CX Perspectives

Customer Experience Perspectives (3rd July 2017)

This edition of Customer Experience Perspectives features some of the best resources compiled by our analyst team for busy customer experience professionals like yourself!

Let us know your suggestions and any useful articles we may have missed.

CX Perspectives

How to Integrate Data and Analytics into Every Part of Your Organization – Harvard Business Review

Many conversations about data and analytics (D&A) start by focusing on technology. Having the right tools is critically important, but too often executives overlook or underestimate the significance of the people and organizational components required to build a successful D&A function. To know more about D&A Capabilities and Strategy plan, read this article.

 

93% of Payers, Providers Say Predictive Analytics are the Future – HealthITAnalytics

Healthcare organizations will not be able to navigate the financial and clinical challenges of the future without investing in predictive analytics tools, said  more than 90 percent of respondents.To know more about impact of predictive analytics according to healthcare practitioners, read this article.

5 Best Practice Tips To Secure Your Big Data – Smart Data Collective

In this day and age, where literally everything is measured and monitored, there are vast quantities of data generated which can be used in many beneficial ways. The difficulty arises not only in deciding how to analyze the data for useful insights but rather how to protect the information. This article talks about five practices you can undertake to secure big data.

Getting Buy-In for Predictive Analytics in Health Care – Harvard Business Review

According to the National Academy of Medicine (formerly the Institute of Medicine), the U.S. health care system spends almost a third of its resources -$750 billion annually – on unnecessary services and inefficient care. New predictive analytics tools promise to reduce such waste and improve care. These tools are now being used across the continuum of care, from disease surveillance to chronic disease prevention to identifying patients who are at risk of deterioration. To know more about the transformative power of Predictive Analytics, read this HBR article.

Less Than 1% Churn? It’s Possible – Just Listen to Your Customers – Business to Community

Enriching your data with customer feedback gives you the actionable insights your business needs to turn prospects into customers—and customers into referral-rich advocates. Read the article here –

 

We hope you have enjoyed this edition of Customer Experience Perspectives!

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Customer Experience Perspectives

Customer Experience Perspectives (7th June 2017)

This edition of Customer Experience Perspectives features some of the best resources compiled by our analyst team for busy customer experience professionals like yourself!

Let us know your suggestions and any useful articles we may have missed.

Customer Experience Perspectives

Avoiding the seven deadly sins of customer experience transformations – McKinsey

Efforts to improve the customer experience can deliver tremendous value, but temptations that can undo good intentions lurk in any change program. This article lists seven common missteps customer-focused companies must avoid.

Digitizing customer journeys and processes: Stories from the front lines -McKinsey

A compelling customer experience has evolved from ‘nice to have’ to a necessity in most industries. This article brings you an inside view of key stages of successful transformation. Most of the examples are drawn from financial services, but the lessons apply to any company seeking to reinvent its Customer Experience.

Customer Experience Crisis – Proactively Mitigating the Risk of Broken Promises – customerthink

In the eyes of a customer, a brand stands for a promise of value. Promises that are kept deliver a positive and rewarding experience that foster customer loyalty and positive recommendation.Today, when a brand breaks the promise spectacularly, the impact is not limited to one or two customers defecting to a competitor. Read this article for proactively mitigating risk of broken promises.

Customer Experience Transformation: One CMO’s Powerful Story -Forbes

This article outlines the impact of a non-traditional approach to customer experience transformation. The approach led not only to improved customer satisfaction but also to doubling of stock prices for the company. Know more about the powerful insights behind this huge success.

How to Build a better customer episodes -Bain

This infographic talks about importance of customer episodes and strategies to delivering better experience during each customer episode.

Mastering the digital advantage in transforming customer experience – Mckinsey

Digital services and operations are raising the competitive bar in every sector. To capture the opportunity, incumbents should embrace a new operating model that dramatically improves the digital customer experience. Read this article to know how.

We hope you have enjoyed this edition of Customer Experience Perspectives!

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Customer Experience Perspectives

Customer Experience Perspectives (8th May 2017)

This edition of Customer Experience Perspectives features some of the best resources compiled by our analyst team for busy customer experience professionals like yourself!

