Using Digital Transformation to Build Customer Loyalty
Customer loyalty is increasingly becoming difficult for organizations to preserve. Loyalty from customers means they have strong feelings of support and allegiance to your brand, but achieving this requires consistent customer experiences that provide a high level of satisfaction. An effective customer loyalty program is vital for the success of any organization to build trust with its customers.
If you are a CFO, according to the PwC report, What will be important to CFOs in 2022?, 65% of business leaders believe you are responsible for building trust with stakeholders. By ensuring customer experience is a company-wide objective, PwC suggests CFOs can create customer loyalty programs that not only tie into an organization’s business goals but also earns the trust of customers.
Customers trust organizations that provide fast, personal, and consistent customer experiences. However, another PwC report reveals that only 49% of customers believe companies provide good customer experience. How can CFOs close the experience gap and satisfy customers?
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How digital transformation transforms customer experience
A digital transformation strategy requires integrating technology to transform an organization’s operations. CFOs have been investing in the cloud and analytics to drive digital transformation and manage disruption from the Covid-19 pandemic.
However, to deliver the customer experiences in demand, digital transformation has to go beyond improving operations to empowering employees at the organization who provide those experiences.
Here are a few transforming technologies for CFOs to consider:
Customer relationship management (CRM)
Customer experience is not the sole responsibility of the customer support team. CFOs should ensure positive customer experiences is a company-wide responsibility. Using a customer relationship management (CRM) platform from Salesforce or Oracle can ensure each touchpoint of a customer loyalty and retention strategy is optimized. When teams are connected and share a singular source of customer information, they can customize experiences to match the customer’s purchasing history and preferences.
Robotic process automation (RPA)
Robotic process automation (RPA) is a powerful tool that can help organizations improve customer engagement and provide faster, responsive service. Automation streamlines processes while reducing the risk of human error from work completed manually. RPA can be deployed as chatbots or virtual assistants that can quickly review and assign requests or tickets to the best customer service agent to handle the issue.
Artificial intelligence (AI) and machine learning
AI is increasingly being used to convert customer data into insights that help organizations deliver better customer experiences. Organizations are using AI to enhance chatbot and virtual assistance engagements, understand what customers like, offer purchasing suggestions, and analyze customer interactions to improve the overall customer experience.
Building trust with great customer experiences
Good customers experiences that are fast, personalized, and consistent will result in more customers trusting your business. With greater trust comes loyalty, and loyal customers are more likely to give you repeat business and share their experiences with peers.
CFOs are being held accountable for building trust with stakeholders. To earn the trust of customers, you need to create customer loyalty and retention programs that ensures teams across the organization are involved with delivering customer experience excellence. Digital transformation can help you succeed with next-generation technology that improves how customer experience is delivered and empowers the employees on the frontlines of customer engagements.
Working with a technology consulting partner like Speridian can help you develop a digital transformation strategy that achieves goals faster and on budget. Speridian is a global business and technology solutions provider with a proven record of solving business challenges with our unique, industry-based consultative approach.
Gregory J. Turner
Managing Director – Innovation & Solutions Center of Excellence
Business executive with a keen understanding of technology, business process engineering, and business analytics. Responsible for selling and delivering innovative solutions and driving efficiencies, growth, and profitability in all organizations served. Moreover, a supreme customer advocate with a strong ability to align business drivers with technology solutions. Industry knowledge includes: Professional Services, Public Sector, Healthcare, Construction, Manufacturing, Insurance and Litigation.