Wednesday, April 26th, 2017 | 3 min read
Every industry is subject to a major change – and it’s unlike anything we’ve seen before.
You can blame this shift on digital, mobile, or social media. But there’s really one group at the helm: your customers. Connected and empowered like never before, customers expect to be served on-demand and on their terms.
To adapt to this change, businesses need to put customer experience first. They have to map their strategies to customers’ interests and behaviors, and deliver personalized experiences across every touchpoint.
This may seem like a challenge, but according to a new research report from Harvard Business Review Analytic Services, select companies are already well on their way.
In the new report, Sprinklr and HBR surveyed 600+ managers and executives from some of the biggest companies in the world. The study found that leading companies have one crucial tactic in common: They integrate social media and customer experience management.
For these companies, customer experience isn’t just a service challenge; it’s a fundamental strategy for delivering value and gaining a competitive edge. And social media isn’t just a marketing tactic to check off their list; it’s a predominant form of communication that shapes how people think and what they buy.
As the study found, most businesses know this.
Eighty-six percent strongly agree that a superior customer experience is crucial to their organization’s success. And 75% say social media will be “extremely” important over the next three years. The problem is that only 34% of companies have the tools and skills needed to rise to the challenge.
Businesses that can deliver comprehensive customers experiences will enjoy stronger growth and more dominant positions in their markets. Those that can’t adapt will be left behind. In fact, according to the American Enterprise Institute, 75% of today’s S&P 500 companies will be replaced by 2027.
It can’t be overstated: Integrating social media with customer experience is the single most strategic investment your enterprise can make. This isn’t just a trend. It’s a global mandate for modern enterprises that want to drive value for their customers and revenue for their businesses. It will pay off in revenue, reduced costs, and improved risk management. Most importantly, it will help you reach customers across all touchpoints, setting your company ahead of competitors in an ever-changing marketplace.
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