Frustration with poor service drove 65 percent of consumers into the arms of more agile alternative providers in 2015. But a standardized, simplified and streamlined operating model, empowered by digital technologies, could help retain customers and grow the company. By making all channels more responsive to customer needs, such an operating model could tackle the churn challenge—and enhance operational performance. Indeed, pleasing customers and improving the bottom line is no longer a zero-sum game.
Most incumbents are already well-positioned to provide a better customer experience.
The stakes are bigger than you think. The global switching economy is already worth some $6 trillion, and growing at double the rate of global GDP. What’s more, traditional strategies that deal with churn by focusing on new customer acquisition may be compounding the problem.
Your customers don’t want to leave. 8 in 10 customers who switch providers say they could have been retained if the company had been more responsive to their needs. Most also say they prefer a mix of human and digital interactions—a key strength of traditional providers.
You can have it all. By leveraging digital to make the front office more agile, and empowering inspirational change agents to encourage cross-channel cooperation and collaboration, leading players are driving down costs and boosting customer satisfaction.
You can leverage digital disruption to your advantage.
Learn more about your customers. Align the metrics that measure the impact of your customer experience on churn with the right outcomes. Leverage analytics to understand optimally differentiated customer experiences.
Focus operational design decisions on end-to-end customer outcomes. Organize employees around customer intent and empower them to support all relevant areas.
Develop a culture that adapts to changing customer needs. Incentivize behaviors that will drive the right customer outcomes, communicate consistently and lead from the top.
Establish a process to allow for continuous improvement. Implement a “review, approve and prioritize” process to drive customer value generation and ensure future value is unlocked.
Managing Director – Accenture Strategy,
Customer Service Strategy & Transformation