Many economies in the world have either slowed down or come to a standstill, on account of the current global COVID-19 pandemic. This has caused a ripple effect that has trickled down to affect the daily logistical operations of businesses that offer services and products to their customer base. This pandemic has forced organizations to engage in a mad rush to change and adapt their operations in accordance with the harsh times humanity is facing. —
One business facet that has had companies have their work cut out for them is CX Strategy. Companies have to remodel or even overhaul their previously successful strategies to efficiently maintain the existing client base and attract new customers.
Taking the U.S as a case study, the retail value of retail sectors such as grocery stores, gas stations, electronic stores, and malls have dropped significantly. Extensive research conducted by Statistica indicates a -8.7% change in total retail value between February and March this year. Conversely, retail sales of non-store, and online retailers experienced 8.4 percent growth.
Expectedly, travel and tourism have been the most affected industry as revenues continue to dwindle. As explained above, this necessitates a total rethinking of customer experience strategies.
The biggest plus is that companies have taken note of the benefits of building different CX strategies that will help them get through the thick of things and experience economic growth. This has caused organizations to optimize their customer engagement channels with the sole aim of keeping old and attracting new customers.
Leaders in CX strategies have joined the long-standing conversation of the benefits of ensuring great customer experience. Ross Andrew Paquette, one of the few front-runners and CEO of Maropost- a G2 company that has received accolades for providing efficient and unified customer experience- has underscored the importance of effective customer experience during these times.
In a recent interview with Thrive Global, Mr. Paquette stated that it was his unrelenting belief that companies that have a deep-rooted retail presence need to adapt fast. Intelligent CX solutions that drive sales high is the first and most pragmatic step.
In an earlier interview, he opined that limited access to data is one of the major reasons retailers have a hard time when creating CS strategies. Retailers don’t share information amongst themselves. This means retailers have a narrow perspective of the holistic customer experience. Correct data gives different retailers a good vantage point from which they can objectively understand CX, allows them to know exactly what the customer wants, and helps them know how better to treat their customers.
Interpersonal customer relations through accommodating and engaging customers give them the feeling that they are heard, known, and understood.
The importance of engagement as a means to accommodate customers is well encapsulated in a statement by Andrew Wynn- director of the hugely-successful home insurance company called Hippo Insurance that is based in San Francisco: a city that is well-known for its many tech companies and start-ups.
He stated: “Right now is a really unique time to be able to find different ways to engage with your customers, but it's not a time to find different *reasons* to engage with your customers.”
Home insurance companies like the aforementioned one have experienced numerous challenges since the onset of the Covid-19 pandemic. Providing customers with insurance products during this period hasn’t been as easy as before. The most logical and humane thing to do right now is to engage customers not for profit, but for the sole reason of improving their experiences.
Effective CX Strategies in 2020 must include not only engaging customers and continuous innovation, but has to incorporate the prerequisite training and resources to customer agents.
Companies that provide their employees with the necessary support and tools for efficient customer engagement, will undoubtedly be miles ahead of those that do not. This keeps the company on toes, ensuring that they are always innovating and adapting for survival during this pandemic.
These are the building blocks for a lean, flexible, strong and efficient CX Strategy capable of withstanding the challenges the world is currently experiencing.
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