Let us know your suggestions and any useful articles we may have missed.

Customer Experience Perspectives

The Sound Of Success: Building A Customer Experience That Gets The Subtle Things Right

The customer experience is made up of elements that are subtle, easy to get wrong, and powerful in their effect. These include color, light, smell, taste, texture, and sound. In this article, the author has shared his personal experience on his recent visit to hotel. To know more about how sound effects impacts on customer experience, you must read this article.

Improving Customer Experience Through Customer Data

Why does customer experience (CX) matter? In the digital marketplace, customers are even more demanding than ever before. More than half of customers today say they’ve switched companies solely because of poor user experiences. Companies who fail to embrace CX as a strategic path to growth won’t just be lagging; they’ll get left behind. To know more about the importance of customer experience, you must read this article.

 

Wasting Time Is the Worst Customer Experience

Reducing the amount of time a customer has to spend is one of the best ways to enhance the customer experience. The essence of digital is speed. Customers are obsessed with saving time. Those organizations who save customers’ time are like digital magnets. These days, customers are also obsessed with saving money. They go to the web to research, to compare, to find the best deal. To know more about how wasting time can impact customer experience, you must read this article.

 

 

4 Simple Churn Reduction Strategies for Your Subscription Box

Churn is a measure of attrition – the rate at which you lose subscribers. For a subscription business, churn is your main enemy. Actively reducing churn & keeping subscribers on for longer periods of time should be a core goal. At times though, it can feel like there’s nothing you can do to curb churn. Where should you start? In this article, you will find 4 strategies and 2 best practices related to churn. By implementing these, you can start to impact the churn of your subscription business.

Five Lessons From United Airlines About Handling A Customer Experience Gone Bad

Unless you live under a rock, you are most likely aware of United Airlines most recent misstep. A passenger who had boarded a plane was involuntarily bumped, asked to leave his seat and then was forcefully removed. The incident involving passenger Dr. David Dao has gone viral. There is public outcry and protests have begun. From this incident, we can learn five lessons customer experience gone terribly bad. To know more read this article.

We hope you have enjoyed this edition of Customer Experience Perspectives!

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CX Perspectives April Edition

Customer Experience Perspectives (6th April, 2017)

This edition of Customer Experience Perspectives features some of the best resources compiled by our analyst team for busy customer experience professionals like yourself!

Let us know your suggestions and any useful articles we may have missed.

CX Perspectives April Edition

7 Tips to Skyrocket Your Customer Retention(fi.co)

Business is a numbers game. How much revenue was generated? How many new customers were acquired? These are the questions that run on every business person’s mind. And why not? After all, everyone in business is there to earn money, and getting more customers is the first thing that comes to mind when someone says making more money for a business. But in this Article, Author discussed a different perspective of business. To know more about perspectives, you must read this Article.

16 Must-Know Customer Experience (CX) Statistics and what they mean for Your Business.(customerthink.com)

Customer experience and customer-centricity are hot topics right now. Most of the talk is about why and how you should embrace CX. But would you like to know what the quantified business benefits are? Then this article is for you.To know more about CX Industry Statistics, you must read this Article.

Modernize Your Customer Service Experience The (New) Nordstrom Way(forbes.com)

Nordstrom has a way with customer service and the customer experience. And if you haven’t been keeping up with the Seattle-based retail giant lately, you’ve missed some approaches and enhancements in how it does business online, offline, and via mobile. By emulating the ways that Nordstrom has adapted and evolved its customer experience and customer service models, you can help your own business adapt to the modern customer landscape as well. To know more insights about Nordstrom way, you must read this Article.

 

How to Ensure Customer Experience is a Key Element of Your Business Strategy(customerthink.com)

The strategy needs to be a balance between what the business wants and what the customer wants. Creating that balance would mean that the strategy does not just focus on business-driven metrics (revenue, profit, cost, etc…), but also customer driven ones (loyalty, satisfaction, effort, etc.…). The better able a business is to create that balance, the more likely it is that it will not just deliver a better customer experience – it will also deliver a better employee experience.

