Contact Center Pipeline January 2023 January 2023 - Page 30

RETURN ON INVESTMENT

ILLUSTRATION PROVIDED BY LANKOGAL ADOBE STOCK

CX : THE KEY TO DRIVING ROI ORGANIZATIONS SHOULD FOCUS ON DELIVERING CUSTOMER-ENGAGING EXPERIENCES WITH THE RIGHT TECH .

BY VASILI TRIANT , UJET

In today ’ s marketplace , challenges are on the rise . Between increased competition , the workforce shortage , and inflation surging to a record 40-year high , businesses simply can ’ t afford to add customer churn to the mix .

Yet , according to McKinsey , 36 % of U . S . consumers have tried a new brand since the COVID-19 pandemic started . As a result , businesses are racing to uncover the secret sauce for building customer loyalty to drive business resilience . Improving customer experience ( CX ) is the key to retaining customers and creating bottom-line impacts , but many leaders don ’ t know where to start .
30 CONTACT CENTER PIPELINE
WHY CX IS A TOOL FOR BOTTOM LINE IMPACT
Watermark Consulting ’ s 13-year study of CX “ leaders ” and “ laggards ,” leaders generated a total cumulative return that was 3.4 times greater than that of laggards .
Why ? Because customer loyalty starts with an excellent experience . A Forrester survey showed that folks are 2.4 times more likely to remain customers when their problem is solved quickly . They ’ re also 2.7 times more likely to spend more when companies communicate clearly .
When brands offer disjointed , slow service , they ’ re not only leaving money on the table – they ’ re giving it away to competitors . An Accenture study found 57 % of consumers spend more on brands to which they are loyal . When customers are staying and spending more , businesses can focus on overcoming today ’ s other pressing challenges with resilience .
That being said , Rome wasn ’ t built in a day . To create a winning experience that fuels loyalty , brands need to upgrade their approach on the frontlines : the contact centers .
MODERN DAY CX IN THE CONTACT CENTER
Siegel + Gale reports that 55 % of consumers will pay more for a brand that delivers a simpler CX .
However , many contact centers aimlessly add channels to their strategies without seamless integration .
By adding SMS , email , in-app chat , video , and more in this way , brands increase complexity and friction while channel switching rises – which is especially common when using different vendors for each channel . Alarmingly , Gartner says 85 % of organizations are still in this omnichannel mindset .
Implementing an omnichannel experience can then create a fragmented customer engagement and a whole lot of stress when done incorrectly .