Putting-Data-at-the-Core-of-CX-Transformation
Putting Data at the Core of CX Transformation

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In today’s digital world, data is an essential part of almost everything we do. From making informed business decisions to providing the best customer outcomes, data plays a crucial role in shaping organisations’ actions and strategies. With the increasing availability of customer data, companies can now gain valuable insights into customer behaviour, preferences, and expectations; and offer personalised experiences to build long-lasting relationships.

Ecosystm Principal Advisor, Audrey William talks about 5 things to keep in mind when working on your data strategy to improve customer experience.

  1. Build a data-driven CX culture. If you don’t have a Chief Experience Officer, appoint one.
  2. Understand your data needs. Blindly gathering data without evaluating significance or utilisation, can cost you.
  3. Evaluate your data repositories. Invest in a CDP or an Intelligent Data Platform for a unified view of customer data.
  4. Use Speech Analytics to truly understand your customer. Go beyond traditional metrics to gather data-driven insights.
  5. Aim to achieve hyperpersonalisation. Make it the goal and core of your data and customer strategies.

Read on to find more.

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The Experience Economy
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Modify-Your-CX-for-Tough-Economic-Times
Modify Your CX for Tough Economic Times

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During tough economic times, organisations need to be even more attentive to their customers’ needs and find creative ways to deliver high-quality customer experiences while keeping costs under control.

Tim Sheedy – VP Research, Ecosystm presents the best practices that organisations can use to modify their customer experience during these uncertain times.

  1. Bring back the empathy. While people might have stopped worrying about their health, economic concerns are real.
  2. Focus on customer retention. Customer attraction takes more effort and investments than customer retention.
  3. Invest in customer support. This can be done through digital touchpoints as well as in-person interactions.
  4. Continue to simplify the purchasing process. Even the slightest friction in the purchase process is enough to drive potential customers away.
  5. Focus on value over discounts. Customers look for value more than they look for discounts.

Read on to find out more.

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The Experience Economy

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Creating-a-VoC-Program-that-can-Measure-CX-Success
Creating a VoC Program that can Measure CX Success

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Customer Experience (CX) has become a bit of a buzzword, which is fantastic! More and more businesses are recognising the importance of understanding their customers’ experiences and implementing a customer-centric organisational mindset. But how do organisations evaluate their success? Here are some tips on how the Voice of Customer (VoC) program can be used to assess whether your customer strategy is right and your improvement efforts are bearing fruit.

Understand who your customers are and what they experience

You will need to understand your customers’ experience during interactions, e.g. a visit to the website to find information, a call to the contact centre to get a query resolved, or a walk-in at the store to ask for help; and for specific life stages or journeys, e.g. how was their onboarding experience, what they value about the products and services etc.

There are different ways to form a rough or a more precise picture of your customers. Two popular approaches are:

  • Data-based segmentations. This is based on behaviour seen in your backend system. It can be as basic as knowing your customer’s age bracket, gender, location, and annual spend.
  • Research facilitated personas. These sophisticated personas will tell you things like, “Tech Savvy Joe is in his mid-20’s, lives in an affluent area, loves caramel frappuccinos with extra cream, uses your coffee shop app regularly to check for great deals and visits your cafe 13 times every month”, placing him in the “high value” category.

Once you have a rough, or precise idea of who your customers are, you can start thinking about the experiences your customers are having, and the experiences you’d like them to have.

X & O Data: Completing the picture

Now, how do you know what an experience was like for your customer? You can ask them, and then you can observe them. We call this the X (experience) and the O (operational) data. And there are 3 fundamental things to understand within X & O data.

The X (experience) and the O (operational) data

But how do we measure this experience? How do we capture, track and measure how the customer felt?

Let’s look into metrics.

Choose the right metric: NPS, CES or CSAT

Choosing the right metrics for the job is crucial for the success of the VoC program, as well as the ability to measure CX success overall. NPS, CSAT and CES are the 3 most frequently used customer feedback measures. They are complementary in nature, as they measure slightly different aspects of the customer experience.