 

Smooth Flights: Using Data To Optimize Airline Operations And Customer Experience(forbes.com)

While improving, the customer experience and profitability are clear motivators, new regulations penalizing delays in the United States and European airspaces incentivize airlines to take a fresh look at optimizing how an airline runs day to day and deals with unplanned disruptions.

 

We hope you have enjoyed this edition of Customer Experience Perspectives!

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Customer Experience Perspectives

Customer Experience Perspectives (1st March, 2017)

This edition of Customer Experience Perspectives features some of the best resources compiled by our analyst team for busy customer experience professionals like yourself!

Let us know your suggestions and any useful articles we may have missed.

Customer Experience Perspectives

5 Best CX Strategies to Reduce Customer Churn in 2017

According to a research from Harvard Business School, increasing customer retention rates by 5% increases profits by 25% to 90%.

Based on the industry vertical and the market, companies from these industries need to design a predictive churn model to identify potential customers who have a high probability of churn. Check out these 5 best CX strategies that you can consider to make your customer happy and reduce churn.

10 Ways Machine Learning Impacts Customer Experience(forbes.com)

Today machine learning can help brands scale their engagement operations and provide increasingly relevant experiences. Machine learning holds the promise to change all the customer hate about customer experiences. Find out in this article how machine learning impacts CX in 10 different ways.

Banking Needs a Customer Experience Wake-Up Call(thefinancialbrand.com)

The financial services industry has been impacted by the increasing use of technology from smartphones to wearables. This transformation in methods of transacting has enabled more personalized engagement, allowing customers to engage  engage in seamless banking across channels. This has also increased both the potential and complexity of creating a positive customer experience.

To know more about CX Insights in Banking industry you must read this Article

Three Ways To Create An Engaging Customer Experience That Drives Sales(forbes.com)

No matter what type of business you’re in, if you want to take your customer service and experience to another level, take a few lessons from retail and hospitality.

You must read this article to know more about three ways to create a mood experience that also helps drive sales.

3 Factors Shaping the Next Wave of Customer Experience(cmswire.com)

2017 is well underway and already it’s been a big year for technology and innovation. Three foundational trends are going to define 2017 Artificial intelligence, IoT and personalization — because, when you strip away their distinct differences, these trends boil down to one specific end game: improving, enhancing and elevating the customer experience. To know more About the 3 factors in detail you must read this Article.

We hope you have enjoyed this edition of Customer Experience Perspectives!

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Customer Experience Perspectives

Customer Experience Perspectives (3rd February, 2017)

This edition of Customer Experience Perspectives features some of the best resources compiled by our analyst team for busy customer experience professionals like yourself!

Let us know your suggestions and any useful articles we may have missed.

Customer Experience Perspectives

2017 Customer Experience Resolutions(customerthink.com)

What’s new in 2017 customer experience management? Like most resolutions, what’s new is less about shiny objects and more about mastery of down-to-earth principles. It’s all about keeping your eye on the prize with a sensible plan. Read the article to know more about the 5 ways to accelerate results that your customers and investors will both reward.

The Customer Experience: 5 Bold Expert Predictions For 2017(forbes.com)

In a lot of ways, customers aren’t that hard to figure out. They want to be acknowledged and respected as people, for instance. But what they prefer and do is dynamic to a great extent, too, leaving businesses racing to figure out how best to accommodate them. Check out the article to see how businesses are responding to consumers in 2017

Ten Customer Service And Customer Experience Trends For 2017(forrester.com)

Each year, new data comes out that indicates customer service and the customer experience (CX) are more important than ever. According to Forrester, 72% of businesses say that improving the customer experience is their top priority. Pay close attention to what’s trending in the world of customer service and CX. There’s something here that will impact every type of business. Read the article to find out which 10 trends you shouldn’t ignore.

Drive revenue with great customer experience – Our 2017 analysis will help you make a case for CX investments(forrester.com)

 

We know great CX drives revenue. But to make the case, you need a more nuanced and sophisticated understanding. So we used data from our Customer Experience Index (CX Index™) and modeled the revenue impact of improving CX.

