Customers in the age of the smartphone have more power than ever before. Businesses of all shapes and sizes are being forced to look differently, and with more respect, at customers.
More and more, digital delivery of that experience is playing a significant role whether you are selling a house or car, managing a supply chain or providing financial services.
Now, research from the National Center for the Middle Market NCMM shows customer experience digitization is re-shaping the marketplace for middle market firms, and although execution is difficult, the rewards far exceed the challenges.
The study found that 74 percent of middle market companies agree that digitizing the customer experience is essential to growing or transforming the business to meet future business goals, 70 percent believe it's the key to company growth and 69 percent know that it's essential for delivering a seamless customer experience.
However, many middle market companies have been slow to integrate digital solutions due to costs and not being able to capture the financial return from the investment, as well as internal conflicts between digital and analog parts of the business.
In fact, customer experience ranks second only to quality as a source of competitive advantage. The NCMM's research identified four clusters of companies: Generally, digital integration has grown quicker for managing back office functions and business analytics than for customer facing business functions, like sales and marketing.
The data substantiates that digitally strategic middle market companies grow at a quicker rate.
In fact, firms reported nearly 10 percent year-over-year revenue growth and 4. There is a strong correlation between the size of a company's investment and a successful digital customer experience.
The report revealed that 80 percent of middle market companies surveyed are currently investing in digitization and are being directed toward customer experience and interaction. About the Survey The National Center for the Middle Market surveyed strategic decision makers from middle market companies who share responsibility for managing the customer experience.
The Center designed the survey to understand how middle market companies view the customer experience, uncover what actions they are taking to digitize that experience, evaluate the impact of digitization, and understand the obstacles to customer experience digitization.
It exists for a single purpose: The Center is the leading source of knowledge, leadership, and innovative research on the middle market economy, providing critical data analysis, insights, and perspectives for companies, policymakers, and other key stakeholders, to help accelerate growth, increase competitiveness and create jobs in this sector.
The Center enthusiastically serves middle market firms, students, academic researchers, policy makers, the media and other key stakeholders with interests in the health and well-being of the middle market. The Center is fully committed to funding and distributing the most credible open-sourced research, dynamically creating new knowledge, providing programs that drive value for middle market companies, and offering a well-informed outlook on the health and future of the middle market via the Middle Market Indicator.The Future of Customer Experience in Financial Services How to fend off new competitors and meet rising customer expectations through web and mobile channels.
Powerful customer engagement via mobile and other digital channels has become table stakes in financial services. The Future of Travel’s Mobile Customer Experience We’ve now seen how today’s travel brands are using mobile to build better customer experiences.
But what does the mobile travel experience.
With the explosion of digital and acceleration on innovations, customers will demand companies to personalize the experience, predict and proactively address their current and future needs. Generally, by customer experience will overtake price and product as the key brand differentiator.
Today’s consumers are more sophisticated and have higher expectations for customer experience than in the past. This means brands must innovate and look for new ways to elevate that experience, especially across digital channels, to transform how they provide support.
What customer experience future should companies prepare for? We recently assembled leading customer experience experts Don Peppers, Joe Pine, and Olaf Hermans for a video chat to discuss the future of customer experience.
The pace of change in the digital world is exponential. How do you prepare your organization for the customer experience of the future? In , it cost $ billion for a human genome to be sequenced.