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Oct 29 2019

Persuade your C-suite to Transform the Customer Experience in the 5G Era

You have an hour with your C-suite, and the topic is investing in customer experience. What might you expect to hear? What might your C-suite expect to hear from you? How do you convince them that customer experience is worth investing in?

Experience leaders nowadays are facing the challenge of getting C-suite on board to invest in customer experience despite statistics like, "Capitalizing the Customer Experience opportunity generates an average revenue increase of $775 million over three years for a company with $1 billion in annual revenues." (ROI of Customer Experience by Qualtrics) 

In an age where consumers and businesses keep raising their expectations, Customer Experience (CX) has become one of the top competitive differentiators among brands across all industries. The time is now for companies to commit to making customer experience a priority and an essential part of their business strategy leveraging the potential of 5G. 

But many customer experience transformations will fail because CX leaders can't effectively show the C-suite how their efforts are creating value. It is crucial, then, to start by building a stronger business case around customer experience—one that will convince the C-suite and board of directors that investment in this area is necessary. At Nokia, we understand the importance of the business value of customer experience and empower you with these four points to make your business case invincible and profitable:  

  1. Focus on high priority customers and personalize the experience for them.

One size does not fit all customers. Start by identifying your customer segments and personas with the highest expected lifetime value and lowest cost of acquisition and service. 

Invest in these segments and include personalized experiences for your customers, whether it's suggesting complementary products, suggesting the next best actions, or recommending new 5G solutions. With the majority of customers expecting companies to understand their needs and expectations proactively, delivering that personalization in the right moment has a significant impact on the experience and creates loyalty across the board. 

For personalization, some factors must be in place. AI is essential to utilizing all the digital data available across a subscriber base to logically automate the actions taken and decide what information is needed to augment personnel so they can better serve the customer. These automated actions address customer satisfaction proactively and build loyalty. 

According to research by McKinsey, when brands get personalization right, they can see up to 30% uplift in revenue and customer retention.    

  1. Create innovative engagements and business models to unlock new revenue opportunities 

Real growth is dependent on the operator's willingness to innovate and transform. To grow the customer base, innovation in how to engage customers is incredibly important. Salesforce research shows that 68% of consumers and business buyers expect a higher level of innovation in offerings from companies today. Innovation can either come through new products or reinventing the existing ones in new ways to grow revenue and stay profitable. 

A common thread exists across the factors redefining customer engagement and driving innovation, and that is technology. This has been driving digital transformation initiatives for many to ensure that it’s possible to keep up with customer expectations.    

  1. Accelerate business by connecting intelligence and automation across the customer journey 

In KPMG’s global study of customer experience excellence, they found that the top 50 customer experience brands had 50% higher revenue growth and 3X higher EBITDA than the bottom 50 brands. They also report that customer journey mapping is the single most important CX tool. 

To effectively address the customer’s journey across all touchpoints, it’s vital to connect intelligence across the network and the business. This will bring a cohesive picture of the customer journey and yield deep insights for what steps to take. Acting on those insights with automation in real-time brings the rewards that those CX leaders enjoy, as well as introducing potential savings. This is the way to accelerate your business.   

  1. Reinvent and redesign solutions in the 5G era to increase productivity 

While today's C-suite see customer experience as an essential factor in creating a competitive advantage, they often ignore the value of ensuring a great employee experience. Employee experience is just as important as customer experience. Make sure your employees have solutions that make their lives easier, so they are happier and more efficient, helping your customers in the best possible ways. According to Forbes, companies that invest in employee experience are 4X more profitable than those that don’t due to higher engagement, so it even makes financial sense to support your employees well. 

Ensuring that great experience internally does require examination of what tools and processes are currently in place. To evolve rapidly with technology means partnering with companies who use design thinking and agile methodology for solution development. This ensures solutions are designed for the needs and expectations of the end users and updates are more frequent. Cloud native solutions are also necessary to simplify deployments and infrastructure management as well as improving flexibility.

Customer experience management will continue to evolve as 5G fully arrives and matures. Expectations from consumers and businesses alike are very high. But generating higher revenues, retention, EBITDA and profitability are awarded to those service providers who deliver on that promise and create extraordinary experiences. Build the right business case and you might find that the C-suite begins saying “Yes!” 

 

Share your thoughts on this topic by joining the Twitter discussion with @nokianetworks or @nokia using #CustomerExperience #CX #AI #5G

About Meenakshi Lakhwani

Meenakshi is a product marketing manager for Nokia’s IMPACT portfolio for IoT and non-IoT applications, which is used by many global CSPs to generate revenue and enable new business models. With ample marketing expertise, she focuses on researching use cases and promoting the evolving opportunities that the Internet of Things can deliver immediately and with the advent of 5G.

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