We can all acknowledge the tremendous importance of customer satisfaction. In today’s society, customers are becoming significantly more vocal about their experiences with brands, and more influential in brand reputation and customer retention rates. So why not dedicate time to finding out exactly what your customers’ needs are and make that your top priority? In order to be competitive in today’s market, you must learn how to fuel your business with cognitive capabilities.
What do customers want?
Customers want personal and engaging experiences that develop into relationships. Much like the trials and rewards of personal relationships, when done right, brand relationships can grow into lifetime commitments. When done wrong, they can lead to painful breakups.
For example, think about why you keep returning to your favorite restaurant. Is it for the great food and great environment? Sure it is! But more than likely it’s a lot more than that. If the service was not consistently excellent, you probably wouldn’t return as often. No one wants to spend their free time dining in an environment that is not welcoming. Have you ever had a terrible experience at a restaurant? I know I have, and I certainly wasn’t in a hurry to go back. Chances are you wouldn’t be either.
So what is it that we like about our favorite restaurants or retail stores that keep us coming back? More often than not, it’s the relationships we’ve built there and the loyalty and reward programs that make it worth our while to return.
Based on a survey commissioned by RightNow (acquired by Oracle in March 2012) and conducted by Harris Interactive, customers are looking for specific results from a brand. They also indicate how quickly they will dump a favorite brand, and their tendency to seek retribution after a breakup. It also showed the following:
86 percent of consumers will pay more for a better customer experience.
89 percent of consumers began doing business with a competitor following a poor customer experience.
79 percent of consumers who shared complaints about poor customer experience online had their complaints ignored.
50 percent of consumers give a brand only one week to respond to a question before they stop doing business with them.
Another business where customer service is of the utmost of importance is a call center. Learn how to turn your customers into your champions with cognitive business operations in this video:
Infusing your processes with cognitive business operations can empower your employees to have access to more information, faster. Your customer will also be able to make better, more informed decisions. Predict customer behavior and respond to their needs within every interaction. Create experiences that are unique to your customers and they will return and become a customer for life and a champion for your brand.
For more information, visit IBM cognitive business operations here.
Auto insurance fraud costs companies billions of dollars every year. Those losses trickle down to policyholders who absorb some of that risk in policy rate increases. Thélem assurances, a French property and casualty insurer whose motto is “Thélem innovates for you”, has launched an artificial intelligence program, prioritizing a fraud detection use case as its […]
Digitization does not stop at the proverbial concrete gold — real estate. In fact, the real estate industry is on the move. Companies are realizing the benefits of digital transformation and are capitalizing on the power of new technologies such as cloud, AI and blockchain. Take, for example, Apleona GmbH, one of Europe’s largest real […]
We’ve all been there. You have an amazing idea that’s really exciting. Maybe it’s a home improvement project, or perhaps it’s a new business idea. You think about all the details required to make it real. But, once you get to the seventh action item, you’re not so excited anymore. Sometimes when we realize the […]