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Delivering a Next-Generation Customer Experience

Hi, readers! You haven’t heard from me recently, as I’ve been travelling and talking to Cisco customers. My colleague Jason Bettinger and I recently had a wonderful time at CDM’s Customer Experience Summit in Chicago, IL. CDM Media Summits bring together leading C-level executives, analysts, and solution providers to network and attend interactive agenda sessions on the latest business topics and trends.

At the event, we gave the opening keynote presentation to address how enterprises can strive to meet the ever increasing demands of the customer.  The summit brought together some of the leading executives from a variety of industries to explore ways of confronting and overcoming current industry issues. This year’s conference focused on topics that enterprises must deal with now, not in the future:

  • Leveraging Big Data
  • Social Media Marketing
  • Predictive Analytics
  • Digital Interactive Marketing
  • Monetization of the Customer Experience
  • Customer Engagement Management Platforms

Increasingly, institutions are focusing on customer experience as their primary competitive advantage. Those with the highest customer experience ratings typically enjoy some of the best financial performances when compared to their competitors and research has demonstrated a high correlation between experience to loyalty and loyalty to profitability. Companies are asking themselves: How do we design and deliver differentiated customer experiences that truly matter? What expectations do today’s consumers have for customer care?

In our keynote, we showcased how new technologies that generate more positive outcomes in the customer experience era align with future business models across industries.  We discussed how consistency and personalization are critical to achieving new levels of customer experience and the factors that need to be considered when trying to achieve both.

Delivering a Next Generation Customer Experience Keynote

“Consistency may be one of the least inspirational topics for most managers. But it’s exceptionally powerful, especially at a time when retail channels are proliferating and consumer choice and empowerment are increasing.” -- McKinsey & Company

Today, institutions are being challenged to meet the ever-increasing demands of the customer, something that is becoming more complex. Many have found that addressing those demands requires more coordination than ever – it’s about moving to true customer collaboration throughout the customer journey and proactively engaging the customer by combining traditional tools with the power of the future.

Customers are driving how and when they interact and demanding an engaging experience. Therefore, organizations across all industries must evolve their customer care to align with new business models -- addressing customer experience imperatives with new capabilities. The keynote can be viewed here.

We received some great feedback from those who attended our keynote. Below are a few key themes we heard from attendees:

  • The importance of the customer is at the center of the ecosystem
  • Consistency and personalization are not mutually exclusive
  • Examples show that every industry is being impacted by the trends in the market today

As you can see, we had a great time at the Customer Experience Summit and we are already looking forward to next year’s conference. Did you attend? Let us know your feedback from the event in the comments section below.

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Delivering a Next Generation Customer Experience – Cisco at CDM’s Customer Experience Summit

We had a wonderful time at CDM’s Customer Experience Summit in Chicago, IL last week. CDM Media Summits bring together leading C-level executives, analysts and solution providers to network and attend interactive agenda sessions on the latest business topics and trends.

Customer Experience Summit Group

At the event, we gave the opening keynote presentation to address how enterprises can strive to meet the ever increasing demands of the customer.  The summit brought together some of the leading executives from a variety of industries to explore ways of confronting and overcoming current industry issues. This year’s conference focused on topics that enterprises must deal with now, not in the future:

  • Leveraging Big Data
  • Social Media Marketing
  • Predictive Analytics
  • Digital Interactive Marketing
  • Monetization of the Customer Experience
  • Customer Engagement Management Platforms

Read More »

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Mayday for Insurance and Financial Services

According to Wikipedia, “mayday” is an emergency procedure word used internationally as a distress signal in voice procedure radio communications. It derives from the French expression “venez m’aider“, meaning “come to help me.” Most recently, the term has been used to describe a special feature Amazon now offers Kindle Fire HDX users when they need virtual support on their device. The user can simply touch the button on the Kindle screen and a contact center representative appears on the screen, where the customer can see, hear and talk with the Amazon customer service rep. It delivers personal help on-demand and in real-time.

Both uses of the word “mayday” described above apply to insurance and other financial services. It is indeed a “come to help me” signal that should be alerting insurance and financial services providers that the next-generation of customer experience capabilities is now here. We have seen the adoption pattern before—financial services customers now expect financial services firms to deliver similar services that they have access to through other industries.

The wait is over. In fact, retail banks are now rolling out similar “mayday” functionality to their customers through similar solutions that are driven by Cisco technology. As is the case with many technology trends, the “what could be” capabilities of the future are much closer than many realize. Consumers using virtual capabilities like FaceTime for social interaction are becoming much more likely to expect and use similar capabilities to interact with companies they do business with. Many workers today are also using virtual interaction to connect with colleagues to conduct business and perform their job functions. The fact is--virtual interaction has become much more common in our daily lives. Read More »

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The New Price of Attracting and Retaining Insurance Customers

The insurance industry is facing a massive evolutionary shift driven by competition and changes in consumer preferences. The competitive battle is easy to see, as insurers delve out billions in advertising and marketing expenditures in an effort to attract and retain customers, while maintaining top of mind brand awareness and differentiation. And adding to the pile on--retail  banks are beginning to offer personal and commercial  policies, which means insurers are no longer only competing with one another, but banks as well.

Insurance fits into the broader context of how we live our lives. So, the same technology trends and innovations that are changing the way we interact with each other socially as well as with other products and services – travel, entertainment, automotive, to name a few–are changing the expectations we, as consumers, bring to the insurance experience. Customers want to interact with their insurance provider in the way they choose, at the time they choose, across any access channel with any device.     Read More »

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3D Value Chains: Real Life Observations

Recently my colleague Chet Namboodri in his blog “Predictions 2014: Wager on the Internet of Everything” did a great level set on predictions for 2014 Manufacturing trends.  I want to add some additional comments on what I have been observing in the field and with our customers today.

The first IDC prediction described 3D value chains as an incredible source of rich productivity and we are seeing this as a goal of many companies.  Not only is it the collection of this data, but it is the sharing of this data across the value chain that is going to start to explode.  What this is starting to mean is that a component assembly company wants to have supply chain information from their manufacturing partners.  This is expanding beyond the dock, into the warehouse and even into the manufacturing lines and cells as well.  This tightly aligns with what we are seeing with customers already getting access to this information from their shop floor.

Take a look at this recent demo that John Chambers and Jim Grubb did for an example of the traceability and sophistication that a robust network can bring and how problem resolution can be much faster with real-time visibility.

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