Improve Customer Service
Customers in the Digital age increasingly expect highly personalised and fluid service. They expect that any issues are prevented before they arise; that the company that they are dealing with know when, where, and how to get in contact; and the company will proactively reach out to them when there is something of value. Improved customer service requires an understanding of customer needs and then appropriate investment to enable solutions that will support that aim.
A company can have all the data in the world on an individual customer, but to be useful the data must provide insight into the customer journeys and experiences that the customer will have with that company. Companies must facilitate data collection, analysis, and sharing across their organisation if they are going to build a cutting-edge customer service function.
Multiple digital technologies can support your strategy for customer service improvement and it is easy to believe, for example, that the implementation of AI, or omni-channel technologies or real-time analytics will change the overall customer experience and improve customer service. They can help if you have the right strategy, have mapped the customer journeys by understanding their needs, have the right organisational model in place and have the necessary skills, knowledge and experience to successfully deliver the transformation programme.
Today customers have higher expectations than ever before. Customers are also smarter, more sceptical, more likely to share their experiences and have more options than ever before – a combination that makes it harder than ever to attract and importantly retain customers. Keeping customers and increasing their lifetime value to the organisation is vital to build a business that will survive for the long haul.
NWT believes that building a great customer experience requires all the teams in your organisation to work together to smash silos that exist between sales, marketing and service. To achieve this you need to adopt a new world mindset and fundamentally change the way your company engages and interacts with its customers, rewiring data, technology and people so that you can deliver the outcomes desired by your customers.
Now, more than ever, companies need partners who can help address their key business challenges. At NWT, we use our real-world experience to help with the critical tasks of developing a CRM strategy, planning and prioritisation, delivery and the introduction of new world operating capability.
NWT is helping customers to address this significant area of their business. We are finding that most customer service operations are still reactive, with a primary focus on resolving customer issues but this is not the aligned with the customer journeys that are required in today’s world. We have services available that will help you to re-energise your customer service:
In the retail business, the use of point-of-sale (POS) systems allow retailers can keep detailed records of all shopping transactions helping them to understand their customer segments by enabling them to conduct:
Basket analysis: Revealing which of the item’s customers tend to purchase regularly. This knowledge can improve stocking, strategies on how to stock your store, and promotions.
Sales forecasting: Get answers to questions like “if a customer purchases an item today when are they likely to buy another similar item or the complementary?
Database marketing: In order to develop or categorise their customers based on their patronage. This information will be vital in preparing a cost-effective promotion.
Within the banking industry, banks use the knowledge they get with data mining for card marketing, where card issuers and acquirers can improve profitability, target product development and customer pricing. Card issuers can also take advantage of data mining technology to price their various products in other to maximise profit and customer retention. Banks can use data mining for fraud detection, by running analysis of past transactions, they can fish out fraudulent transactions by pattern identification.
Telecommunication companies face escalating competition, which is forcing them to engage in special market pricing programs aimed at retaining customers and attracting new ones. Data mining Knowledge discovery in the telecommunication industry comes, in the area of call, detail record analysis, and customer loyalty.