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A recent study by McKinsey found that 87% of companies leveraging advanced customer analytics outperform their competitors in customer retention and engagement ( McKinsey ). Why Radical Consumer Centricity Matters As consumers become more informed, connected, and demanding, consumer-first approaches that lack depth lose their appeal.
As professional services continue to evolve, leaders who prioritize CX will cultivate loyalty and advocacy, transforming their service teams into drivers of growth and competitiveadvantage. If you enjoyed this practical article and would like to stay connected, feel free to connect with me on LinkedIn.
Ultra Personalisation to Connect at a More Granular Level Ultra personalisation has evolved from a competitiveadvantage to an expectation. Accenture ) Expanded Case Study: Spotifys “Wrapped” Campaign Spotifys “Wrapped” campaign exemplifies how personalisation can drive engagement.
Will it enhance our competitiveadvantage or dilute it? Instead, it studied data from multiple sectors, realizing that an API enhancement would benefit its global customer base. A feature may seem promising in isolation but could detract from your long-term objectives.
Speaker: Donald Fan, Senior Director of the Global Office of Culture, Diversity & Inclusion at Walmart Inc.
Research proves time and again, there exists a robust bond between innovation and diversity & inclusion (D&I); our challenge is to help our leaders understand how to plant the seeds of innovation in the fertile D&I garden in order to drive a strategic and competitiveadvantage from the office and in the digital landscape.
In fact, B2B CX leaders tend to achieve higher growth and resilience; one study found top CX performers in B2B enjoyed substantially higher margins and even delivered three times higher shareholder returns in downturns compared to their lagging peers. Present case studies and industry benchmarks that show measurable gains from CX investments.
By embracing AI-driven solutions, organizations can elevate their customer and agent experiences to new heights, ensuring sustained growth and competitiveadvantage in an increasingly digital world. If you enjoyed the article, feel free to share it and connect with me here or follow me on LinkedIn.
In the following sections, we explore how to lead a successful CX transformational program in a B2B settingcovering everything from executive leadership and strategy to metrics, culture change, and real-world case studies. A well-executed UX/UI can be a competitiveadvantage. Another key aspect of strategy is prioritization.
We’ve spent over a year studying this very question—talking, reading, and listening to all sorts of people and perspectives. Make Customer Service Your CompetitiveAdvantage. What are your biggest barriers to transforming customer service into your competitiveadvantage? Breaking Down True Brand Loyalty.
Customer behavior analysis is the process of studying and interpreting how customers interact with a business at each stage of the customer journey. CompetitiveAdvantage Understanding customer behavior can be a key differentiator in today’s business environment. What Is Customer Behavior Analysis?
With their 1998 Harvard Business Review article “Welcome to the Experience Economy” (and 1999 book), Joe Pine II and James Gilmore introduced the term Customer Experience as the next competitive battleground. Since then, customer experience has become ‘institutionalized’ as a key domain to generate sustainable competitiveadvantage.
What is the cornerstone of sustainable growth and competitiveadvantage today? A study by Epsilon found that 80% of consumers are more likely to purchase a brand that provides personalized experiences. This shift demands a strategic overhaul of how companies approach customer engagement and traffic generation.
3 reasons why customer feedback is your competitiveadvantage. Studies show that a stunning 92% of consumers consult reviews before making a purchase decision. Case study: Hillcrest Animal Hospital. Want to know more about how customer feedback can be your business’s competitiveadvantage? Here’s why.
Competitiveadvantages. Studies have shown time and time again that live chat helps to increase sales – and companies are reaping the benefits. In fact, a consumer research study from Oracle found that 90% of customers said the “Live Chat” button gives them confidence that they can get help if they need it.
When reviewing the finalists’ submissions for the Oracle “ Thinker Award for Best Innovation in Sales ,” it became clear that successful innovation gives businesses a much-needed competitiveadvantage. Let’s take a look at three ways the Markie finalists gained a competitiveadvantage through innovation.
CompetitiveAdvantage While most companies claim to be customer-obsessed, a recent study showed that only 15% are actually customer-obsessed, meaning their business is focused on growing by delivering value to their customers. By succeeding in customer engagement, you have a better chance of keeping your customers coming back.
By focusing on the customer, encouraging innovation, reducing risk, promoting collaboration, and providing a competitiveadvantage, Design Thinking can significantly enhance the outcome of digital transformation initiatives, leading to improved customer experience and business success.
A 2018 study by Marketing Dive showed that 75% of Gen Z shoppers (those between the ages of 18 and 25) turn to eCommerce to make most purchases. However, the same study provides interesting paradox—of those same Gen Z shoppers, 65% prefer to “touch and feel products before making a purchase.”. Try us out for free today.
One study found that the brands that provide the best customer experiences achieved 17% compound growth between 2010 and 2015. Innovative companies can turn this into a competitiveadvantage by screening applicants for valuable soft skills. Business experts and study data say “yes.” Now for the good news! Is it worth it?
Our study of 500 consumers and businesses proves it. But the biggest takeaway from our study isn’t a particular statistic—it’s that live chat (when done right) has the power to drive sales and boost customer loyalty. Our study turned up one piece of data that I find the most intriguing. Live Chat is Your CompetitiveAdvantage.
With revenue being transferred between companies at such an alarming rate, the study highlights the considerable impact that customers have on a business’s success. How to future-proof your contact center technology and find your competitiveadvantage. Related Posts Create a vision for your customer service education.
