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4 Steps to Surviving The Experience Economy

Guilherme Cerqueira
19 Sep, 2019

On this blog we spend a lot of time talking about the Experience Economy; how it has [violently] reshaped the landscape of almost every single industry; the companies that are failing at it and the ones who are acing it; but most importantly, we try to give you the tips you need for your organization to survive in the Experience Economy. 

This post is a checklist of things you need to do, articles and resources you can study, and actions you should take in order to stay alive and kicking in this era. Well, there's no better place to start than at the beginning:

Step 1: Design Your Personas

Customers have different needs and expectations, but they all deserve to be treated equally. The best way to accomplish this is by designing customer personas.

Personas are a fictitious person created to represent a larger group composed of your company's target audience. These personas are built by studying and analyzing common demographics and psychographics that you have in your database regarding your customers.

Once you know who your customers are and you set out to meet their needs and expectations, especially for those most loyal, then you can begin to design and deliver experiences that make a difference to your customers. 

Read More:
-Designing Your Customer Personas
-Persona Design Mad Libs Template

Hear More:
-Voices of CX with Emilia Chagas: Customer Centricity Inside Startups 

Step 2: Map your customer journey

A customer journey map is a visual aid identifying every interaction a customer has with your company from the moment a need arises to when it is fulfilled (when they make the decision) and beyond. It provides an overall understanding of customer pain points, efforts, inquiries, concerns, expectations and other valuable insights on the customer's experience. 

worthix_customer_journey_mapping

Customer journey maps make a brand’s operations more relatable to the provider. This allows the brand to better relate and communicate with its customers, leading to improved customer journeys and experiences.

Read More:
-How Journey Mapping Improves the Experience
-Mapping Your Way to Customer Centricity
-Understanding the Customer Journey with The Customer Decision Loop

Hear More:
-Voices of CX with Jim Kalbach: Mapping Your Customer Experiences

Step 3: Listen to your customers

I think we can all agree that you cannot expect to be a successful organization in 2020 if you do not track your customers' experiences.

As promoters and evangelists of the power of customer feedback, we believe the best way to track experiences successfully is through VoC surveys. Your customers are the only ones that can tell you what's important to them, how much they identify with your branding, your value proposition, and who knows how 'worth it' your product and/or service is.

Read More:
-Top 7 Customer Experience KPIs
-Can Satisfaction Surveys Measure Customer Decisions
-The Dangers of Swimming in Aimless VoC Responses

Hear More:
-Voices of CX with Nate Brown: Making Customer Feedback Matter
-Voices of CX with Matt Dixon: The Effortless Experience

Step 4: Use Technology to Correlate Data

Don’t focus on your intuitions. You need to correlate every single bit of data you collect throughout the customer journey so you can understand what truly matters to your customers and address the most important things.

We're in Industry 4.0 and analyzing customer experience data has been simplified by the proper application of A.I. technology (machine learning and natural language processing). Welcome to the era of self-adaptive surveys.
Discover the power of worthix's self-adaptive survey

This is most exciting for large companies and enterprises that deal with huge customer bases and currently collect a massive amount of data from their VoC initiatives. Executive buy-in has recently weakened since the data collected by these surveys is way too vast, with little to no way of extracting the actionable responses that truly matter to the future of your business.

A.I. surveys make it possible to identify the most impactful decisions to your customers and correlate their experiences to company churn and loyalty numbers.

Read More:
-Surveying Before and After A.I.
-Which is your CX Priority: Customers or Profit?
-How Machine Learning AI Extends the Limits of Technology

Watch More:
-Webinar: Reshaping the Future of CX with A.I.

worthix_ai_cx_webinar

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