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Protect the Value of Your Brand by Enhancing the Customer Experience

Callie Housser |

In the fiercely competitive market that we live in, every detail in the customer experience can have an enormous impact on the performance of a merchant. In today’s day and age, information travels rapidly through a stream of social networks, allowing for experiences- good or bad- be shared instantly. In fact, of the 67 percent of internet users participating in social networking today, 31 percent of these users will take to social media to express disappointment with a poor customer service experience. The statistic increases to 40 percent for younger customers between ages of 16-24. With such exposure and sharing in the social media space, it is important to ensure a correct, efficient, and streamlined customer experience to protect the value of your brand.

Gaining an in-depth understanding of the customer experience entails tracking and evaluating the ‘customer footprint’. A footprint consists of the outlets in which a customer is interacting with a merchant or financial institution: whether it is by phone, online, or paper based alternatives. Tracking and evaluating that experience can be done by conducting a current state assessment to unravel operational weaknesses.

The enhancement of the experience across the customer footprint brings many benefits for the consumer and servicer: increased customer retention rates, operational efficiency and increased customer satisfaction to name a few. After a business assesses their operations relative to the customer experience, they can gain a deeper understanding of primary customer drivers of satisfaction and dissatisfaction. Which are especially important as consumers are 58 percent more likely to share bad customer-service experiences than good. Therefore, these issues can and should be appropriately tackled to identify operational implications to achieve target customer experience.

The evaluation of the current customer servicing is best carried out by call monitoring and agent side-by-sides to understand potential gaps and potential operational efficiencies. Once the gaps are identified, the next step is the creation of the target state “customer experience framework”  based upon the prioritization exercise, best practices, and additional gap analysis defining enhanced processes and technology as necessary. In providing an optimal customer experience, your business can help avoid, if not eliminate, the threat of a rapid spread of negative customer service reviews which can greatly threaten your brand.

Topics: Payments Strategy

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