To do that the author has raised three key questions:

  1. What is a customer’s loyalty (retention, enrichment and advocacy) worth in revenue dollars?
  2. Is there a relationship between CX quality and loyalty-based revenue?
  3. How does the relationship between CX and income potential differ by industry?

Learn more about the analysis and the result in this article.

The Difference Between Customer Experience And User Experience(forbes.com)

There are a lot of buzz words thrown around in the customer sphere, but two of the big ones relate to experiences—customer and user. Although CX and UX are different and unique, they must work together for a company to have success. Both customer experience and user experience are incredibly important and can’t truly exist and thrive without each other.

Read this article to understand the real difference between CX and UX.

We hope you have enjoyed this edition of Customer Experience Perspectives!

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Customer Experience Perspectives Article

Customer Experience Perspectives (5th January, 2017)

This edition of Customer Experience Perspectives features some of the best resources compiled by our analyst team for busy customer experience professionals like yourself!

Let us know your suggestions and any useful articles we may have missed.

Customer Experience Perspectives Article

 

Prescriptive Analytics: The Solution to Reduce Churn through Definite Actions

According to Gartner, prescriptive analytics is the next step in the value chain after predictive analytics. In this article, the author has described how by using prescriptive analytics in a churn situation, business leaders can decide which type of remedial actions can be used for different customers likely to churn. Read the article to know more about the benefits of prescriptive analytics in churn reduction.

Design Your Employee Experience as Thoughtfully as You Design Your Customer Experience (hbr.org)

 

Improving customer experience is often a top business priority, but what about employee experience? In this article, the author talks about the Employee Engagement Benchmark Study, 2016. The study showed that companies that excel at customer experience have one-and-a-half times as many engaged employees as customer experience laggards do. Read this article to learn more about the study and its impact on CX.

 

 

How to Drive Customer Experience Strategy: 5 Steps (customerthink.com)

Companies that treat customer experience as a determinant of corporate strategy tend to have stronger business results than companies that treat customer experience as a subset or unrelated to corporate strategy.

In this article the author highlights five strategies to drive customer experience:

  1. Shift gears from neutral to “drive”: sync with strategic planning.
  2. Keep your hand on the steering wheel: sync with the C-team.
  3. Keep your eyes on the road: tie-in to corporate vision, mission or values.
  4. Navigate to your destination: cascade strategies company-wide.
  5. Monitor your dashboard: sync CX management.

Read this article to know more about these tips

 

How The Customer Experience Vision Gap Is Holding Many Organizations Back (forbes.com)

There is a better way to approach problems, particularly when it comes to those associated with improving and developing the customer’s experience. Using this approach will allow organizations to develop an increased ability to deliver better and more sustainable growth, higher ROI and better outcome for them and their customers. Read this article for more insightful observations.

 

4 Ways for B2B Businesses to Keep Their Customers (hbr.org)

A large number of companies ignore the voice of the customer, blast cookie-cutter emails to all the names in their marketing spreadsheets, and lack the right survey and interview tools to gauge the health of their customer relationships. Customers expect the companies they do business with to understand them as individuals and connect with them in ways that are valuable. Doing this in the age of Big Data is more complicated and competitive than ever, requiring a thoughtful approach.

Here­­ are four ways to maintain strong and long-lasting customer engagement:

1.     Ask Yourself the Right Questions

2.     Understand Customers as People

3.     Align the Entire Organization Around Client Engagement

4.     Create Customer Advisory Boards

 

Five Trends Shaping The Future Of Customer Experience In 2017 (forbes.com)

Looking back, 2016 wasn’t exactly an easy year for consumers. Brexit, a tumultuous and surprising U.S. presidential election, and the immigration crisis have left many with a bad taste in their mouth. No matter what is going on in the world, practitioners must continue to show up for work every day to bring the best experience possible to their customers, and there is no better time to reflect on the next year than around the holiday season.

