If you want to deliver superior customer experience, you have to adapt to the digital possibilities of the next generation. There is a financial-technology start-up called Kabbage which is able to approve a small business loan in just seven minutes. That's almost 5,000 times shorter than it takes in a typical bank. Pretty amazing, isn’t it? However, there are still areas in which incumbents can design and deliver outstanding customer experience. On which areas should those firms focus? These conclusions were published in an article on the mckinsey.com website.
Spend some time with customers to truly understand them
Quantitative research on customers can give you useful insights, but don’t get stuck measuring their behaviors and not doing anything else. You need to develop empathy. You must empathize with your customers when they are going through difficulties and when they face obstacles. Researchers should observe customers in stores and accompany them as they shop. Early feedback from your customers about your new products can be very interesting.
Go beyond the traditional core customer journey
A company that understands relevant interactions can deliver customer experiences one level higher than the others. For example, when securing a mortgage, an understanding of how potential home buyers choose schools allows the company to discover new and very useful insights.
An insurance company observed farmers as they went about their day. A team designing an insurance product for them, one which would protect farmers from impacts of climate change, found that farmers are very tech savvy. They use PCs and mobile devices every day. Based on this knowledge, the company prepared a digital solution. The app provided historical weather data and forecasts as well.
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