Customer Experience has become an imperative for most organizations in this ever-evolving digital landscape and changing customer demands. Each individual and business process within an organization must feel the responsibility towards customer satisfaction.
Most organizations are focused on technology and digital initiatives needed to support their business and its operations. The next step is to look beyond technology and strategize ways in which every person in the organization will work towards reimagining customer engagement and experience.
Business leaders must design new structures in the organizations to leverage technology investments and create new ways to continually deliver value and meet changing customer expectations through meaningful and personalized experiences. This requires changing the organizations mindset from being customer experience (CX)-centric to being business of experience (BX)-centric.
What is Business of Experience?
Accenture recently coined the term BX – Business of Experience, which is a new approach where all business leaders are equal stakeholders in building exceptional experiences for customers, employees, and the society. Traditionally, CX was the domain of the Chief Marketing Officer (CMO) but BX is a broader concept that includes every aspect of business operations.
It involves the stakeholders of the organization to change their approach and rethink the way they run the business from a customer’s perspective – how customers interact, how they shop and so on.
Understanding the Shift
Organizations tend to choose technology as their center of focus while planning CX strategies – new front-end tools for website, mobile apps, social media channel optimization, e-commerce platform enhancements, CRM upgrade, revised marketing campaigns and so on. BX changes the approach and reimagines the way leaders think. Rather than relying on technology, it only becomes an underlying tool to reach business objectives and redefine their customer experience. The focus is more on continually delivering experiences that the customer needs and less on how they do it. BX looks beyond technology and redefines the organization’s outlook towards customer experience.
Customer demands are changing with time. Previous investments in technology might become obsolete in the near future as customers demand user friendly websites, intuitive digital experiences, simple journey with minimal complexities, uncluttered experiences and so on. BX holds the potential of taking CX to a whole new level and reimagining businesses thoroughly backed by the lens of experience.
How to Start?
To begin with, organizations must link all their functions, create cross-channeling of data, resources, and technology, and create a single ecosystem of processes and people that work towards delivering unified customer experience.
Organizations that outperform their competitors in terms of customer experience tend to incorporate these four BX approaches listed below:
- Customer obsession – Uncover customers’ unmet needs and translate customer data into actions
- Innovation in experience – Pivot to new and innovative models that deliver value and relevance to the customers
- Extended responsibility – Function as a cohesive unit right from the C-suite level to customer-facing workforce, and have a clear objective of delivering rich customer experience
- Technology and People Synchronization – Choose the right technology and skill-set that supports business decisions and its BX objectives.
Business of experience is a holistic approach that will enable organizations to becoming customer-obsessed and foster growth. It will empower them to reimagine an innovative and more resilient version of their business with customer at its core. 2022 will be the year of an experience renaissance and organizations that embrace it sooner will be poised for success and growth.