors and fickle customers. Transforming the customer experience is now a key tenet all working on. This is proving to be an equally potent force as an efficient process or even a superior product would do. Newer companies are joining in to this bandwagon, such as Amazon Cash, Alipay and Facebook Messenger P2P. The transformation programme needs to be durable in the medium to long run. Customer experience needs to be aligned to value. Talent recruitment must be geared towards building a cross- functional team, but with the backing of the top leadership. The customer needs to be at the centre of all this transformation. Agility is a must to ensure scalability.

Source:https://www.mckinsey.com/industries/financial-services/our-insights/managing-a-customer-experience-transformation-in-banking

Uploaded Date:07 June 2019