Becoming customer centric.
It pays to get customer experience right. Today, customer experience is the "new competitive battlefield." Eighty-eight percent of CEOs are concerned about the loyalty of their customers (KPMG's Global CEO Survey, 2016). It's no wonder customer experience is poised to overtake price and product as the number one brand differentiator.
What's more, over the next five years, almost 89 percent of CEOs expect to be competing on the basis of customer experience, yet only 7 percent currently deliver it effectively, according to Forrester. And KPMG's CEO Outlook 2017 found a small majority of CEOs say they can confidently articulate how they can create value for their customers.
We understand the challenge: companies need to respond to customer needs, while at the same time, better balancing them with understanding the value those customers bring to the enterprise. By doing so, cost structures can be properly aligned and investments can be made with confidence.
Organizations that master the new economics of customer experience can generate a significant competitive advantage. They will be able to optimize spend and investments while delivering winning customer experiences.
Also, in the age of digital disruption, many successful businesses are losing touch with their customers. They don't need a digital strategy. They need a new customer experience strategy suited for the digital age.
We believe it starts with a bold, differentiating vision. To guide transformation, customer journey mapping and experience design are critical to executing customer-centric change.
Combining our deep experience in financial analysis with an in-depth and research-based understanding of customers, KPMG's Customer Advisory team helps companies develop a customer experience strategy that drives financial performance.
When you work with KPMG, you can expect:
Companies must do more than acquire new customers. They must also keep them and increase wallet share through excellent customer service. Customer service experience rules in today's multichannel, customer-driven world. It's what attracts customers and keeps them loyal – even more than quality products.
Enhanced customer service is a poor investment if it increases operating costs. Well planned, designed and executed services should lower costs while simultaneously increasing revenue.
Companies often invest heavily in advertising their superior customer service. But many don't invest enough to plan, design and deliver customer service experiences that meet the high expectations their advertising dollars create. The result? A costly "service anticipation gap"—the revenue loss that results when a promised service fails to meet customer expectations.
Instead, consider creating a well-crafted customer experience strategy, service design and service implementation aimed to delight the customer. Service should be viewed as a source of revenue and a contributor to shareholder returns, rather than a cost center.
KPMG helps companies bring customer service expectations and experience into alignment to maximize profit. Our data-driven approach helps businesses improve the customer service experience while removing inefficiencies that contribute to wasted operating dollars and unsatisfied customers.
There are four critical areas in which KPMG helps companies transform customer service:
Be in the business of delivering expectations. Today, customers demand experiences that are seamless, responsive, relevant and consistent across multiple channels. Don't underestimate the importance of meeting their needs. Studies show that companies with strong cross-channel integration are simply better off, enjoying superior customer retention and higher annual revenues.
In order to be truly consumer centric, a business needs to optimize nearly every aspect of delivery, and that means mapping out the end-to-end improvements, so that the whole operation is more responsive to customer demands.
To that end, KPMG can help your organization reap these benefits by focusing on developing companies' capabilities in four areas to create a more customer-centric organization, make seamless delivery a reality, and improve the bottom line:
With KPMG you can expect: