Is CX Dying?
The Key to Saving Customer Experience at Your Organization
by Frank Buckler
I recently read two pieces of research about Customer Experience that greatly worried me. The first was from Nunwood, who publish a Customer Experience index, and it showed that improvements in Customer Experience were not happening. The second was from Forrester, echoing a similar finding: no increases in Customer Experience improvements.
With all the effort that companies are putting into improving their Customer Experience (CX): Why are there no measurable improvements? The C-Suite want to see a return. If this continues, I am sure the investment in people and money dedicated to the effort will stop—and rightly so. However, if that happens, I worry that Customer Experience as a movement will die.
Although there are many reasons for this from my experience, one central mistake is made in nearly every CX initiative. It is something many have already recognized. Prof. Fred Reichheld (Co-developer of NPS) talks precisely about this in a recent keynote:
“Be aware of interpreting what customers tell you when you ask them for the reasons about their likelihood to recommend. It does not all have the same importance in driving loyalty.”
Nicely said. However, this is not very useful if you do not have a way to identify what actually is important in driving CX and loyalty! We need a way to differentiate between essential reasons and responses that are only top of mind.
This is the Mission behind CX.AI – a platform that automatically codes open-end responses with human-like precision. It then leverages causal AI to identify the Loyalty impact of themes mentioned by customers.
What we see in most cases is that the most often mentioned reasons for LTR generally have low to moderate impact. If they happen to be important, they tend to be quite general topics: “good personal service” instead of “they react fast” or “they are honest and trustworthy.”
Sure, one of the most powerful CX management tools is to give customer feedback directly to the frontline. But even better is to provide insights from the customer feedback. Insights that prioritize true loyalty drivers and enable your service representatives and account managers to engage with customers armed with information that better serves customer needs and accelerates the resolution of dissatisfaction. They need information about which topics are most severe and urgently need to be addressed before losing a customer.
Is CX dying? Those companies who understand the value of analyzing and interpreting customer feedback AT SCALE using available natural language processing (NLP) and AI technologies will soon become the lighthouses of the CX movement and elevate it to the next level.
Here is more on the CX.AI solution www.cx-ai.com