A stronger customer focus was the top strategic priority for 53% of the revolutionary CEOs but what does this mean in practice? What are the commercial benefits to the business?
KPMG Nunwood’s Customer Experience Excellence Centre is dedicated to defining what “best-in-class” looks like for customers around the world. Now in its sixth year, the Excellence Centre recently released its 2015 UK analysis, which draws on over 10,000 consumer interviews to provide a comprehensive and in-depth look at UK customer experience.
Top rankings in customer experience link not only to better loyalty, but improved revenue growth and EBITDA however, the analysis found the UK is making little progress overall, with no improvement on 2014’s average score. The majority of organisations are struggling to shine, despite increasing levels of investment and focus. In certain sectors – such as telecoms, logistics and grocery retail – performance has declined, rather than improved. Compared to international counterparts, UK brands are being outperformed on the global stage with average scores 5% lower than the USA.
The analysis shows a number of businesses have succeeded in improving their customer experience. This is achieved by mastering six principles - ‘The Six Pillars’, a universal set of qualities of every outstanding customer relationship.
To ensure that these permeate everything a company does, outstanding leadership at executive level is required. Many successful brands see customer experience as “the new marketing” – replacing traditional broadcast communications with a new way of doing business.
Despite growing investment and boardroom focus, many firms still struggle to put the customer at the heart of their transformation efforts. As the UK starts to see stronger economic growth, unlocking the secrets of the brands at the top of this year’s rankings will help other organisations to delight customers and shareholders alike.
The leading brands in this year’s research were Lush, First Direct and John Lewis – but what can other businesses learn from purveyors of trendy soap, an on-line bank or a department store? The answer is a simple one – how to harness customer experience to drive supernormal commercial performance. These firms not only provide engaging and entertaining experiences for this customers, they have developed leading-edge approaches to digital, supply chain, manufacturing processes and ethical sourcing. Their customer success and innovation translates clearly to healthier, better business.
Whether you operate in business-to-business or business-to-consumer, learning from the customer experience best practice of today’s leaders will be critical to competing in tomorrow’s market.
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