Learn how to benchmark customer experience or customer quality to greatly benefit your APAC business.
Benchmarking customer experience quality involves measuring the right metrics to avoid wasting time, effort, and resources on those parameters that don’t significantly affect CX.
Take Malaysian banks for example. According to a Forrex report study, Malaysian banks provide an average customer experience with slight differentiation between each brand. Maybank emerged as the top bank brand because of high customer retention, with 41% of customers who plan to stay with the bank.
Customer Experience Measurement
Connecting the right CX metrics to your business goals is important in measuring customer experience. Implementing the right customer management enables you to keep customers and generate more revenue.
Many APAC businesses have less staff and budget than in the pre-COVID years. So, how can they respond with their limited resources? It’s vital to create an objective process to priorities CX projects for optimum impact.
Check out this guide, Revitalize CX Measurement & Prioritization, to learn if you’re using the right metrics in serving customers and the business.
Get Away with NPS to Get Real Answers
Stop being bothered so much about net promoter score or NPS at your CX team.
NPS measures CX and business growth, providing the core measurement for CXM programs worldwide. But it’s high time to stop worrying about getting a good NPS score. Instead of asking customers, “How likely do you recommend our products and services to your family and friends?” and hope for a good NPS score (9 to 10), businesses should ask the following:
- “What did we do excellently?”
- “What can our company improve upon?”
- “What did you experience to feel your business is much appreciated?”
While answering NPS questions only takes one to two minutes, asking more relevant questions is crucial to obtain real answers to measure true CX.
CXM Maturity
APAC marketers take Customer Experience Management (CXM) seriously. CXM focuses on delivering real-time personal interactions and supporting the critical needs of consumers in the digital world.
The region lags in terms of CXM maturity. In an Adobe report, brands classified as CX leaders are thrice more likely to exceed their 2019 business goals than their peers. The report shows that only about 7% of APAC organizations consider themselves mature in delivering CX than the rest of the world at 11%.
The common CXM priorities for APAC marketers include developing compelling content and IT infrastructure and capabilities. APAC businesses should focus on data-driven programmes for greater returns. Hence, ongoing testing, optimization, and learning are crucial in implementing those programs.
With the right customer experience management, APAC businesses can attain CXM maturity to accelerate achieving business goals. In addition, companies can increase brand retention and business revenues by revitalizing CX measurement and prioritization.
