The three building blocks of successful customer-experience transformations

Meeting new consumer needs and expectations is critical to post-COVID-19 business success. Here’s a proven formula for upgrading customer experience.

 
Leading a customer-experience (CX) transformation can generate a lot of anxiety. Many leaders hesitate to even start because they are overwhelmed by the many challenges of driving change across virtually every silo in the organization. But this hesitation creates real risks for the business. The recent shifts in consumer behaviors and expectations brought about by COVID-19 are forcing companies to change how they connect with and serve customers. Those that do not adjust to the next normal will quickly be left behind. History clearly shows the value of investing in customer experience during a downturn. In the last economic recession, companies that prioritized customer experience realized three times the shareholder returns compared to the companies that did not. The time for action is now.

The good news is that there is now a proven formula for executing customer-experience transformations. It comprises specific steps across three core building blocks: a clearly defined aspiration, an agile transformation approach, and a thoughtful deployment of new capabilities, particularly advanced analytics (exhibit). By combining all three building blocks, companies can create a competitive advantage in their industry. In ten years of helping more than 900 companies design and execute enterprise-wide customer-experience programs, we have seen this approach deliver powerful results: 15 to 20 percent increases in sales conversion rates, 20 to 50 percent declines in service costs, and 10 to 20 percent improvement in customer satisfaction.

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Πηγή: mckinsey