For any successful business, Customer is the King. However, in recent times, it has become imperative to reinvent the Customer Experience, without which the business cannot survive especially in sectors like Retail, Telecom, Hospitality, Tourism. Research by American Express found that 60% of customers are willing to pay more for a better experience.
Optimal customer experience is achieved when a business remembers Customers and treats them with attention and respect throughout their unique customer journey. Businesses should leverage Customer data to improve the customer experience strategy. It should be diligently analyzed to gain insights to understand Customer interactions in real time, capture customer feedback and predict appropriate actions which will help business to yield higher growth and better customer view. According to research cited by McKinsey, organizations that leverage customer behavior data to generate behavioral insights, outperform peers by 85 percent in sales growth and more than 25 percent in gross margin.