In today’s attention economy, customers are spoilt for choice. Everybody wants a Spotify/Netflix-like experience with businesses. Did you know that 32 per cent of customers would walk away from a brand after just one negative experience? As the saying goes, fool me once, shame on you. Fool me twice, shame on me. And so, if the negative experience reoccurs, 92 per cent of customers will opt for other brands.
This is the key reason why customer experience (CX) has now evolved into an existential function. The growth of a company is now directly proportional to the customer experience it creates. However, businesses still struggle with delivering personalised customer experiences. Today, it is no longer just simple personalised messaging or product recommendations, or rule-based resolutions. As Mckinsey puts it, CX encapsulates everything a business does to put customers first, managing their journeys and serving their stated and unstated needs regardless of channels.
Given this gravity, enterprises are figuring out to get it ‘right’ and get it ‘right the first time.’ The smartest approach is to adopt an as-a-service operating model. Risks associated with the time and money invested in an in-house scenario are detrimental to business velocity. Customer experience as a service (CXaaS) is a cloud-based offering that brings CX strategy, technology, and expertise together in an end-to-end managed services model. It includes planning, designing, and executing activities that encompass all parts of the customer experience across the lifecycle.
What could make the difference is a unified CXaaS platform that takes the ownership to fast-track your revenue acceleration through enhanced CX. Thus, ensuring your organisation has scalable and sustainable CX strategic power to outdo the competition.
Here are three key ways that CXaaS platforms can help enterprises.
Approach revenue acceleration with CX strategy:
CXaaS isn’t just one technology or platform. It’s a strategy. Using cloud-native technology it generates a real-time, 360-degree view of the customer. This delivers an enhanced customer experience that is personalized and seamless.
Little wonder then that the CXaaS market is projected to grow from $1.64 billion in 2021 to $4.17 billion in 2028, a significant part of it attributed to the BFSI industry.
For instance, Crayon data’s flagship platform maya.ai helps enterprises with their CXaaS strategy, with services such as:-
• Unique personalised storefronts.
• Providing a consistent omnichannel customer experience.
• Insights and analytics from customer data and behaviour.
This has helped some of our clients, including one of the largest banking groups in the Middle East - generate up to $70 million in value. This bank wanted to increase incremental value, activate dormant customers, and improve their engagement metrics for their campaigns. And a strategic CXaaS approach helped them achieve this.
Stay ahead of the competition:
In the aftermath of the pandemic, customer journeys have moved largely to the virtual space. This has had a huge impact on their expectations.
Almost 93 per cent will spend more if a brand doesn’t make them repeat themselves during the CX journey.
Another 73 per cent want to be able to start their CX journey in one channel and continue it seamlessly in another.
The 68 per cent expect personalisation in every single subsequent interaction they have with a company.
Tech that fulfils these expectations is the need of the hour. And so, enterprises must evaluate and consider the right CXaaS partner for their requirements. This will allow them to be part of the product journey post the first purchase, giving them access to upgrades and newer versions. It also reduces overhead costs and enables faster market entry.
In the travel sector, for example, customers are looking for intuitive experiences and personalised travel itineraries. For a leading bank in India, maya.ai mapped connections between different countries and cities. Based on affinity, the platform then predicted the next-best international destination for a customer. This drove approximately USD 100 Mn in spending in both international and domestic travel categories.
Improve efficiency and optimise:
Forrester’s US 2022 CX Index identified that even a small improvement to a brand’s customer experience can result in revenue increments worth tens of millions of dollars.
This could be anything from optimising voice IVR to workforce intelligence bots that can assist customer-facing roles. It could also mean automating simple front and back-office tasks that will make the customer journey smoother and faster.
It also enhances the omnichannel experience. For BFSI enterprises, maya.ai’s widgets integrate with all digital assets, from the offer portal to the net-banking homepage to the logout page. It analyses every customer interaction in real-time and immediately displays relevant offers based on tastes and context, such as time, day, and place.
Such an approach resulted in a 17 per cent increase in digital engagement for a leading bank in India. And for a leading bank in Singapore, there was a 42 per cent increase in widget visits on campaign days.
It’s also important to note that cross-sell, upsell, cost of sale, or campaign response rates do not measure customer benefit. What enterprises should be doing is defining what CX means to them. Then, they can decide how to measure it. This in turn will help craft experiences that will keep customers coming back for more.
To sum it up, CXaaS helps organisations deliver the kind of experiences that today’s customers expect — easy, effective, and satisfying.
Will enterprises take this leap toward revenue acceleration? We’ll have to wait and see.
Lakshmi Narasimhan is a chief product officer at Crayon Data.
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