Here are Top Five Customer Experience Predictions For 2017:

  1. A Whole Lot Of IoT (No Eye Rolling Allowed)
  2. Machine Learning Can Improve Most Customer Experiences
  3. Data Defines Your Customer Experience
  4. Smart Diagnostics
  5. Mobile Everything

We hope you have enjoyed this edition of Customer Experience Perspectives!

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customer-experience-perspectives-1st-december-2016

Customer Experience Perspectives (1st December, 2016)

This edition of Customer Experience Perspectives features some of the best resources compiled by our analyst team for busy customer experience professionals like yourself!

Let us know your suggestions and any useful articles we may have missed.

customer-experience-perspectives-1st-december-2016

Great Customer Experience: Listen, Surprise, Delight (forbes.com)

In this article, the author outlines her real experiences with how organizations listen to customer concerns and what measures they take to surprise and delight their customers. Read this article to learn more about customer experience.

The Art and Science of Customer Experience Management (forbes.com)

What do Zappos, Apple, Starbucks, and Mercedes all have in common? Each has mastered the art/science of customer experience management. That probably doesn’t come as a surprise. We’ve all become highly adept at recognizing and rewarding brands that exceed our expectations at every turn and punishing brands that don’t. For more interesting insights, read this article.

 

The Heart of the Customer Experience: Do Banks Care? (thefinancialbrand.com)

Before writing this article, the author surveyed more than 2,000 consumers in the United States, across a broad spectrum of age and income groups, about a range of customer experience issues. Following the survey, he found that financial institutions have plenty of room for improvement when it comes to customer expectations, managing overall customer experience, and, perhaps more importantly, convincing consumers that they care about their complaints. Read this article to learn more about the survey and its results.

 

The Data Digest: What Millennials Need from Your Loyalty Program (forrester.com)

In this article, the writer discusses various customer loyalty programs and explains their importance and effectiveness at increasing customer experience. For more details, take a look at the link above.

 

How Transparency Can Slash Your Churn Rate by 89% (entrepreneur.com)

If you run a software-as-a-service (SaaS) business, you probably know how difficult it can be to achieve a low and stable churn rate. Simply put, a business’ churn rate determines its average customer lifespan. SaaS businesses are constantly trying to improve their customer acquisition percentages and decrease their churn rates. Check out the article for more interesting details.

 

6 Gestures That Wow Customers and Earn Their Loyalty (entrepreneur.com)

In this article, the author explains six tips which will help you wow your customers, guarantee their loyalty, and keep them coming back for more!

His six tips are as follows:

  1. Surprise them occasionally.
  2. Make use of gift cards.
  3. Automate work that adds no value.
  4. Keep your customers abreast of new developments.
  5. When you do something wrong, make it right.
  6. Reward loyal customers.

We hope you have enjoyed this edition of Customer Experience Perspectives!

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customer experience perspectives

Customer Experience Perspectives (14th November, 2016)

This edition of Customer Experience Perspectives features some of the best resources compiled by our analyst team for busy customer experience professionals like yourself!

Let us know your feedback and suggestions, as well as any useful articles we may have missed.

customer experience perspectives4 Ways To Avoid Killing Your Customer Experience With A Cheap-Suit Sales Approach(forbes.com)

This article wonderfully summarizes the interesting customer experience from sales perspectives and how to find out quick fixes to a broken sales process. According to the author these are the CX approaches that every sales executive should follow:

  1. Onboard and train your employees like your business depends on it
  2. People skills cannot be overlooked
  3. Technology must be part of your sales process
  4. Preach humility

Read this article to find out more about the interesting CX approaches for sales executives:

 

How Retail, Banking and Healthcare Approach the Customer Journey(cmswire.com)

In this article the author has explained how customer experience happens in our new digital world. The author illustrates three ways that companies in different industries (retail, banking, and healthcare) use customer experience glimpses to foster positive journeys for their customers.

Check out the article to know more about the different customer journeys:

 

Customer Experience By Walking Around(forbes.com)

The author in this article has explains  how managers can improve CX by talking differently with employees. His solution for managers is to leave their offices to talk to employees about positive things going on in the company, or to compliment employees for their good work.