  • NPS (Net Promoter Score). How likely are customers to recommend the brand’s products and services to friends and family.
  • CES (Customer Effort Score). How easy/difficult was it for the customer to get the query resolved.
  • CSAT (Customer Satisfaction Score). How satisfied was the customer with the service received.

Using them in conjunction can be a great way to measure customer success. CSAT and CES are often used to explain the overall NPS number in more detail. While NPS is a rigid metric designed as an overall brand health measure for a business, CSAT and CES are more specific measures that can be adapted to a given situation, e.g. product reviews, service interactions with call centre agents, website interactions, store visits and so on.

NPS is a long-term measure, as the likelihood to recommend a brand isn’t based on a single interaction. A history of interactions, touchpoints, word of mouth, etc. form a brand perception. And all those interactions and touchpoints that form a customer’s recommendation can be tracked and measured through CSAT and CES – they are able to provide actionable insights to pinpoint pain points and detect opportunities for improvement.  

Due to the long-term and high-level nature of the NPS score, this metric is best used in relationship or benchmark surveys. In a touchpoint environment, CES and CSAT are more powerful and insightful.

Identify and prioritise improvement initiatives

Equipped with customer and employee feedback on specific customer pain points you can then dig deeper into root causes and build initiatives to address those. But typically you will end up with a list of initiatives and face prioritisation challenge. Depending on the stakeholder you ask, you’ll get contradictory views on what’s most important. Some of the prioritisation metrics that you are likely to use will be cost, timeframe and resources required to implement change.

You can use your customer feedback metrics again to help with the prioritisation. Combining the score with the volume of feedback mentioning a specific pain point provides you with an “impact” for the customer. Combining the impact of the pain point on the customer, with the impact it has on the business provides a clear picture to form a priority list.

Identify and prioritise improvement initiatives

Some Real-life Examples

Problem. “Rude agent” – Low CSAT scores

  • Root cause analysis. Agent not trained in dealing with difficult situations/customers; lacks the knowledge to deal with specific queries; feels undervalued; gets frustrated and overwhelmed
  • Potential fix. CSR training
  • Result. Reflected in an improved CSAT scores as the agent is equipped to handle difficult situations/customers and complex scenarios

Problem. “Hard to find things on the website” – High CES scores (high effort)

  • Root cause analysis. Customer/UX research to understand what customers struggle with
  • Potential fix. Website redesign for specific journeys/queries
  • Result. Reflected in an improved CES as it’s now easier for customers to find what they want on the website

Conclusion

While you will see your CES and CSAT score improving quite quickly as a result of your changes, the NPS score is typically slower to respond. As mentioned earlier, a service interaction to get a query resolved is only one of many signals impacting the likelihood to recommend a brand. Just because one interaction was pleasant, doesn’t mean you’re out of the woods. You will need to deliver again and again to shift your NPS over time. Not just in terms of customer service, but also advertising, product design, quality of service, etc.

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The-ESG-Conversation
The ESG Conversation

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We have seen a steady shift in people’s awareness of the environmental and social impacts of their actions. And this awareness, has led to a demand for sustainable and ethical practices from brands they interact with. Consequently, organisations are feeling the pressure to incorporate ESG factors into their business models to attract and retain customers; to nurture a purpose-drive talent pool; to address investor activism; and to comply with industry and country regulations.

At the Leaders Dialogue: Asian Sentiment 2023 conversation, Ecosystm Founder and Chairman, Amit Gupta; Ahmed Mazhari, President of Microsoft Asia; Padmashree (Paddy) Santosh, VP & Global Head of Learning, Diversity and Organisation Effectiveness at Olam Agri; and Luca Destefanis, Head of Marketing APAC at Kyndryl discussed the biggest drivers, opportunities, and challenges for Asian leadership in driving a sustainable future.

