For many, the ultimate customer experience can be elusive. Failed CRM initiatives. Siloed customer data. Outdated processes. Sound familiar? You’re not alone.
Consulting firm McKinsey & Company recently served up some great insight on the seemingly never-ending corporate objective to transform customer experience. The July 2019 article includes useful strategic guidance with video highlights from the firm’s leading customer experience analysts.
According to the article, “Companies still have trouble transforming their organizations to capture all the advantages of excellent customer experience.” But, executives can take action. In addition to leadership, focus, investment, and commitment, the McKinsey article makes the case that true customer experience transformation may require rethinking the business or the business model.
To get there, the firm offers up three building blocks for customer experience transformation success. Here’s a quick summary:
- Build aspiration and purpose: Start by getting management buy-in on customer strategies to ensure alignment. This includes establishing the purpose and “clear definition of value at stake” of customer experience initiatives.
- Transform the business: Redesign and innovate experiences, bringing employees and departments together to create new value for customers. This includes using a “discover design, deliver” approach to create new product/service experiences.
- Establish critical enablers: Engage customers throughout the process. Establish cross-functional teams that tap into company-wide knowledge and change mindsets, behaviors, and capabilities.
According to the McKinsey article, companies that get it right “can generate a 20 to 30 percent uplift in customer satisfaction, a 10 to 20 percent improvement in employee satisfaction, and economic gains ranging from 20 to 50 percent of the cost base addressed in the various journeys.” Impressive.
Want to learn more?
Hear directly from the firm’s analysts by reading the complete video-based McKinsey & Company article.