The Property Republic team recently unpacked the Customer Experience Company’s annual Global CX Trends webinar, which brought together two CX leaders with over 25 years of experience. The panel featured the Founder and Managing Director of The Customer Experience Company, Raj Mendes and Founder of The CX Academy, Ireland, Michael Killeen.
Together they joined forces to discuss the emerging trends in the Customer Experience world and provide tips on how companies can turn these trends into opportunities.
Trend one explores how organisations are facing more complexity.
As panelist Raj Mendes said, “It’s no accident [that] ‘complex’ begins with C and ends in X”
Here’s what was discussed:
Today, organisations are facing more complexity than ever before as the global economy undergoes the greatest technology transformation in history.
There are at least 5 innovation platforms that are highly advanced and working in parallel:
machine learning / artificial intelligence,
energy storage, and
These platforms are making this one of the most transformative periods in history, just like but bigger than the late 19th century with the emergence of internal combustion engines, electricity and radio. It’s exciting, but it is also incredibly challenging for many industries and organisations, and as we have already seen, many organisations will adopt these technologies but execute on them poorly, leading to a poor customer experience.
These platforms will do one of two things, either they will have a great positive impact, pushing industries and experiences forward into the future, or they will be destructive. The stakes are high and you’ll either see a compounding effect with exponential pain or, if you get it right, you will achieve exponential gain.
To stay ahead of this complexity, you need to understand gaps in the market you play in, what your customers need, and what they value before fulfilling them. Remember also that your ‘customers’ are not just those who purchase or use your offering. Define your ‘customer’ as anyone who your organisation offers value to; the customers themselves, your stakeholders, employees, suppliers. Each and every of these customers’ needs and values can be innovated for.
Starting by understanding those needs and values will allow you to use these platforms in the right way to enable the development of new products, services, and experiences that deliver value back to your customers.
Key considerations for your property business:
1. What are the gaps in the market, and how can you fill them?
2. What do your customers need, and how can you meet these needs?
3. What do your customers value, and how can you deliver on these values?
Remember – customers aren’t just people who have purchased from your brand. The term encompasses anyone who your property business offers value to.