Thought leadership

According to the report from businesses are faced with three key challenges:

o Customers are more easily disappointed. Despite the availability of ever more sophisticated and powerful technologies to understand their audiences, a quarter (25%) of customers believe companies have failed to improve their handling of customer relationships in the last three years

o Customers are quicker to judge businesses critically and are less willing to forgive poor customer experiences that fail to meet their expectations. With a third 30% of customers sharing a bad experience online, on the phone or in person, and each detractor sharing their negative experience with an average of 18 people

o Customers are more prepared to act decisively when their relationship with a business takes a turn for the worse. One in six customers will switch provider after just one negative experience. consider switching provider due to be being treated with a one size fits all approach, just one negative experience. It takes nearly a quarter of customers (24%) more than a year to re-establish trust with a company after a mistake, and a similar number (23%) say they’ll never trust the company again

The report also covers:

· The remarkable shift in power between customers and businesses and how despite investment in technology for managing customer relationships, customer satisfaction loyalty and advocacy are elusive goals for many businesses

It examines the challenges businesses are struggling with and the distinct areas where they are mismanaging relationships, including how leaders with responsibility for customer strategies (including CMO, CEO and CCO) are failing to address these challenges: three quarters simply don’t know how to build customer engagement whilst two thirds have no customer strategy in place. The research highlights some distinct areas where businesses are mismanaging relationships, which lead directly to some of the most damaging customer engagement experiences, such as various customer touch-points working in silos

· Introduces a comprehensive, new model for engagement which illustrates how across five key principles (personalisation, contextualisation, relevance, knowledge and customer journeys) businesses can build deeper relationships with their customers, and create a better future for their organisations and customers alike

Through its experience working with some of the world’s most demanding companies, provides a view on how brands and businesses can think beyond customer experience and look to build enduring relationships and customer commitments that lead to increased revenue, customer lifetime value, advocacy and loyalty. The business’ newly defined model for customer engagement provides the most detailed picture available of how customer relationships really work today.

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