Companies delivering great customer experience at scale significantly out perform the market: Accenture
Companies need to focus on three key qualities in order to deliver highly relevant customer experiences at scale, according to Accenture. And those who succeed significantly outperform the market.
The company has shared the information in an interactive infographic culled from a study called Digital Transformation: Re-imagine from the Outside in which it outlines the issues. The full report is also available for download.
The consultants write, “Business success today requires a customer-focused digital transformation. It starts with prioritising a superior and relevant customer experience, and aligning the organisation, processes and technology to power it.”
The rationale is simple: customer experience leaders significantly outperform other companies, according to the study on which the infographic is based. The report quotes Watermark Consulting data, which found the cumulative six-year total return for investors in customer-experience-leading companies outperformed the S&P 500 index, 43 per cent versus 14.5 per cent. Laggards under-performed relative to the index by 48 per cent.
Accenture’s three key insights around achieving great customer relevance at scale are:
- Delight your customers — “Companies must understand customers to design delightful omni-channel experiences and services”. The authors say that customer systems should be relevant, simple and elegant. They illustrate this key element with the example of Amazon which, they say, delivers great customer experience by making it easy for customers to get exactly what they want, hassle-free.
- Reorient your business — “Companies must tune brand-management and the operating model toward customer-centricity and agility, while infusing analytics into the core culture”. According to the authors, business systems should be effective, efficient and deliver return on investment. For instance, BMW implemented an eKanban digital solution with Lear Corp, a car seat supplier, in order to align its internal business operations around customers by streamlining the supply chain.
- Flex your platform — “Optimising the marketing, content and commerce technology infrastructure powers customer experiences and business operations”. The authors emphasise the necessity for technology systems to be robust, scalable and able to be deployed quickly. That can be done with comprehensive digital dashboard architecture. This solution will store data and provide a “strategic business intelligence platform for analysis, insights and measurement of global digital marketing initiatives.”
Importantly, Accenture says that no two journeys look the same. “Every digital transformation journey will be different and dynamic because captivating customers means constantly and swiftly adapting to their changing needs.”
Digital transformation is not for the faint-hearted, says Accenture. The report concludes, “It pushes companies to take stock of who they are — and what they could become. That alone is hard work. But amid the inescapable realities of new customers, new competitors, new partners, and new technologies, success cannot be left to serendipity.”