Especially around this time of year, we’re forced to interact with all types of companies, from retailers to restaurants to the Salvation Army donation collectors ringing bells on the street corners. It’s likely you’ve kept memories from a combination of interactions with these places, whether they be good or bad—and those memories impact where (and how) you choose to execute your holiday checklist.
We know that the experiences any type of company delivers today must be memorable and unforgettable to outshine competitors and make customers happy. A key to that is getting the entire organization to understand they’re part of every brand touchpoint, and realizing all touchpoints work together to affect the experience and perceptions of the business—whether they be person-to-person or online.
In a new video with a powerful message, Jay Baer, customer experience expert and founder of Convince & Convert, talks about how companies can have a 92% customer retention rate if they’re able to get everything perfectly organized. But, there’s much more to know about how you need to approach customer experience in the holiday shopping season.
In their new hub featuring tons of free customer experience resources, Oracle breaks down exactly how your marketing, customer service, sales, and commerce teams can come together to make the entire customer experience unforgettable. Check it out at oracle.com/unforgettablecx.
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I’d like you to imagine the perfect CX scenario. One that’s holistic, with all departments in the company working together to offer a seamless omnichannel experience. What would your customer retention rate be, if you could get everyone and everything perfectly organized, like that? Well, according to the latest research, the retention rate would be 92%. Wow.
I’m Jay Baer, founder of Convince & Convert. This is, in my estimation, both the most exciting and most terrifying time to work in customer experience. See, the tricky part is that customer expectations continue to rise, and if there’s one thing I’ve learned in my 25-year career it’s that customer expectations never go backwards. Look, and customer expectations are liquid now. It wasn’t that long ago that customers would say, “You know what, that’s a pretty good experience for a bank. That’s a pretty good experience for a hospital, or for a manufacturing company.” But nobody says that anymore. Today, customer expectations slosh over from one business category to the next, and what that means is that the greatest companies in the world, not just your competitors, but the greatest companies are training your customers what to expect.
Now, this of course affects all of us. 17% of all retail sales are expected to be ecommerce by 2022. What makes all the difference to ecommerce sales? Customer experience. Many of us are, of course, turning to technology to help create optimized and improved CX. In fact, Oracle CX research shows that 52% of CX professionals are now experimenting with new technology. But even then, right? Sometimes it goes all wrong. If it was that easy, we’d all have already figured it out, wouldn’t we?
For example, Gartner predicts that 50%, half of all digital banking initiatives will fail because the bank will be unable to provide a unified, authentic, and trustworthy experience to customers, and unified is the key word in that sentence. Yeah, sure, dedicated CX professionals typically lead customer experience initiatives in most companies, but it’s critical that all of this includes also sales, marketing, support — it truly takes a village to deliver fantastic customer experiences. And you know what? The best companies are proving it every day. We all have so much potential right now. So much potential to deliver flawless CX, to use technology to make it easier and better to give our customers what we’ve all dreamt for, for a long, long, long time.
Let’s make it happen together. There are so many resources available to you at Oracle’s Unforgettable CX website. I don’t even have the time to describe it all for you, but trust me. Send your browser on over to oracle.com/unforgettableCX and you will be awed with a tremendous array of facts, research, ideas, case studies, all kinds of stuff. All of it set up to help you optimize the experience that you’re providing for your customers. Go now. Go to oracle.com/unforgettableCX and find out for yourself.
I’m Jay Baer from Convince & Convert, thanks so much for watching.