5 Experience Predictions for Retail in 2019
In the retail industry, one that’s known for its ability to continually reinvent itself and find new ways to connect with consumers, the huge shift in consumer behavior from physical...
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Customers today search for information about products and services 24/7, whether it’s using social media, review sites, or a plethora of other online resources. At the same time, they are using these channels to rate providers, write detailed reviews, and comment on every aspect of each interaction they have with your brand, whether they love or hate it. While some companies view this constant chatter as a distraction or a liability, customer-driven innovators are using this information to anticipate, act on, and adapt to the changing expectations of a today’s empowered consumer.
Wanting to learn how the best-performing companies are using customer feedback to fuel learning and innovation, Accenture and Medallia surveyed 450 senior customer experience and marketing executives across the US, Canada, UK, Germany and Australia. Representing a variety of industries, all of the respondents worked in large enterprises, and most earn $1 billion or more in annual sales.
We learned that customer-driven innovators—companies that both enhance and learn from the customer experience—have three main competencies that allow them to deliver greater customer value:
1. Creating a wide variety of listening posts to capture customer input from everywhere
2. Establishing learning systems to make sure the best ideas are identified, prioritized, and acted on
3. Configuring their entire organization — not just customer-facing staff — to center around their customers
By combining and aligning these practices, customer-driven innovators are able to produce new customer value faster and more continuously. According to the study, companies that ranked in the top quartile of customer experience and reported that their customer experience was improving were 32 percent more likely to create innovative products and services based on customer feedback and 86 percent more likely to achieve revenue growth.
It’s clear that mastering customer-driven learning and innovation is the code-breaking path to achieving and sustaining customer experience leadership. While seeing results from investments in customer experience takes time, investing in any of the three main competencies we discovered will help. Your company’s long-term goal, however, should be improvement in all three competencies, because that will multiply the effects of each and put you ahead of the pack.
Download the full study “Breaking the Code: Customer-Driven Learning and Innovation” to learn more and get started on your path to customer-driven innovation.