Get more such interesting tips to improve CX in this article:

 

Rethinking Customer Experience: What Are We Measuring and Why?(cmswire.com)

Achieving excellent customer experience relies, in part, on the speed of analysis. Historically, businesses have relied on their content management system (CMS) to provide them with speedy analysis regarding customer experience. However, measuring real-world digital transactions in that way and expecting the process to be speedy is the equivalent of expecting the post office to suddenly speed up their interactions with customers.

Check out this interesting article on how to measure and improve customer experience:

 

How customer experience professionals can build relevance and impact in large organisations(customerthink.com)

In this article, the writer outlines several important approaches that customer experience professionals can use to effectively create an impact within large organisations. To learn more about these insightful customer expierence approaches, please read the following article:

 

We hope you have enjoyed this edition of Customer Experience Perspectives!

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CX Strategy With Cloud-Based Customer Interaction Analytics

VOZIQ: Redefining CX Strategy With Cloud-Based Customer Interaction Analytics

CX Strategy With Cloud-Based Customer Interaction Analytics

With data explosion, aided by the proliferation of devices, organizations have started looking at Big Data in a different way. Effectively collecting, securing, organizing, and distributing the growing amount of data within the organization is becoming increasingly difficult and requires specialty skills. Especially when consumers are sharing on multiple channels, their dislikes, motivations, loyalties and preferences, organizations have started giving more importance to customer feedback as a critical element in the buying decisions of consumers.

It is not easy for every enterprise business to secure deep analysis skills as well as managers and analysts with the know-how to use the analysis of Big Data to make effective decisions. It is time-consuming and expensive for these organizations to build internal capabilities, especially when the limited pool of data scientists is in high demand. To address this situation, businesses are collaborating with external analytics companies as a way to evaluate the benefits of big-data analytics for them. This approach brings in expertise, as well as tools and processes for well-defined projects before scaling up the analytics programs, as well as enables the business to learn from the experience in order to build additional use cases to take the next big leap.

VOZIQ’s Big Data text analytics solution uses state-of-the-art infrastructure to gather customer data by using ready to connect data source connectors to integrate disparate, structured, semi-structured and unstructured data sources, both on premise and in the cloud. The solution smartly uses file system based/non-relational database’s like Hadoop and elastic search to process terabytes of data.

Analyzing unstructured data and extracting important insights from it is the key aspect of VOZIQ’s text analytics solution. To achieve this, the solution utilizes advanced techniques like machine learning and complex algorithms to understand customer intent from every day contact center interactions.

VOZIQ’s text analytics solutions have the capabilities of creating on-the-fly customer trial environment, securing the data using advanced encryption techniques, hosting the trial environment on secure cloud environment/data storage servers such as Amazon Web Services (AWS).

VOZIQ’s VSMART Text Analytics Solution for Contact Centers leverages AWS and Big Data technologies and has been designed on top of a powerful stack of text and predictive analytics technologies to extract real customer intent and effort on a large scale. VSMART integrates agent notes with IVR choices, CRM and billing information and applies text analytics to present a unified view of customer experience. “With the combined power of predictive algorithms and text analytics, this solution can answer critical questions like ‘What is driving customer experience?’ and ‘Is this customer at risk of cancellation?’ that are real concern for CX leaders”, says Suresh Akula, Co-Founder, and CTO, VOZIQ.

“VSMART analyzes text and understands the context of customer issues,” states Akula. VSMART’s text analytics capabilities transform integrated data into insights, which are mapped to various customer journey sequences and data segments to eventually improve customer experience, reduce customer churn, and optimize contact center operational costs. The application ingests the processed customer data and enables tracking of KPIs and conducting deeper analysis,” says Akula. The suite empowers clients with customizable dashboards, algorithmic capacity, and an advanced reporting module. The suite’s analytics capabilities in conjunction with its algorithmic capacity can gauge customers’ sentiments, forecast their journey events, and identify specific opportunities to transform the customer experience.

“We have been successful in delivering significant ROI to our customers with our proven cloud-based customer interaction analytics solution backed by data science team with deep contact center expertise,” concludes Akula.

(Source: Original article appeared on Siliconindia.)

 

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