A recent survey from PWC has identified six key factors for improving the concept of return on experience.
These are all areas that have been considered before, their research brings this all together in a cohesive format.
Factor # 1 – Connect customer and employee experience
It’s no major surprise that workplaces with happy staff generate happy customers. It’s more than a smiling face when entering a building, it’s commitment to the organisation and its customers.
Larger companies can often succeed in this area, providing additional perks from an in-house gym to fresh fruit, but smaller companies can often provide softer benefits, from a day off on your birthday to a culture that cares about staff at all levels.
Factor # 2 – Convey shared values
Millennials are often quoted as being more value based. They have specific brands they trust and don’t trust – to a certain extent that’s always been the case, regardless of generation. The difference in a digital world is that the values are transparent. There’s no need to send off for an annual report, it’s available for immediate download, along with recordings of the most recent shareholder meetings.
Shared values are the core of an organisation’s DNA, what really matters to them and how they address these issues.
Factor # 3 – Find magic moments
Once heralded as the moment of truth, these magic moments – or as Google has termed them, micro moments, are the small steps along the customer journey that have a positive impact.
Factor # 4 – Understand customers
I have to note that in a report that considers customers, it is interesting this was lower down the list! Without understanding customers’ real needs – a fundamental building block in marketing, there is no business strategy. We’ve seen several organisations make errors, where they missed changing customer needs and ended up closing the business. From HMV failing to see the growth of Spotify and Apple Music to the current seismic shift in the high street where high street stores offer a process, yet customers want an experience.
Factor # 5 – Respect the data
Gathering too much data helps neither consumers nor companies. It’s about collecting the information that’s useful to both parties and ensuring it’s protected rather than misused as we saw with Cambridge Analytica. Is a date of birth absolutely essential? Does it make a fundamental difference to an organisation If not, why is it collected? It’s possibly time to understand what is business critical in terms of data and ensure only what’s really needed is collected.
Factor # 6 – Simplify user journeys
How easy or difficult a company to trade with has always been an issue. In an online setting the customer journey is simplifying the process, ensuring the minimum number of steps are taken to complete an action, yet several companies through hurdles – such as requesting too much data – when it’s not needed at that stage.
Whatever type of business you’re working in, the key is a seamless journey. Making it easier – and pleasant – for the customer, at each stage.