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6 Industries That'll Profit From a Customer Experience Overhaul

Dayana Aparicio
07 Jun, 2018

In our current economy, companies are fighting to win the customer experience (CX) war. More companies are investing money, devoting time and directing their efforts towards integrating or enhancing their CX strategies.  A Helpscout statistic shows that when it comes to making a purchase, 64% of people find customer experience more important than price. 

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CX is everything perceived, felt, and remembered by a customer before, during, and after the experience. Although everyone is promising great CX, not everyone is delivering on it. 

In fact, there are entire industries guilty of being slow adapters and soon they may be left in the dust. (You can read them all in this post or click below to skip right to the industry you're interested in reading about.)

Here we explore these six industries performing a customer experience overhaul and the companies within them that are taking advantage of this shift in customer expectations:

Banking

Banks hurt themselves by not adapting technology to provide efficient and convenient interactions to consumers. Capgemini report found that only 37% of customers believe that banks understand their needs and preferences adequately.

Forrester ranking of CX found that the best performer (for the third year in a row) was USAA Bank. The stellar customer service and convenience of USAA resonated strongly with customers.

In addition to customer service, enterprises can adapt technology to disrupt the routine interactions and bridge the gap between services to improve customer sentiment.

For some examples, take the National Bank of Oman and how they used AR to help customers locate a nearby ATM or branch as well as view deals for stores nearby. Meanwhile, the Commonwealth Bank of Australia and Halifax in the UK offer "home finder" apps that use AR technology to provide with data on houses for sale as they pass them.

Automotive

In January 2017, Carlos Ghosn, Chairman & CEO of the Renault-Nissan Alliance stated; “There will be more change in the next 10 years than we’ve witnessed in the last 50” regarding the technological innovation that will impact the auto industry.

Today, we can see how right he was.

With driver-less cars, ride share services, and new models of car ownership the auto industry has been disrupted on a massive scale and will only continue to be influenced by technological advances.

Simply put, dealers need to shift their focus from product to customer and provide meaningful experiences that translate to loyalty.

Cadillac is a great example of measuring up to customer expectations. Global launch and life cycle marketer at Cadillac, Eric Angeloro, explains they have a strategy of creating innovative products, providing unforgettable customer experiences, and enabling ongoing engagement to drive word of mouth.

Cadillac understands that today’s customer is looking for an end-to-end experienceCadillac’s strategy takes them beyond the routine and acknowledges the changing demographics expectations customers have.

Insurance

Consider that most customers reach out to insurance in times of distress, meaning the emotional aspect is unique and, when addressed correctly, can result in a valuable commitment for both parties.

Technology has changed the way the consumer interacts with insurance. Customers expect insurance companies to offer instant responses, 24/7 availability and the best price.

In order to stand out, personalization is key in this industry. I don’t just mean in services provided either. Industries have to be mindful of connecting with consumers through their preferred channels in a straight forward and engaging way.

Take for example up and comer Lemonade which has the tagline: “Instant everything. Killer prices. Big heart.”

In those 6 words they’ve managed to appeal to today’s consumer, who values convenience, wants a great deal and above all desires empathetic treatment.

Lemonade

Lemonade shows they understand that CX can make or break customer loyalty in their emotionally charged industry and is worth investing in.

Retail

Retail has arguably been hit the hardest by the technological advances and digitization of the past decade.

With large retailers going out of business and online subscriptions moving to brick and mortar, it’s been difficult for those in this industry to keep up with the breakneck pace.

However, the change has brought us valuable innovation that could improve customer experience while also cutting costs.

Adobe’s Principal Analyst of Digital Insights, Tamara Gaffney, recently spoke with us on how the integration of VR could revolutionize the dying malls of today:

“Given that the technology is here, the desire is here, and the money is ready to be spent, I think malls have a perfect storm for them to offer a startup for a good experience.”

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Online retailers like Wayfair have already made the integration of this technology augment their customer experience. These are just two examples of how to use technology to shift routine into a memorable experience.

Hospitality & Travel

With empowered consumers comparing various competitors in an instant, it’s easy to get caught up in competing solely on price. But a price war isn’t enough to create repeat customers and certainly not enough to create brand advocates.

Airbnb shook up the hospitality industry by giving customers access to unique tailored options.

Today, you can do a quick google search and you'll find hotel alternatives that range from a glass room on the side of a mountain to vans that have been outfitted with basically everything you need.

This is one of the industries where the customer’s willingness to pay for an experience is more evident than ever. 

The hospitality and travel industry needs to create enriching experiences for customers. Either through integrating technology to offer convenience, personalized customer service, or searching for ways to go beyond a mint on the pillow to convey appreciation.

Gaming

Gamification has become a buzzword in recent years. Yukai Chou, renowned speaker and consultant for companies such as eBay, Huawei, Verizon, HP, Ericsson and Cisco, is one of the strongest advocates of the benefits of gamification.

Chou speaks to the power of human-focused design and engagement. For an example of what this looks like, take a look at Nintendo. While they may not have the most hyped console, it’s clear CX is at the center of their products.

Nintendo's Wii line made players engage with their games in a brand new way, physically swinging their remotes to bat at a ball, punch their opponent or steer their car.

Years later the Wii U took portable gaming to a new realm, offering a seamless experience that could take the game from the tv to wherever you went.

Nintendo is a testament to the benefits of innovation that give the consumer a chance to be more immersed in their experience in a memorable way.

Conclusion

Each of these industries has the possibility of strategizing and creating memorable experiences for customers. Each has several options on how to go about enhancing each interaction such as integrating technology to improve convenience, stepping outside the box of how they market and deliver services, or simply improving customer service. The opportunity to create customer loyalty is there ready for the taking.

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