Post COVID – How should we look at Return on Customer Experience?

Post COVID – How should we look at Return on Customer Experience?

Customer experience is still important during a pandemic

Businesses must listen to what their customers say they want now more than ever 

Customer journeys are more dynamic than ever, with multiple touchpoints across online and offline channels, a lot more information is available at the touch of a button than ever before. How many of us use online reviews, for example, before making a big purchase? Since COVID-19, online reviews may become even more important as we settle into the next phase of the new normal. Our personal safety and that of our families and friends is on our minds. Likely, we will look to reviews differently, and seek out what others are saying about our favorite restaurant, hair salon or retail store to understand to what extent they are following CDC guidelines. Or we may leave a review to help guide others, because we are all in this together, and it’s in our best interest to keep each other safe. Besides, who doesn’t like to talk about an enjoyable experience or inspire others to have their own?

 

Customer Expectations and Customer Experience During COVID-19

All this is coupled with the complexities of constantly changing customer expectations. COVID has not only changed the ways in which customers are ABLE to purchase and engage with your brand and business it’s shifted their expectations about HOW THEY wish to buy and engage. The same as before COVID, over time, customers mature in their relationship with your brand, and their needs and expectations evolve. Your customers may be new to your brand but need not be new to the category that your brand serves.

How much of your focus should be on designing the best experiences for your customers, keeping the monetary impact of customer experience (CX) and the return on customer experience (ROCX) in mind?

 

An Effective Customer Experience Strategy Leads to Better ROCX

While most organizations plan to include some level of CX in their growth strategy , the burden of implementation commonly falls solely to the chief marketing officer (CMO). However, a highly effective CX strategy is best executed when the effort is brought at an organizational level from the top down.

Leaders must be clear about what are the company needs in order to both design the right CX program and understand how to monitor its impact on business metrics. In today’s volatile market, leaders are responding to changes, seemingly daily, brought on by COVID-19. This is a difficult time, yes, with unique challenges, but it’s also an excellent time to re-evaluate how company needs align with customer experience strategy.

Market research is a great tool that companies often use for product development to increase quality and value , for bringing innovative products and services to market and for understanding what customers really want. Companies such as OSG Analytics, use advanced technology (Artificial Intelligence and Machine Learning) to help businesses understand what their customers really want. Leaders who can out-innovate their competitors will stay ahead in the market by delivering what their customers say they want.

However, it is quite understandable to have reservations about how much time, effort and dollars you should spend on improving customer experience, if you don’t know the exact value of returns your company will derive from it. This apprehension can lead to a lack of 100% dedication to revamp the CX infrastructure, and half-baked efforts won’t deliver full scale results.

A truly effective CX program should provide your business with organic growth from within the existing customer base while also acquiring new customers.

 

With that in mind, your CX program must be able to answer the following questions:

  • How do we continuously improve CX?
  • How do we address the changing needs and expectations of customers?
  • How do we estimate the Return on Customer Experience (ROCX) from all the investment that is pumped in year after year to improve CX delivered by our brand and organization?

With changes in the economic environment, increase in public safety concerns and fluctuations in product availability due to COVID-19, customer expectations are changing at a rate that match their fluctuating needs. Therefore, as customers engage with your products and services, they will likely expect brands to raise the bar in serving them.

 

The 3E framework for improved customer experiences

The 3Es of Customer Experience is a simple three step framework that helps brands to develop superior experiences for their customers.

A brand or business can improve customer experience [RW4] only when they gain a deep understanding of what their customers really want and expect and only after they have identified where are the needs gaps. That is the foundation for an effective CX program. Once identified, companies can then design experiences based on what matters most to their customers. CX initiatives created with a deep understanding of the needs and expectations of your customers are better set up to yield significant ROCX.

 

Behavioral Analytics and Artificial Intelligence for Customer Experience

Behavioral analytics is an excellent CX tool that helps businesses uncover and understand what drives customer decisions, it and can help you to understand how well your CX program is working and where to make changes.

Behavioral analytics examines the “what” and “how” of consumer behavior data to inform the “why” of customer behavior and motivations. When you understand what motivates someone to purchase, use and engage with your products, services, brand and business then you can design an effective CX program which should yield a better ROCX.

Companies such as OGS, who work in the field of and deploy artificial intelligence (AI) and behavioral analytics to understand what are the deeper drivers and motivations of consumers’ choices, assess the needs of each individual customer to understand what is most important to them.

