A few weeks ago, Altudo partnered with Sitecore for a thought leadership event, at a Businessworld Roundtable, held at The Leela, Ambience Gurgaon. The key topic of discussion was Revenue Growth through Customer Experience (CX). Over the years, CX has gained relevance in the Indian business setup, with Forrester stating 70% of business and IT decision makers of Indian companies have placed Customer Experience as a critical priority for their enterprises.
The Roundtable panel included key players of FSI, e-commerce, retail, travel, hospitability, auto, and the FMCG sector, who all scrutinized the current state of CX in India and how prioritizing it can propel revenue growth & ROI, across industries.
Himanshu Khanna, Country Manager (India), Sitecore India bids big on the role of corporate websites and corresponding digital experience in engaging and retaining existing customers to drive revenue growth. “A customer interacts with a brand in many ways – through a website, over email, across social mediums and even offline. They expect accuracy and consistency every time they interact with the brand. By providing them with seamless experience one builds brand equity and customer confidence,” he stated.
“Brands today compete on Customer Experience & 1:1 personalized experiences and the success of marketing teams is now measured on Revenue Impact & Customer Value. The ability to create a single view of customers, to understand their preferences, their behavior and then curate personalized brand messaging across customer journeys is what will result in faster acquisition, retention, loyalty and will set successful brands apart,” remarked Rahul Khosla, CEO, Altudo (previously edynamic) & MVP Sitecore, at the Roundtable.
Multiple other participants at the Roundtable also explained how CX is a growth engine, apart from focusing on the need to stay at the leading edge of the CX curve, and how it can help brands achieve their revenue goals.
It should be noted here that in spite of promising growth, most Indian businesses have not been able to achieve great CX. At present - complexity of Customer Experience, inadequate budget allocation, lack of comprehensive technology solutions, little attention to analytics & data mining, and scarce staff training programs, are among the top blockades towards greater CX adoption in India.
Swati Bhattacharya, Group Chief Marketing and Communications Officer, CK Birla Group said, “Customer Experience is the most exciting and the fastest growing opportunity for marketers to drive revenue. Though with the advent of technology and the availability of so much data, it is simpler now to personalize and individualize customer experience, the trick for every marketer is to decide what in all that humongous amount of data is most important to focus on. The truest representation of how your customers feel is what your ORM and Social Listening is telling you, and no matter what other methods one uses for measuring customer experience, a daily pulse check of what people are really saying about you on Social media is the simplest and surest litmus test.”
“If brands find the answer on how to personalize their offerings at scale then they can raise the bar of customer experience. Accomplishing scalable personalization of experiential marketing can benefit in offering a unique customer experience to any customer base," reflected Kunal Arora, AVP – Digital, Aviva India.
Speaking at the Rountable, Rajiv Bakshi, CMO, Intex Technologies stated that customers are ready to pay more for better CX, and it is businesses that are not ready to deliver good experiences, on a consistent basis.
Chief Digital Officer, Altudo – Vivek Mehra summarized the Rountable saying, “Having a vision helps in knowing how deep you wish to go in delivering Customer Experience. The relationship between CX and revenue growth is often limited by the vision and current context of the organization.”
A KPMG study points out that brands that offer the best personal, individualized experiences to their customers ultimately reap the benefits of higher revenue growth and improved brand standing & loyalty. Time and again, numerous data facts and industry experts are professing what has become a reality – Indian businesses need to take solid strides for greater inclusion of CX, to realize more revenue.