These are areas where you have the opportunity to differentiate your business and gain a competitiveadvantage. Capitalizing on Competitor Weaknesses Studying your competitors’ strategies through competitor analysis will expose their strengths, but more importantly, their weaknesses.
In CustomerThink’s recent study of 200+ CX initiatives , respondents were asked about sources of feedback. Winning (25%): “outcomes can be quantified” or “created a competitiveadvantage.”. The study found that using only surveys is not a CX success driver. Developing (58%): “seeing some signs of CX improvement.”.
In other words, having a scalable mechanism for real-time customer feedback is not just important, it’s essential to their business model and their competitiveadvantage. To learn more about how Fleetio used AskNicely to drive a customer-obsessed culture, read the full case study. Get the Case Study.
The study also found that top-performing companies are 50% more likely than their peers to have well-designed user journeys that facilitate clear communication and a seamless transaction. In fact, according to Econsultancy’s Digital Trends 2018 report, 45% of companies cite content and experience management as their number one priority.
This means using psychology to aid your business in gaining a competitiveadvantage when it comes to retaining consumers’ loyalty and trust. This was proven in a 1993 study by two psychologists from Texas Tech University.
According to a study conducted by Bain and Company , while 80% of companies say they’re customer-centric, only 8% of customers agree. In fact, according to the Gartner group , great customer experience is a major competitiveadvantage—with more than two-thirds of marketers saying their companies compete mostly on the basis of CX.
About eight out of ten business leaders say they want to “improve” the customer experience (CX) to be more competitive. In CustomerThink’s recent study of 200+ CX initiatives, 74% agreed: “By 2020, customer experience will overtake price and product as the key brand differentiator.”. And for good reason. A trade-off exercise.
Powers North America Airline Satisfaction Study. Airlines that take this information and embrace the standards in my newest book, Would You Do that to Your Mother , can gain a competitiveadvantage by finding ways to boost customer loyalty and raise overall customer experience.
The Neuroscience of Future Thinking Neuroscientific studies reveal that imagining the future activates several brain regions, including the hippocampus and the prefrontal cortex. 6. CompetitiveAdvantage a. Foresight Networks: Create networks and communities focused on future studies and foresight.
But CX isnt just about making things easier its a major competitiveadvantage. Forresters studies show that businesses that prioritize CX see higher revenue than those that dont. In a market where consumers have endless choices, 73% say a great experience influences their brand loyalty more than price or product.
A study of 80+ companies showed that analytical leading companies (those who use analytics to gain a competitiveadvantage), more so than analytical lagging companies, leverage their data differently. In this post, I will present some of the results of that study, focusing on the adoption of research practices (e.g.,
According to a 2023 Deloitte study , 83% of BPOs are looking to cut costs and 82% are trying to standardize processes to become more efficient. But many BPOs are also adding AI capabilities to their service offering to create a value-add that will help distinguish them in the highly competitive market. If so, you are not alone.
Studies have shown that companies that engage with customer feedback can see up to a 5-10% increase in customer retention rates. A Harvard Business Review study found that a 12-point increase in NPS leads to a doubling of a company’s growth rate. Responding to both positive and negative feedback can’t be overstated enough.
Christensen’s now famous Harvard Business Review study on McDonald’s milkshakes is a perfect example of how customer feedback can help brands better understand what their customers’ jobs-to-be-done are. Adopt customer feedback to stand out and create a competitive edge. Connected happy customers are your competitive edge.
Case Studies: How AI Translation is Transforming Customer Support 1. Companies that embrace AI translation will gain a competitive edge, while those that delay risk falling behind. This helps customer support teams make informed decisions and improve overall communication effectiveness.
A few years ago, I conducted a study by asking data professionals about their data science experience; I basically applied data science to the field of data science. What specific DS and ML practices will help give companies a competitiveadvantage? Which industries are excelling? What are the best practices in DS and ML?
Weve rounded up some of the best MBAs that emphasize customer service excellence, leadership, and innovation to help you make an informed decision when choosing which MBA to study. Practical Learning Opportunities: Look for internships, case studies, and industry collaborations that prepare you for real-world challenges.
Key Insights from the Study Accessibility to Live Support : 70% of customers struggle to reach a live representative, with 39.6% experiencing this frustration frequently.
In a recent study from Toister Performance Solutions , service expert Jeff Toister evaluated responses from more than 600 contact center agents with 74 percent self-reporting at risk for burnout. In Toister’s study, it isn’t surprising that only 59 percent of respondents at severe risk for burnout “felt empowered.”
Chatbots are known for their benefits on customer experience and relation, here are some examples of how a chatbot can help boost your e-commerce site and create a competitiveadvantage. A Zendesk study shows that 81% of customers try to take care of their own problem before reaching out to support channels.
Hiring remote workers can be a competitiveadvantage for companies, especially contact centers. Stanford University conducted a two-year study where they surveyed 500 remote workers and those who worked in a conventional workplace. Business in 2019 looks dramatically different than it did 30 years ago.
Zappos: Customer Service Excellence as a CompetitiveAdvantage Alignment with Strategic Goals: Zappos, an online shoe and clothing retailer, aligns its CX strategy with its strategic goals by prioritizing exceptional customer service. A few references to consider are among the following.
Highly practical and accessible, it includes case studies and examples from AT&T, Apple, Spotify and The Wall Street Journal showing how these approaches have been used in practice. It features case studies of leading brands including Lemonade, Spotify, CEMEX, VMware, Starbucks, NIKE and Amazon. Here is the book link.
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