Here are the key takeaways:

  • There has been a clear growth in a collective consciousness.
  • ESG initiatives must start with a clear definition of the goals.
  • It will require a multi-dimensional strategy that focuses on strategic alignment and people.
  • ESG strategies need to be technology-enabled
  • Ultimately, data is the key enabler of all ESG efforts
  • Tech companies are focusing on expanding their ESG impact.

Read on to find out more.

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Making the Right Tech Decisions for Better Value
Making the Right Tech Decisions for Better Value

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Organisations are uncertain about how 2023 will shape up for them, amidst concerns about recessions, supply chain uncertainties, continued geopolitical volatility, energy crisis, and labour disruptions. At the same time, they have to continue to evolve their products and services, the customer experiences they deliver, and overall brand image.

If you are a tech leader, your first instinct would be to cut down on technology spend to align with your organisation’s cost optimisation strategy. And that is where you would make the first mistake – this is the time to invest in the right technologies to help your organisation face the uncertainties with agility. 

Here are 5 things that you should keep in mind when shaping your organisation’s tech landscape in 2023.

  • Focus on the shortest time to value. Choose a few smart digital improvements that are aligned with the strategic goals of the business and deliver value quickly.
  • Drive better corporate outcomes through Sustainability programs. The transition to smart and sustainable digital assets and infrastructure should be a top priority for today’s technology leaders.
  • Build resilience by improving value chain visibility. Digital technologies will continue to play an important role in providing visibility and insights across the value chains for risk management and resilience.
  • Treat location data as a feedstock for AI & Automation. With the increasing importance of automation, especially to contemporary service models like digital twins and metaverse, incorporating spatial and location data into your strategy is essential for staying ahead of the competition and driving meaningful business outcomes.
  • Find allies against cyber adversaries. Join the cybersecurity communities that exist in your geography and industry. Participate openly as possible so that lessons are shared quickly and widely. Don’t try to defeat the flood on your own.

Read on to find more.

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The Talent Conversation
The Talent Conversation

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People management has always posed challenges for businesses and their HR leaders. Leaders have to address skills shortages, develop strategies to attract and retain talent, and promote inclusiveness in their policies. Today’s digital landscape – where there is a scarcity of digital skills across industries – makes it even harder. Leaders are now paying close attention to employee experience and retention, and topics such as digital workplace, hybrid work, flexibility, and wellness have made it to management discussions.

At the Leaders Dialogue: Asian Sentiment 2023 conversation, Ecosystm Founder and Chairman, Amit Gupta; Ahmed Mazhari, President of Microsoft Asia; Padmashree (Paddy) Santosh, VP & Global Head of Learning, Diversity and Organisation Effectiveness at Olam Agri; and Luca Destefanis, Head of Marketing APAC at Kyndryl discussed where Asia is facing their biggest challenges in talent management and how to mitigate them.

Here are the key takeaways:

  • Digital skills shortage is real
  • Purpose empowers employees
  • The ‘Productivity Paradox’ needs addressing
  • Hybrid Work is the accepted norm
  • Technology & Culture differentiate the employee experiences
  • Getting workplace transformation right is crucial

Read on to find out more about the future of talent in Asia.

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Be-Alert-Not-Alarmed-Tech-Provider-Guidance-2023
Be Alert – Not Alarmed: Analyst Guidance for Tech Providers

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There is no doubt that 2023 is off to an uncertain start. However, despite the economic headwinds we expect that some areas of technology will see continued growth. In fact, from our conversations with business and technology leaders, it appears that many organisations will take the opportunity to right-size their businesses, remove excess fat and waste, and accelerate their transformation efforts. The plan is to emerge from a global slowdown – leaner, smarter and better.

Where there is an opportunity to automate organisations will take it – and technology spend will trump people spend in 2023.

But it won’t all be smooth sailing as technology buyers become more discerning than ever and manage costs closely.

Here is what tech providers should focus on to remain resilient in these uncertain times.

  • Be prepared to work harder – especially cloud and SaaS providers
  • Help customers optimise costs
  • Accelerate innovation to stay ahead of M&A activity
  • Employ security to manage risk
  • Prepare for product-led growth

Read on to find out why.

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