Companies that earn $1 billion annually can expect to earn, on average, and additional $700 million within 3 years of investing in customer experience, according to The Temkin Group. Recent research shows a good customer experience means your customers will spend more. In fact, 86% of buyers are willing to pay more for a great customer experience. The more expensive the item, the more they are willing to pay according to pwc.
Delivering the ultimate customer experience requires transformation. That’s why we’ve gathered some top thought leaders and solution providers to find out how they are getting CX right. Our CX Innovation summit is three days filled with conversations to set your organization on the right path. Each of the conversations will surround the following three key themes:
Proactive vs. Reactive Customer Service
According to New Voice Media 58% of Americans would never use that company again. 82% of consumer have stopped doing business with a company because of bad customer service according to Zendesk. The goal of proactive customer experience is to foresee the kind of help customers may require before they even ask. This enables teams to solve potential issues at source in a timely and efficient manner that guarantees an excellent customer experience. Besides, a brand needs to minimize inconveniences in every possible way and keep customers abreast of the kind of actions being taken to address their issues. In a nutshell, there is a need to create awareness by ensuring there is a free flow of information from the company to the consumer to help change potential negative experiences into positives. Some questions we will consider:
- How can you identify and determine repeat occurrences that impacts and hampers the customer’s journey?
- How can you evaluate potential techniques to improve existing procedures and predict and pre-empt potential problem areas?
Technology to Drive Outstanding CX
Customer experience is now a well-regarded and rewarding career, especially when companies integrate systems that allow for collaboration between humans and machines. Furthermore, automation is now the new normal regardless of your industry. If you don’t embrace automated approaches, you will likely be left out sooner rather than later. According to IBM’s Global AI Adoption Index, 74% of surveyed companies are either exploring or deploying AI. Explainable AI is a top priority. 90% of surveyed companies already using AI say the ability to explain how the algorithms arrive at a decision is critical. As technology delivers more convenience to our daily lives, virtual assistants such as Alexa and Siri will continue to optimize interactions your brand has with customers. Some questions we will consider:
- How can you implement an automation solution that enables you to train, monitor, and manage your virtual assistant?
- What is the future of customer service, including AI and virtual agents?
Drive Customer Loyalty
Investing in customer retention and loyalty rather than acquiring new ones is a proven business strategy. Customers can be retained for 7 times less money than new ones, according to a well-known statistic from Bain and Company. Additionally, companies that increased their spending on customer retention over the past 1 to 3 years achieved a 200 percent higher probability of increasing their market share.
- How is your organization narrowing in on customer loyalty and retention?
- What’s working for brands who have extremely loyal customers?
There are certainly many challenges along the way getting CX right. Join us to discuss your challenges with your peers and walk away with tangible solutions.
GDS Summits are tailored 3-day virtual event conferences that bring together business leaders and solution providers to accelerate sales cycles, industry conversations and outcomes. Regarding the CX Innovation Summit 86% of Delegates said the overall experience of Digital Summit they attended was either Above Average or Excellent and 71% of Delegates said the Digital Summit provided them with actionable outcomes to support their current initiatives.
For more, click here to hear from attendees on how GDS has helped them to achieve their business outcomes.
Continue the debate at GDS’ CX Innovation Summits where we bring together senior marketing executives who are actively seeking to share, learn, engage, and find the best solutions.
