In this installment of TheCustomer QT: The future of CX is happening right now, Bad UX now comes with a price tag, The future of customer data is happening right now, Loyalty fraud grows, and the Future of marketing journalism is happening right now.
Happy skimming!
CX
Why Resolving Channel Silos Is Crucial Today
Quick-Take: Customers Want Consistent Omnichannel Experiences
- 75% of customers want to have consistent experiences, no matter which department they’re communicating with.
- 58% report feeling as if they’re interacting with separate departments and not one single company.
- 70% expect all of the customer service representatives they come in contact with to have the same information about them, but 64% report that they have to re-explain the issues they’re experiencing.
Reordering reality: how retailers can emerge stronger
Quick-Take: A CX North Star is more than a vision – it’s a guide for doing business. What separates the most durable businesses from the others is knowledge that technology alone is not enough to accelerate and deliver the digital transformations now required across all organizations. It requires massive instantaneous change, across all levels of the enterprise. Adopting this customer centric approach requires an organization to put the human at the center of all they do.
The critical components of a real-time CX
Quick-Take: The issue is that most solutions in the market today were built to support business needs, not to solve customer’s problems. They were designed to help companies create segments and execute batch campaigns, not address the complex emotions and real-life circumstances that can send customers down a new path within seconds.
Lean on Data at Each Step of the Customer Journey
Quick-Take: According to Google Research, 98 percent of Americans switch between devices daily, and SDL found that 90 percent of customers expect a seamless customer experience across channels and devices. The reality is that no journey is linear, and no two are the same.
UX
Expensive UX
Quick-Take: And this nearly billion-dollar boondoggle came from an unexpected source: a confusing UI creating a toxic user experience loop that passed the human review process not just once but three times.
User Experience Is Hard When Your UI Is Still Living in 1997
CUSTOMER DATA
Reinventing Your Business Model to Drive Customer-Centricity
Quick-Take: The solution is for brands to stop going around the world to get next door. Instead, they need to respectfully ask the customer for direct and secure access to their personal data in exchange for rewards and benefits with legal protections. Fortunately, consumers, especially Millennials and GenZ’s want to share their data with brands they trust and love.
Agile marketing requires agile data measurement
Quick-Take: Murray counts up to 235 data sources relating to sales and marketing. If he’s focusing on customer experience, he’s breaking down new customers and retention, and further breaking that down by channel.
Customer Data Maintenance Matters for Marketers
Quick-Take: A Forrester Consulting survey found that marketers waste more than a fifth of their budgets on bad customer data, undermining their ability to execute on critical priorities.
The Fast-Approaching Future of Customer Data
Quick-Take: If you’re already generating acceptable ROI from targeting these pre-curated audiences, you might think that developing detailed models of your own first-party customer data is less compelling. But new and pending privacy-oriented decisions by Apple and Google, among others, will severely influence the capability and efficacy of third-party data, adding more complexity and urgency for organizations still grappling with the fundamentals.
PRIVACY & FRAUD
The Quandary of Default Opt-Ins
Quick-Take: Given the enormous and asymmetrical power differential, whenever the default opt-in is used, it will only take one thoughtless or ill-conceived (not to mention malicious) default opt-in campaign to produce tremendous and irreversible harm to a great many people.
Account Takeover Explosion
Quick-Take: In 2020, every second fraudulent transaction in the finance industry was an account takeover, a Fraud Prevention report by Kaspersky has found. According to anonymised statistics of events detected by Kaspersky from January to December 2020, the share of such incidents increased from 34% in 2019 to 54% in 2020.
How QSRs Can Drive Out Payment Fraud
Quick-Take: The jump in food delivery rates during the health crisis has given fraudsters more opportunities to blend in among the many consumers placing online restaurant orders for the first time or using new cards, making it much harder for QSRs to distinguish between legitimate customers and bad actors. Fraudsters are also attacking food delivery apps and platforms from new angles
LOYALTY
Covid-19 Has Made Americans More Brand Loyal Than Ever
Quick-Take: Despite the social and economic upheaval of 2020—or perhaps because of it—Americans are emerging from the pandemic as more brand-loyal that perhaps any time in history. (Paywall)
AI
How AI will revolutionize the retail customer experience
Quick-Take: Foreshadowing retail’s digital revolution, the industry’s spending on artificial intelligence is estimated to grow to $7.3 billion per year by 2022, up from an estimated $2 billion in 2018.
Artificial intelligence has advanced so much, it wrote this article
Quick-Take: I did not write this article. In fact, it wasn’t written by any person. Every sentence you see after this introduction is the work of OpenAI’s GPT-3, a powerful language-prediction model capable of composing sequences of coherent text. The only thing I did was provide it with topics to write about. I did not even fix its grammar or spelling.
(Editor’s note: Honestly didn’t see this coming.)
** You can find past editions of TheCustomer QT here.**
Photo by Robin Benzrihem on Unsplash.
