Customer expectations have shifted in the digital age. But while it’s become easier for customers to express their satisfaction with companies across various touchpoints and channels, it’s simultaneously becoming more difficult for companies to deliver experiences their customers truly love—and the data proves it. Research from Bain & Company reveals that 80% of CEOs think they deliver a superior experience to customers, yet only 8% of their customers agree. Additionally, 32% of customers will walk away from a brand they love after just one bad experience.
Experience Management (XM) promised to help customer experience (CX) leaders understand how customers experience their company. It’s about giving customers a voice and then listening and responding to customers to deliver more personalized experiences. But over time, CX leaders have learned that XM doesn’t go far enough to meet the modern customer’s experience demands. Simply put, XM is no longer the pinnacle of CX. Let’s take a more in-depth look at why.
Customer sentiment doesn’t go far enough.
Gauging customer sentiment during a one-off interaction is not a good indicator of their relationship with a brand over time. To succeed in this new era of CX, companies have to figure out how to personalize the way they regularly connect with their customers, using real-time data to deliver meaningful, uninterrupted, and contextual experiences. CX leaders who do this can turn happy customers into loyal customers, and boost revenue in the process.
Some insights are too little, too late.
There are usually two reasons customers feel incentivized to fill out a customer journey or share their thoughts—either something went incredibly well or horribly wrong. Neither scenario is a good starting point to make strategic decisions for the entire customer journey. Fortunately, today’s digitally-savvy customers crave the customized experiences you’re working to deliver, and they’re willing to share information with you to make it happen. The tradeoff? Your customers expect you to be more in tune with their needs and more proactive in meeting them. They assume you will intervene before things go wrong and re-route them to prevent bad experiences—not apologize after the fact. Too often, XM delivers insights that are too shallow, too little, and too late.
Customer sentiment misunderstands business processes—and customers.
Your customers engage with your brand with a specific goal or customer outcome in mind. Whether it’s funding a business bank account or filing an insurance claim, there are plenty of touchpoints between first visiting your site and successfully completing the journey. And with each interaction, there are just as many opportunities to impress or derail your customers.
That’s where XM falls short. Measuring sentiment at a single point in time says more about one particular interaction than their overall experience with your brand—or likelihood to make a conversion. For example, improving NPS by 5% at specific points in the checking account onboarding process doesn’t mean checking accounts are 5% more funded or digital banking adoption is 5% higher. CX leaders need a holistic view of the customer across every touchpoint to truly gauge and optimize every interaction.
While XM may no longer be the pinnacle of CX, there are ways to move from reactive to proactive decision-making and shape customer experiences in real time. Usermind’s Experience Orchestration (XO) Platform helps CX leaders monitor, activate, and optimize experiences at scale.
Interested in this topic and want to learn more about how Experience Orchestration (XO) can help you compete in the age of the customer? Check out the full whitepaper where we dive into this topic and more here.