It’s obvious that in order to grow in the current market, one must listen to and act on customer feedback. Prioritizing customer satisfaction creates customer loyalty, the end goal of all CX programs. However, the big question is this. How do you get started or revamp your CX program? As is the case with most business practices, two have two options.
Of course, what’s best for you depends on your needs/requirements. While it is possible to successfully build and manage your CX program internally, there are some clear benefits of outsourcing that you might want to consider.
As per this study by Oracle,
After a poor customer experience, 89% moved to the competition.
So, it doesn’t matter whether you do have an in-house or external CX program. What matters more is how efficient and successful the program is. Generally speaking, we believe that it’s always better to defer to the experts. This of course, includes companies that specialize in Customer Experience Management.
Outsourcing CX gives you access to the knowledge and CX strategies that your CXM company has tried and texted across hundreds of vendors.
Answer this.
What impact will a 5% increase in your customer satisfaction score have on your bottom-line?
Chances are, you can’t.
In the long-term, you should be able to devise strategies that directly impact your Revenue. Doing this in-house is impossible for most companies.
Similarly,
If you have to wait a month or longer to get your customer reports, then by the time you get them, you have already lost your unsatisfied customers.
To prevent this, we use Machine Learning and AI to automatically notify our clients if their customers are angry. This gives them ample of time to retain them.
(If you wish to learn more about this, go here)
Measuring customer experience is not a one-time exercise. To truly be on top of things, you need to measure CX everyday/after all transactions. Similarly, you must monitor customer sentiment continuously to know if your customers are about to churn. The whole project (with Data Mining, Text Analytics, and Churn Analysis etc.) ends up requiring a lot of people.
In the long run, it’s massively cheaper to simple outsource you CX Program.
What most people forget is that the purpose of a CX program is not to collect customer data and satisfaction scores. What matters more, is what you DO with that data.
The main objective of a CX program is to listen to the voice of your customers and find actionable insights that you can use in your decision-making.
Since, a CXM company has been executing CX programs for years across various vendors, there analysis is usually more accurate and granular.
Additionally, it’s faster as well. An in-house CX program will be much slower, given the learning curve.
Stay in the loop with the latest updates and insider insights. Join our community and subscribe to our newsletter today.
