New regulations such as GDPR have redefined the way Customer Experience (CX) is perceived among businesses and customers. These regulations have given more power to customers in terms of protecting their data, but it also means they can demand more from brands in return for their data.
The above findings are revealed in a survey conducted by Longitude, in partnership with Verizon, on 6,000 consumers across 15 countries.
Consumers understand that in order to get the experiences they want they need to share some of their data. But they want rewards in return, the survey said.
Sixty nine percent surveyed felt that companies ask for data for the brand’s own gain, rather than to improve CX (62 percent surveyed in APAC; 71 percent in US and 74 percent in Europe).
Sixty seven percent surveyed cited discounts and promotions as being among the top three pay-backs they would expect in return for their data, followed by 40 percent flagging one-click log-in and transaction tools, and 39 percent desiring more exclusive experiences.
Forty five percent of 18-24 year olds surveyed would be prepared to share their data if they get a more intuitive and personalized user experience as a result. In fact, 31 percent would let a retailer access their social media accounts to generate product and service recommendations; 39 percent surveyed would let a restaurant or retailer track their location to offer them better deals when they’re nearby; and 28 percent didn’t mind being tracked by fitness apps to receive fitness advice in return.
“The customer is king when it comes to a brand being successful,” comments Gordon Littley, managing director of Verizon’s Global CX Practice.
Littley also underlines the importance of having a CX technology that has the power to secure, enhance and stimulate a brand’s relationship with a consumer, but it should not define, nor limit them.
Technology innovation can help brands stand out, but customer service basics remain vital –the best relationships will be built on mutual trust and simplicity, according to Verizon.
Other key findings from the survey are as follows:
Customers want an efficient, bespoke experience, which mirrors the way they usually communicate, including with the use of emerging technologies.
Sixty three percent of those surveyed did not care about the channel they used with businesses, as long as they got through quickly and easily — 35 percent flagged that they would actually leave a company with slow apps, with 59 percent saying they often abandon online transactions that take too long. More importantly, 41 percent would actually leave a company that can’t meet their request at the first time of asking.
However, 47 percent surveyed would go back to a company offering a personalized, intuitive CX, even if a rival was cheaper; and if they had to sign up to a new brand, 37 percent were more likely to do so if an existing online profile could be used for convenience.
Forty two percent are open to companies finding new ways of communicating with them, such as via wearable devices or voice-activated personal assistants.
Fifty five percent of 18-24 year olds surveyed were attracted to companies that deliver CX using the latest digital technologies, compared to 47 percent of 25-65 year olds surveyed.
Sixty percent also wished to be able to switch between communication channels easily; similarly, 60 percent said a good mobile app would improve their perception of a brand.
Thirty four percent would switch if they were unable to speak to a real person; 21 percent would do the same if they couldn’t locate a customer service telephone number.
Fifty four percent of those surveyed listed live telephone conversations as a preferred communication channel. This was stressed across all age ranges – 38 percent of 18-24 year olds surveyed agreed, rising to 46 percent of 25-34 year olds.
Building trust is critical to outflank rivals. Consumers may desire convenience and personalization, but they will not give up security and privacy to get it.
Thirty two percent of those surveyed saw the clear communication of benefits offered in return for data as crucial for winning trust.
Even though convenience is seen as a major benefit in CX, 62 percent surveyed said they rarely saved their banking details when dealing with a company online, even though it would speed up their return visit.
Sixty three percent complained that managing passwords is increasingly complex; this could be seen as an opportunity to those businesses able to offer a trusted, rapid, intuitive security processes.
Data security and privacy are table stakes, with 61 percent saysing their awareness of data-privacy issues has increased in the past year.
Sixty nine percent flagged “honesty and transparency” on how personal data would be used as crucial in building trust, and a further 42 percent stressed the need to communicate clearly regarding data regulation compliance, with 39 percent turning to a competitor if a company did not adhere to their data and privacy settings and preferences.