CX Value In Professional Services
Technology has always been a powerful enabler for client experience (CX) and this has never been more true today. Customer insights that were once unavailable, can now be captured and analysed in an instant. This provides tremendous opportunities for businesses to gain a deeper understanding of their customers, provide a personalised and powerful customer experience, and drive business growth.
With the combination of recent global upheaval, fast-paced technological progress, and increased connectivity, businesses are operating in a very different environment than they were just a few years ago. Today’s consumers want information instantly, and businesses must engage them at breakneck speed to preserve their attention. As a result of these megatrends, technology has become a crucial factor in the race to differentiate through the customer experience.
The Power of Technology-Enabled CX
At its heart, CX is about understanding what clients want and need from their interactions with a company — and then exceeding those expectations. It’s not only about pleasing customers when they’re directly engaging with a company, but also about building loyalty and pre-empting their needs so that they come back time and again.
This is particularly relevant for professional services organisations as they strive to differentiate themselves in an increasingly competitive market. Globalisation, the growth of the knowledge economy, and increased regulation are all putting pressure on businesses to rethink the way they deliver services. In this new environment, technology is not just a bonus — it’s essential for success.
Integrated digital tools can help organisations become more agile, efficient, and effective. And when used correctly, they can help firms obtain a deeper understanding of their customers, which can then be used to drive better business outcomes.
Differentiating Your Value Proposition Through Personalisation
The pressure to provide a superior client experience is leading firms to focus on personalisation as a key differentiator. Personalisation can take many forms, but at its foundation is the idea of providing each individual client with a tailored service that treats them as a human and not just a sales figure.
Personalisation is impossible without a deep understanding of the client, and this is where technology can play a vital role. By harnessing the power of data, companies can obtain a detailed understanding of their clients, including their unique preferences and needs. This data can then be used to provide a more personalised service — a made-to-order CX. Technology is revolutionising the way we interact with clients, and professional services organisations must embrace it to stay ahead of the competition.
How Much Is CX Worth?
Creating a world-class customer experience requires significant investment, but does it pay off? All the data points to a resounding yes. According to the XM Institute, businesses earning $1 billion annually, can expect to earn an additional $765,000 over three years with just a modest investment in CX.
Forbes Insights reports that 83% of executives face moderate to severe revenue and market share risks due to unimproved CX. These statistics are also backed up by Deloitte, which reports that customers who enjoy positive experiences are likely to spend 140% more than customers who report negative experiences.
Personalisation also carries quantifiable financial rewards. According to McKinsey & Company’s Next in Personalization 2021 Report, 78% of customers are more likely to make repeat purchases from companies that personalise. The same report revealed that they are also more likely to recommend a brand to their friends and family if they received a personalised customer experience. This shows that personalisation creates brand ambassadors — customers who are vocal about their great experiences and help to attract other customers.
Consumers Are Seeking Purpose
Recent global events changed consumer behaviours in ways that were unexpected. In the aftermath of the pandemic, consumers are increasingly looking for brands that share their values and have a purpose beyond profit. According to Gartner, the post-pandemic consumer is feeling bolder and wants to take back control of their lives and their finances. Mindless consumerism is a thing of the past, and consumer behaviour is evolving to reflect this cultural zeitgeist.
In the backdrop of the "Great Resignation", the consumers of 2022 are in pursuit of a purpose. This mindset shift means that customers are seeking value from brands outside of the traditional purchase funnel. Brands that can tap into this trend and align their business with a purpose that resonates with their customers will be the ones that succeed in the future.