Customer centricity is easily talked about, but rarely achieved. Kantar's CX transformation practice leader explains why
Empowerment of customers has required almost every business to transform, whether they know it or not, and customer journeys need to be ex-examined if true CX transformation is to be achieved.
So says Stefan Schmelcher, Kantar’s global director of customer experience transformation, who caught up with CMO during a recent visit to Australia from Germany. The global expert and thought leader advises on customer experience (CX), and says customer centricity is easily talked about, but rarely achieved.
Thanks to the digital revolution, the way customers behave has changed. Consumers are much more empowered when it comes to purchasing, and before customers have even thought about a brand, they are already informed about what they want.
“Kantar recently did a survey of millennials, and more than 70 per cent said they would prefer to spend money on experiences, rather than material things,” Schmelcher told CMO.
In addition, a recently undertaken pilot study on CX in the UK around retail banking found 91 per cent of CEOs believe customer centricity is absolutely crucial for the success of a business. However, only 19 per cent of customers in retail banking rate their brands as customer-centric. It’s this gap which is the growing problem, Schmelcher said.