• Fri. Jun 14th, 2024

Unlocking the Power of Customer Science: Balancing Metrics and Culture to Drive Satisfaction and Avoid Reputation Damage

BySamantha Jones

Mar 27, 2024
The Essential Role of Customer Science for CIOs

In today’s world, every customer has a platform to share their opinions, making it crucial for businesses to meet or exceed customer expectations in order to avoid negative impacts. One example of the high cost of failing to meet customer expectations is Snapchat’s loss of $1.3 billion in market value in just one day after a negative tweet from celebrity Kylie Jenner regarding the app’s new layout. US companies lost a total of $1.6 trillion due to customers switching to competitors as a result of poor service in 2016.

One challenge in the journey towards customer science is the presence of paradoxes. Despite the common saying that “The Customer is King”, many organizations lack a designated individual with the authority to ensure that every customer interaction is positive. This raises questions about the roles of emerging positions such as chief customer officer or chief experience officer.

Glenn Laverty, former president and CEO of Ricoh Canada, addressed this paradox by integrating customer experience metrics into every employee’s compensation structure. By tying compensation to customer satisfaction, Laverty was able to instill a culture focused on meeting and exceeding customer expectations. At Boeing, there has been a clear indication that production throughput metrics have taken precedence over safety considerations. Customer science can help organizations create a balanced approach by aligning everyone’s compensation with customer experience metrics.

Claes Fornell, founder of the American Customer Satisfaction Index, has highlighted the data paradox in customer science. Despite organizations collecting more customer data than ever before, there seems to be a disconnect in understanding how to use this data to improve customer satisfaction. As the emphasis shifts towards customer science, it is essential for businesses to leverage data effectively in order to better meet customer expectations and avoid negative impacts on their reputation and bottom line

By Samantha Jones

As a dedicated content writer at newszxcv.com, I bring a passion for storytelling and a keen eye for detail to every piece I create. With a background in journalism and a love for crafting engaging narratives, I strive to deliver informative and captivating content that resonates with our readers. Whether I'm covering breaking news or delving into in-depth features, my goal is to inform, entertain, and inspire through the power of words. Join me on this journey as we explore the ever-evolving world of news together.

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