Customer Experience is the New Brand

Customer Experience is the New Brand

The way customers experience your brand has never been more important. In today's digital world, customers are bombarded with choices and can easily take their business elsewhere if they're not happy. That's why businesses need to focus on creating a great customer experience (CX) at every touchpoint.

CX is the new brand. It's how customers perceive your company, and it's what drives their loyalty (or lack thereof). Creating a positive CX requires a strategic approach that takes into account all of the customer's interactions with your company, from pre-purchase research to post-purchase support.

In today's world, experience is everything. It's at the center of how and what people buy, how and where they work, and how they interact with one another. CX is all about understanding and curating a holistic experience, reducing friction, better optimizing business processes, and removing friction for the end user. Ultimately, this increases customer / employee loyalty over time.

Gone are the days when a company could get away with simply having a great product or service. In order to compete in today's market, brands need to provide a great customer experience at every touchpoint. CX is the new brand differentiator - it's what sets companies apart from their competitors.

Focusing on CX can help organizations of all sizes in a number of ways:

- CX can help increase customer loyalty and satisfaction, which leads to repeat business and increased brand equity.

- CX can be a major driver of revenue growth. In fact, companies that lead in CX outperform laggards by nearly 80%.

- CX can help reduce costs associated with customer acquisition and retention.

- CX can improve employee engagement and productivity.

Creating a great customer experience requires a strategic approach and commitment from the entire organization - it's not just a marketing initiative. CX should be embedded into every part of the company, from product development to customer service. Getting the CX right looks easier than it is.

A great experience is defined not by what you offer but by how well you enable your customers to achieve the outcomes most compelling to them. Customer centricity needs to be the driving force throughout an organization.

Focusing on the customer is not new, but experience has been elevated from a workstream to a new way of working backed by the C-suite. Digital transformation begins with experience and requires a holistic approach to drive business success. This comes out through daily employee activities through prioritizing with purpose, innovation. By empowering employees to feel accountable for customer outcomes, by unlocking efficiencies that can be reinvested to drive continuous performance, by measuring operational efficiency, by incentivizing behaviors that drive better outcomes for the entire org, by making it easy for consumers to get products and services when and where they want them. 

When an organization brings CX to work across the different value chains, they can better identify and define differentiated capabilities to improve performance and top line growth

CX is no longer a nice-to-have – it’s a must-have. By delivering great experience, many organizations find that it can reduce the cost to serve customers by upwards of 30% and some have found that it can sometimes reduce development costs by up to approximately 40% and bring a faster time to market. 

CX is the key to unlocking efficiency and performance improvements at scale. CX is a journey, not a destination, and it all starts with a commitment to putting the customer first.