The LASSIB Society Mumbai Chapter under the able leadership of Meera Srinivas conducted its first Round Table Conference on 13th June 2015 at Tunga Paradise, Andheri, Mumbai. Elite set of panelists and engaging conversations made it truly a memorable event for all those involved. Below is the summary of the event:
Customer Engagement in a SMAC driven world
Far reaching changes in Digital technology and the advent of cheaper and powerful personal devices have created a world where Enterprises are finding that customers are dictating terms (category after category) in increasing volumes. A whole new generation who are born around mid eighties are hooked to screens for everything starting from education to day to day social interactions and are becoming increasingly dismissive of traditional ways of communication and buying. And this trend is also moving backward to older generations and is now becoming pervasive.
Following are the takeaways from the Round Table Conference:
Challenges/ Pain points:
• The world or parts of it have now moved into the ALWAYS ON mode. The customer never sleeps and expects 24×7 services. This creates challenges in the service channels, knowledge mgmt and quality of responses and deliveries.
• Though the world can be divided into Digital Ignorant, Digital Participator and Digital Native – soon there may be no more Ignorants. This affects all traditional ways of customer acquisition, product/service delivery and engagement as well as modes of communication and effectiveness of the same, in the near future.
• The all-knowing Digital world today makes it easy for customers to compare every product / service head to head with competing stuff and makes decision making easier. The organization can no longer hide behind brand personas and opaqueness of product information and reviews.
• Current CSAT measurements are longer an indicator of brand health as in SMAC world, customers are increasingly disloyal. Coupled with this is the fact that such measurements have failed time and again to red flag tech innovations that are threatening to take away the customers.
• A continuous 24×7 customer participation of social media is leaving no breather for organizations – almost everything is being commented upon, clouding future customer participation.
• Customers regularly are jumping from digital to non-digital channels to fulfill their goals of interaction with the company. Customer convenience is more important today than organizational capability.
Way forward/ Roadmap
The key to survive and thrive in the SMAC driven world lies in 2 important facts – ONE – there is no silver bullet which a org. can use to jumpstart and TWO Continuous innovation is almost a given in this world as every customer is now in the radar of technology enabled nimble footed competitors.
TOO BIG TO FAIL is sounds now as a premonition. An org can however thrive if they follow these suggestions:
• Enterprises need to rework on their customer journeys to reflect changing expectations, ease of doing business using tech, response quality in the omni channel space and finding Delight in the almost commoditized service offerings.
• Leadership needs to roll up sleeves and jump right in “delivering” Brand Promises 100% of times, monitor reputation, and focus on Customer Lifetime Values instead of just acquisition and bottom-lines. The churn (leaking customer bucket) tells a whole new story of customer preferences and not just disappointments.
• To be available 24×7 org. need to create a connected mesh of human interface, digital response mechanisms and self-service, empowering front lines with communication bullets, service recovery skills and knowledge management.
• Consider SMAC as a channel with its own ecosystem while sitting in an omnichannel world. This will require leadership to look at restructuring teams and non traditional ways of hiring and training.
• Customer feedback and trends should be available all across the organization to facilitate innovation and meaningful response.
• Leadership should be aware that further far-reaching changes are coming in their category thanks to SMAC and to stay ahead of the curve, they need to watch this space very very closely (almost everyday).
For more details on the panelist and the event, please refer to the event website https://customersatisfactionrtc.lassibsociety.org/