It has been a recurrently observable natural phenomenon over the past 10-15 years, and also in a much more distant past: discussing with management teams, browsing all kinds of marketing material over the period, it seems that businesses regularly rediscover they have customers to take care of. Oh, really? If so – well, let’s assume it’s true! – why is customer experience both an enterprise and a customer asset?
In the recent business-related communication, “customer experience” – noble heir of terms like “customer care”, “customer relationship management” and “customer satisfaction”, is regarded as the rosetta stone of digital transformation. Just type “customer experience statistics” in your preferred search engine to get a sense of it:
- 96% of marketing executives say that data analysis is fundamental to improving the customer experience – Econsultancy.
- In 2017, 50% of product investment projects will be redirected to customer experience innovations. Gartner analyst Jake Sorofman wrote in 2014.
A window on the world
truly, customer experience is invaluable as a windows from which to look at two directions: gaining knowledge over customer behavior helps enterprises get a sense of – and improve – their value proposition. Looking through the same windows the other way round, consumers get more insight on the product or service their are considering and make better purchase decisions.
A domain for exponential technology innovation
The customer experience market is at an inflection point where scarce literacy of the ones contrasts with advanced literature of the others. The repeated, yet invariably and fakely surprising awareness that customers’ behavior deserves attention, combines with the certainty that customer experience should be integral to the enterprise DNA as the focal point of those changes likely to improve value proposition: digital service provision, IT modernization, organizational quantum leaps, IoT integration and more generally R&D investments. As Jim Sinur underlines in Aragon Research’s “Embrace Digital Transformation in 2018 with These 10 Tips” blog post, “Placing an emphasis on an excellent customer experience—while optimizing a balance between operational efficiency and customer satisfaction—should be the goal for digital organizations”.
A place to express value
From a more visionary standpoint, today’s customer experience focus reveals how strategic systems of value are to ensure loyalty and trust. By value, I mean neither product price of value for money spent, but the extent to which a business relationship deserves esteem from a moral and intellectual viewpoint. In particular I mean what is perceived as ideal to defend or reach. Closely watching customer experience helps understand such systems of value.
Should you mean to have the upper hand over competition in your digital business, you may want to check how Axellience can help you build your digital future using customer experience as a pivot of your digital journey.