JULY 2020CIOAPPLICATIONSEUROPE.COM8IN MYOPINIONT he new reality of the industry is one where customers have access to ever more convenient buying options and infinite information sources. They are, in turn, equally empowered to actively seek out preferred experiences for their home improvement needs and to reject those that don't provide them. In the changing economic environment, the link between experience excellence and business performance is undeniably strong and inextricably connected. What we know, is that throughout the service chain, regardless of business model, we have lost momentum with the customer and need to do a better job of enabling Associates who serve our customers or clients. As the people on the front lines who are the voice of the company to the customer, they need more care and more adequate, intuitive tools to help them get their job done. If we could change mindset to consider people not as a "cost center" but an "asset base" we could leverage the human capital more effectively and more consistently. Sometimes when we talk about "experience" (because of lack of understanding), people write it off as "soft". The experience is critical to the customer and to our associates and is anything but soft. It is an integral part of the foundation for optimal performance. Creating an experience is a disciplined, strategic effort rooted in facts and reality. One of the key outputs is a product or design, a solution or a system that is desirable, feasible, viable and scalable. Why is it important:· A one-point improvement in Customer Experience Index score can yield incremental revenue of $245 Million for a big box retailer. (Forrester Research 2018) That one-point potential is our North Star. · Over the last decade, cumulative returns have been 49 percent greater for CX industry leaders vs. the S&P 500 (Forrester 2017). · Best-in-class companies had an 81 percent retention rate with higher customer satisfaction and year-over-year revenue growth of over 14 pecent. (Aberdeen Research 2018)CUSTOMER EXPERIENCE--THE NEW DIFFERENTIATORRUTH CROWLEY, VP OF CUSTOMER EXPERIENCE DESIGN, LOWE'S COMPANIES, INC. [NYSE: LOW]
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