We caught up with Delnaz Balsara, Head – Customer Experience, Kotak Mahindra Prime Limited at Futurist Business Conclave 2017 for a quick & informative CX chat.
As an organization, how important is CX as a strategy?
Developing an ongoing Customer Experience strategy before customer acquisition is very essential. A customer’s expectations have increased manifold. Since he has multiple choices, he will be willing to switch over to competition even if he has to pay a premium for a product/ service if the experience is good. Good customer experience leads to “loyal customers” and help organizations up-sell and cross-sell. At Kotak Mahindra Prime, we ensure that the customer experience is outstanding at all levels.
What are few basics to get your CX right?
The key to a successful CX Journey is the interactions and engagement between your customers and the organization which can be a key factor that differentiates you from your competition. The important factors in getting CX right are “Top Down Approach”, “Simple to Execute”, ”Clearly Defined Vision”, “Ease of Feedback Capturing” and “Effective Quantifiable Measurements”.
Engagement is the holy grail for businesses. How do you encourage this? How do you measure it? Are you seeing a correlation between engagement and revenue?
Customer Engagement is all about creating micro-moments of truth for the customer in his journey with you. Good service definitely makes the customer feel positive towards a brand. The current generation of customers are highly active on social media which also means that we need a clear, planned and effective online customer engagement strategy.
Customer Engagement begins by “Listening To Your Customers”, “Empowering Your Employees” & “Personalising Solutions”. Measuring customer engagement should not be limited to “traditional” goals metrics like TATs. Measurement should also include ease of access, quality of experience, and voice of the customer (VOC). The most popular measurement tools that we use are Key Performance Indicators (Qualitative), Percentage of Repeat Business & Net Promoter Score.
Customer Engagement is highly correlated to Customer Loyalty. Loyalty generates revenue, hence focusing on customer engagement directly leads to results. Engaged customers do not hesitate to pay a price for the service they receive.
Word of mouth is till date the most effective marketing tool which works positively if the customer is happy. The approach is slowing shifting from Sales to getting into a mode of Service to Sales.
About Delnaz Balsara
Professional with over 13.5 years of exposure in the Insurance, Banking & Finance Industry. Experience ranging from Business support, planning to customer service/operations, Online Sales strategy, Digital marketing, product & process management & key account management. Have led successful partnerships to create and deliver innovative solutions to enhance growth and profitability for the company and assist them in successful execution and implementation of strategies.