 

Customer Experience Metrics Define the Value of ROCX

It is imperative to identify the metrics that represent the customer experience delivered and the impact on overall business goals. Some of the key areas you will see an impact on as you focus on CX are as follows:

  • Repeat Purchases (loyal customer)
  • Value of Purchases (customer trust)
  • Reviews (positive reviews)
  • Cost of Acquisition (retaining a customer saves money which contributes to overall)
  • Customer Support Costs (satisfied customers lower costs; dissatisfied ones increase costs)

 

A well-thought-out CX program which highly considers the needs and expectations of the customer will save a business money while also increasing revenue. Even though COVID-19 has changed how your customers shop and what they expect, the same holds true, uncover what your customers truly want and fulfill their expectations and you should see positive results and an ROCX that proves CX is worth the effort, time and money invested.

OSG’s technology incorporates behavioral analytics and provides continual cost-effective monitoring of all customer touchpoints, both online and offline, to track all of these kinds of metrics and to model market changes, helping organizations to adapt to the new world.

 

For more information on how OSG can help you improve your customer experience program, leave us your contact info and we’ll get in touch!

Understanding the Drivers of Compliance with COVID-19

Understanding the Drivers of Compliance with COVID-19

To support the global efforts in defeating COVID-19, OSG utilized its deep understanding of behavioral analytics  to conduct research with 400 US consumers to understand what is driving compliance with the behaviors required in a COVID-19 world. 

This webinar covers:

• What fundamentally drives decisions to comply with desired COVID-19 related behaviors based on different demographics?

• How these results can be used to develop impactful interventions (“nudges”) to help people become more compliant with COVID-19 personally, and on an enterprise or national scale
• How this research can be developed further to benefit your organization or sector
• How this approach can be used effectively to improve patient outcomes in other areas

Hosts:

David Levine, VP of Client Solutions at OSG

Vaibhav Sharma, Director – Client Services

 

 

Retail Behavior Changes During the COVID-19 Pandemic

Retail Behavior Changes During the COVID-19 Pandemic

How is COVID-19 Impacting How We Shop?

A woman goes for a walk in the shopping district near her downtown high-rise apartment. She stops in front of her favorite boutique to “window shop”. It’s a coping strategy she adopted after the loss of her job and part of her how her retail behavior changed during the COVID-19 pandemic. She stares at the same 7 mannequins she has stared at for the past 8 weeks; they stare back at her.

She imagines that if the brunette one wearing the blue skater dress could speak, she would say, “Welcome to my reality. I’m required to stay in place too…ALL of the time. By the looks of you, you aren’t changing your clothes either. It looks like you are on, AT LEAST, day four of wearing those yoga pants.” The woman caught a glimpse of her own reflection in the store window; she couldn’t argue. She’d love to exchange the dirty yoga pants for the beautiful blue dress, but since losing her job, her budget has changed. She can buy one new handbag from the online store, but last year’s dresses will have to stretch until next year. 

 

The Impact of this Shift in Retail Behavior

It’s no secret that consumer spending across the U.S. is down, way down, since the coronavirus pandemic hit the nation and the government enacted Shelter in Place orders and the temporary closing of “nonessential” businesses mid-March. Economists have been watching the undeniable effects on our economy and they’ve reported record lows as they continually measure the effects of COVID-19 on U.S. consumer spending. Equally important, data scientists and research organizations such as OSG Analytics, which look at real-time data using behavioral analytics and artificial intelligence, to understand behavioral change closely examine the motivators behind consumer behavior, including spending behavior change and how that affects industries in the U.S. and beyond.

Shifting Budgets due to Employment Changes

Many people have adjusted their budgets since the COVID-19 pandemic, and they have done so for good reasons:

  • the loss of their job,
  • two-income families became one-income,
  • employed, but feeling insecure about job stability, and
  • fear of a second wave of COVID-19 and what that may mean for the economy.

Even though many have shifted their budgets that doesn’t mean they aren’t willing to pay. Budget shift is simply a shift in how a consumer apportions their desires and how that takes shape. The woman looking at the dress in the store window wants both the handbag and the dress. She has assigned value to both products. But because of her job loss, she shifted her budget. Before her job loss, she would have purchased both products. Now, she has to apportion her desires differently, however, her willingness to pay (WTP) has not changed.

 

How Does Willingness to Pay (WTP) Fit Into These Changes?

A shift in budget is not the same as Willingness to Pay (WTP) and should not be confused with it. WTP is dependent on value. If a business can deliver the right kind of value, whether hedonic value (associated with senses, pleasure, feelings and emotions) or functional value (offers solutions, practical and necessary), consumers will still be willing to pay what they were willing to pay pre-COVID-19.

