There’s a chasm between the CX brands deliver and what customers expect. Technology can bridge this gap.
The CX technology space is rapidly growing, and this acceleration is so fast-paced that in just four years, the industry grew from $471 Bn to $641 Bn in 2022.
What does it mean for your business? What does it translate to in terms of growth and customer demands?
During such economic headwinds, business leaders must prioritize efforts that boost CLV. It’s time to get serious about customer experience technologies or risk becoming irrelevant.
A part of the picture
Many businesses have begun leveraging multiple technologies to enhance CX. But integrating these solutions is the only way to derive maximum benefits and growth from your tech investments. Take stock of your current tech stack and gauge if you’re using any solution in isolation because if that’s the case, you’re not looking at CX from a holistic standpoint.
There has to be a strategy for each transformation initiative, and enabling powerful omnichannel customer experiences would need a CCaaS infrastructure. Pricing and product features don’t give businesses a competitive edge in today’s customer-driven world; CX does (A Gartner study found 81% of companies expect to compete on customer experience).
But even though the expectations seem to increase, the budgets aren’t.
CX: From good to great
We all know that if customers enjoy doing business with you- they buy more, refer more, and tend to be more loyal even during market fluctuations or getting cheaper alternatives. They are even more comfortable trading their personal information for a better CX.
Understand what truly matters to your customers. Are they looking for agility, convenience, or just a human touch? Technology would help you understand your audience better and comprehend their likes, dislikes, goals & motivations.
Using the right technologies will make the experience more human and consistent for your customers. Prioritize solutions that deliver what customers expect the most. Using AI to create hyper-personalized, meaningful customer experiences will allow you to drive growth at scale.
CX tech is booming and will continue to do so, but it is only a means to an end, not the end itself.
You need to prioritize CX in terms of people and goals. It starts with your culture and employees. How do they show up for the clients? How helpful and genuine are they in their interactions with the customer? Do your employees have adequate training to get the most out of tech and offer customers the speed and precision they demand?
Great CX begins with a great employee experience. Your client-facing teams can get the support they need from tech, but tech isn’t the only thing that makes CX great; people play a role just as important.
Rethinking CX requires marketing and tech leaders to reimagine tech and people. Align these two areas to create a sophisticated human-tech relationship and elevate CX.