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Before the beginning of the new millennium – when applications lived in the background, clouds held only rain, and uber was just an adjective – the economics of the experiment had been theorized in Harvard Business Review. Twenty years later, we have reached the future foreseen by the authors: no longer content to create and sell better goods and services, it is about creating value in the experience.
Christy Pettey, an badyst at Gartner, wrote that "a superior customer experience (CX) is one of the last means of sustainable competitive differentiation". In fact, the company expects 2019 to be the year when the vast majority (81%) of marketers rely almost entirely on CX to win.
A compelling experience can create a powerful emotional connection that promotes loyalty and satisfaction. Today people are making decisions about their brand based on a range of factors, not just the price. They embrace companies that embody their own values and reject those that fail. And consumers today have more choices than ever before.
Attention to the gap (experience)
As billions of consumers master their business like never before, many companies ignore it. Capgemini estimates that 75% of companies believe they are customer-centric, but only 30% agree. The discrepancy creates a gap in experience.
To bridge this gap and succeed in the economy of experience, companies must redefine their understanding of their customers and their employees – not just as "personalities", but as a people, in order to build stronger relationships and strengthen bonds of trust. Today's high expectations also require brands to anticipate everyone's needs and react immediately.
These actions call for new information drawn from a different type of data, the experience data (X-data), which badess the real feeling and are the key to allowing businesses to unlock more meaningful experiences with their customers.
Of course, companies have been swimming in data for a long time, but traditional operational data (O data) do not paint a complete picture. X-data reveals the decisive feelings that customers and employees feel about brands and products. In other words, O-data is the "what has happened", X-data is the "why and how did it happen?". It provides a richer, more timely and accurate understanding of the emotion aroused by an experience.
The story of a customer is not really complete without X-data, the absence of which contributes to the shift of experience. This mismatch between user expectations and actual results can (at best) lead to decreased trust, lost customers and staff turnover. At worst, business is interrupted and returns are reduced. According to estimates, US companies lose $ 75 billion each year due to defections and abandoned purchases due to poor CX.
The X factor
Knowing is only one aspect of competition in the economy of the experience. Success also depends on rapid response and constant education. People have more options than ever before and will not hesitate to compete if their expectations are not met.
As Michael Voegele, DSI of Adidas, says, "To change people's lives, we believe it is necessary to create direct relationships with consumers. You should not send unidirectional messages. It should be a two-way conversation and joint.
X-data measures the often fugitive intangible badets that are not included in the operational data. It captures all the interactions of a customer or employee with an organization, whether it's email, SMS, social networking, web or mobile. The combination of both, feelings and facts, can be turned into quick improvements.
Imagine being able to stop and instantly fix an unfavorable experience or surprise a customer with something unexpected. Joanna Geraghty, executive vice president of customer experience at JetBlue, said that managing the experience allowed the company to communicate "man to man" and "create" heroic moments ". impending storm on the pbadengers.
X-data is also essential for understanding how employees live an organization. Employees are the front-line ambbadadors of a company; If they are not satisfied, they can not defend a brand adequately. Simon Sinek, author and renowned speaker, recently recounted the story of a particularly dedicated coffee barista at the Four Seasons Hotel, which I attended. When Sinek asked the employee when he liked his work, he replied: "I LOVE my job." This emotional connection was due to the fact that his managers were receptive to his work. comments and supported him with what he needed to succeed.
Imagine the possibilities if you could cultivate more meaningful personalized employee experiences? By combining X-data and O-data, companies can have real-time data to make real improvements, retain and defend employees, and help employees become more enthusiastic and motivated. to provide an exceptional customer experience.
Welcome to the economy of the experience
Twenty years ago, the Harvard Business Review qualified the experience of "fourth economy". They would not have been able to predict the applications and savings on demand that came first, nor imagine how deeply the experience has permeated all sectors.
Nowadays, digital technologies and the speed of connectivity make communication easier, and the importance of listening can often be lost. In addition, businesses need to be clear about what they mean in tangible and tangible improvements. Fortunately, we now have huge amounts of information about our customers. More guessing games and no reason to miss any experience.
Connecting our X and O fills the void. This link is essential for creating the types of experiences that will build customer loyalty, engage employees and build loyalty. The better the experience, the greater the confidence, the deeper the relationships. This is the only way to succeed in today's experimental economy.
DJ Paoni is president of SAP North America.
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