Monday, September 28, 2020

3 Ways the Experience Economy is Fundamentally Changing CX

Corie McHugh
August 02, 2019

2 minute read

In a new video interview by CxOTalk, Michael Krigsman, CxOTalk Industry Analyst, discusses with Rob Tarkoff, Executive Vice President and General Manager of the CX Cloud Group at Oracle, the unique challenges facing companies today, and why companies must change existing business strategies to address the demands of customer experience.

As takeaways from this interview, here are 3 ways in which the experience economy is fundamentally changing CX.

The customer is firmly now in charge

“Given new interface models like augmented reality or virtual reality, or voice activated chat experiences, it’s the consumer who is really driving the interaction model,” says Tarkoff. He continues, “The concept of user experience or user interface has fundamentally changed to much more natural conversational ways of interacting.” An example Tarkoff highlights is the company Kubota, manufacturer of tractor trailers, who uses virtual reality to provide maintenance from Japanese technicians with farmers in Iowa. He mentions, “We never know how a consumer is going to want to consume a product or a service and the number of interfaces today are so different across the board that new models are being developed. That creates an imperative for companies to be more responsive and to let the customer drive the innovation and be responsive to what it is they want.”

Journeys are completely non linear and more holistic

According to Tarkoff, “We’ve been hearing about the concept that today, journeys are unpredictable, but now they’re happening across so many different channels in so many different ways that nobody can really predict.” He notes that experience economy is now about changing the way you interact with customers. Tarkoff states, “We talk a lot in service about predictive service. Knowing that your customer is going to have a problem before they know it and getting in and resolving it — that’s actually good service in an experience economy paradigm, but it’s not a traditional break/fix model. And that has fundamentally changed the way companies think about their service operation.”

Data is at the core

Tarkoff talks about how “Connecting the dots requires data about how customers interact with your brand. Based on the data, you can design the right product or service, send offers and messages that customers will find useful, and build positive interactions at every step of the customer journey.” The example Tarkoff uses is an Oracle customer intelligence system called CX Unity. “It allows you to dive into the key intelligence about your customer and to use that intelligence to optimize a process,” he says.

Krigsman concludes with, “You need to then also understand the types of data that you have available to you, and then the next step is the set of tools and processes that you need in order to manage and leverage and make use of that data.”

To see more interviews with customer experience experts, visit SmarterCX TV.

Corie McHugh
Corie McHugh is originally from New Orleans, studied English & Theater at Florida State University, and she received her Masters in Theater Education from NYU. She has a passion for the arts and has worked in the education world for over twelve years. In her free time, she enjoys managing social media, writing, cheering on the Saints, and spending time with her two year old son. by Oracle is the destination for professionals who are building the next generation of customer experience. Here, you can find breaking news, in-depth analyses, expert insights, and useful tools that will empower you to think and work progressively.