Some believe that the marketer price, the price that is set, is the reason why consumers are not buying products. But price is not why consumers buy the product. The value of the product is the reason why consumers buy the product. Therefore, improve the value of the product and continue to improve the value of the product, and then, the price a marketer can command and the margins that they can command may improve over time.

Whether a brand produces discretionary purchase products, luxury goods or more practical solution products, now is the time to focus on value in messaging rather than eroding pricing.

What motivates customers to buy is not the same as what motivates them not to buy. Price is a reason not to buy.  As marketers, we need to assess both value and price to ensure that even in tough times, value is being delivered at the price that customers are willing to pay.

Deliver the right kind of value and at the price consumers are willing to pay and customers will be willing to buy, even during COVID-19.

Get in touch with OSG to see how analytics can help your business or brand with understanding behavioral changes due to the pandemic and how much customers are now willing to pay

 

Patient Experience in the COVID-19 World

Patient Experience in the COVID-19 World

New Meaning of Patient Experience for the COVID-19 World

We present to you, two very different hospital patient scenarios:

  1. A 32-year woman arrives at the hospital, dilated and ready to give birth to her second child, the same hospital where she delivered her first baby. She suffers from Gestational diabetes as well as high blood pressure. Before coming to the hospital, she received coaching and guidance from her healthcare team to prepare for the birthing process. Due to her risk factors, she will need close observation and coaching during her delivery to avoid possible complications.
  2. An 85-year old man arrives at the same hospital, suffering from late-stage prostate cancer. His wife died the year before and now he lives alone. He has no close relatives or friends nearby. He’s lonely and just wants someone, his nurse or perhaps a social worker, to sit with him and talk for a while. 

Medical professionals agree: the needs, expectations, and methods to best engage these two patients are vastly different. To ensure the best health outcomes and patient satisfaction in both cases, they will each need personalized considerations for care.

How do we understand patient experiences and needs today?

Currently in the US, notions of “patient experience” and “patient satisfaction” are routinely assessed by hospitals via a standardized survey mandated by the Centers for Medicare & Medicaid Services (CMS) known as the Hospital Consumer Assessment of Healthcare Providers and Systems (HCAHPS).

HCAHPS has been considered the industry gold standard for collecting and publicly reporting information which allows consumers to compare hospitals. But are these surveys really assessing and addressing the needs of patients as diverse as our two example patients? Is HCAHPS really a true measure of patient centricity? No. This overly general one-size-fits-all process does not even come close to helping us understand the individual care required for patients who have vastly different needs and expectations.

The HCAHPS consists of 27 items that consider all aspects of the hospital experience, from communication and responsiveness, to cleanliness and pain management. These standardized HCAHPS surveys are supposed to capture the patients perspective about their hospital stay. Instead, it only has five items that directly ask about the patient:

  • In general, how would you rate your overall health?
  • What is the highest grade or level of school that you have completed?
  • Are you of Spanish, Hispanic or Latino origin or descent?
  • What is your race? Please choose one or more.
  • What language do you mainly speak at home?

Nowhere does the survey ask the patient questions that could determine what matters most to them. Thus, to truly understand patient centricity in this pandemic-inflicted world, we must understand what really matters to patients.

How Can We Help You Understand Your Patients?

Understanding patient experience requires an individualized approach, and is best driven by companies like OSG, who have become experts in the fields of patient experience and physician engagement. We deploy technology that uses Artificial Intelligence and Machine Learning (AI/ML) to obtain information at the individual level about the deeper drivers and motivations of patients. Our behavioral analytics methodology examines the “what” and “how” of patient experience data to inform the “why” of patient behavior and motivations.

Improving care requires understanding what matters to patients. Patient experience starts with understanding patient expectations. And nothing makes those expectations more defined than a global pandemic. The COVID-19 pandemic has brought a greater sense of urgency for hospitals to leverage data analytics and behavioral sciences to personalize patient care and deliver true patient centricity. This way, they’re delivering great care during stressful times and maintaining strong relationships with their patients.

To learn more about how OSG Analytics can help your organization harness patient experience feedback , contact us through the link below!

 

Innovating for 2030: Four Steps to Data-Driven Customer Foresight

Innovating for 2030: Four Steps to Data-Driven Customer Foresight

 

  • Share the reasons why understanding consumers of the future is more important than ever
  • Walk participants through the four-step, mixed-method approach that Bresslergroup and OSG use to achieve customer foresight
  • Provide a list of actions that companies can take right now to better prepare themselves for the future

Your Hosts:

David Levine, VP of Client Solutions at OSG

Ryan Chen, Bresslergroup’s Director of Design & Innovation Strategy