10%

Try : Insurtech, Application Development

Edtech(5)

Events(32)

Interviews(10)

Life@mantra(10)

Logistics(1)

Strategy(14)

Testing(8)

Android(43)

Backend(28)

Dev Ops(2)

Enterprise Solution(21)

Frontend(28)

iOS(39)

Javascript(13)

AI in Insurance(28)

Insurtech(58)

Product Innovation(36)

Solutions(15)

Augmented Reality(7)

Customer Journey(7)

Design(6)

User Experience(22)

Artificial Intelligence(97)

Bitcoin(7)

Blockchain(14)

Cognitive Computing(7)

Computer Vision(6)

Data Science(14)

FinTech(41)

Intelligent Automation(26)

Machine Learning(43)

Natural Language Processing(10)

E-health(3)

HealthTech(5)

mHealth(3)

Telehealth Care(1)

5 Proven Strategies to Improve Customer Experience

If your customer’s flight arrives early and you’re able to make arrangements for changes in stay and travel plans beforehand, then that’s a great experience for the customer. If your customer needs to call support portal and request for changes, then that’s just customer service.

Bain & Company together with Harvard Business School foretold- increasing customer retention rates by 5% brands can increase profits by 25% to 95%. Decades ago, customer retention programs involved friendly customer service. Today, the strategy for customer retention has shifted to experiences that customers appreciate. Here are innovative ideas to improve customer experience.

#1 Preparing Customer Journey Map

A customer journey map outlines customers’ emotions from the time they come to know about your product to their purchase and post-purchase experiences. 

It helps to point out unsatisfactory instances and discover bottlenecks in operations. You can then device strategies for better customer experiences. According to Oracle’s Executive survey, hassle-free experience drives 74% of loyalty from customers. The customer journey is going to be integral to almost every digital product soon. 

[Quote]

New Product is the Customer Journey.

While building a customer journey map, it is important to include stakeholders’ viewpoints.  These can be from leadership, UX, customer success/service, product, sales and/or marketing, analyst, and third-party vendors/store managers. 

Also, the customer journey would be an understatement if you’ll not include Customer Experience Management (CEM), Communication and Persuasion techniques, Customer Relationship Management, and understanding of the retail environment.

#2 Living Up to the Promise

Customers are also brand advocates. They’re also playing the role of influencers. Therefore, not delivering the promised service might disappoint the customer and will eventually spread a negative reputation for your brand.

Delivering experiences more than promised is rare, but once achieved, loyalty towards brand from customers and their referrals is beyond imagination.

Here are a few Zappos’ “Deliver WOW Through Service” stories featured in Forbes.

#3 Bringing Better Mobile and Hand-held Device Experiences

Millennials have evolved from using CRTs to smartphones. And the unanimous reason is convenience. For instance, a VP of a leading firm, who is also a home-maker is now able to arrange dinner for the family while taking an uber ride.

The point is- mobile phones, tablets, or portable laptops have surpassed the limitations of portability. Customers are using their hand-held devices for accomplishing tasks anywhere and anytime.

You’ll be surprised to know, 77% of mobile searches are from locations where people are also having access to PC.

To improve customer experience on smartphones, Accelerated Mobile Pages (AMP) and optimizing key complex pages like homepage can turn beneficial. E.g. FRANK, a UK-based drug information service provider was able to increase its traffic by 39% by providing the best mobile experiences. 

IKEA was able to calculate the omnichannel return on ad spend (ROAS) for footfall in Belgium. It found out mobile campaigns brought 80% more footfall than the desktop campaigns.

#4 Adopting Omni-channel Service Can Help to Improve Customer Experience

Most businesses are investing in multichannel experiences like social media, website, mobile-first, smartwatch, and different offline and online marketing channels. Often these channels are not connected and aim to provide esoteric experiences. 

But, people expect the same service from brands regardless of channels. It can be social media like Instagram or Facebook- people want brands to hear their complaints or resolve their queries then and there itself. 

Or, while visiting the physical store, customers want the store representative to be helpful throughout the time they’re spending in-store. Google research states, over 70% of all shoppers say they are open to learning about products on YouTube from brands.

Omni-channel services seamlessly integrate different communication channels irrespective of how and where customers want to reach out.

For example, Bank of America allows paying monthly bills, depositing cheques, etc. via mobile app and website. Users can schedule appointments, connect with representatives via phone, chat, or in-person interaction.

#5 Providing 24 X 7 Support

About 72% of tech-savvy customers appreciate the real-time response from companies. They also acknowledge immediate query resolution can win their loyalty for the brands. Let’s talk about how to improve customer experience by enabling 24 X 7 support on your portal or website.

  1. Human support: The average cost per customer support is $1/minute, according to VHT. 
  2. Remote human support: Using VoIP (Voice over Internet Protocol) call-center support, the average cost drops to $25-$45 per agent per month. And human agents from different geographic locations can provide customer support according to their time-zones.
  3. Chatbots: The best of today’s’ technology is AI-powered chatbots, which are capable of handling customer queries at less than $0.1/minute. 

Cost is just one factor to determine your brand’s customer relationship management strategy.  To-the-point real time response to each and every customer query is what makes a great customer experience.

For example, brands are using AI-powered chatbots to provide 24 X 7 customer support, especially during off-working hours and holidays. These chatbots allow integrating document processing workflows, ticket management systems, etc. to further simplify and automate customer support. Therefore, you can opt for Smart bots which are not only cost-effective but also scalable across enterprizes.

Source: Hitee

To learn more about great customer experiences and strategy consulting to bring the best to your brand, feel free to contact us at hello@mantralabsglobal.com.

Contributing Authors: Nidhi Agrawal (Content Writer @Mantra Labs)

Cancel

Knowledge thats worth delivered in your inbox

The ‘Cyber Attacks’ Winter is Coming — straight for small firms in India Inc.

5 minutes read

Cyber intrusions and attacks have increased exponentially over the last decade approximately, exposing sensitive information pertaining to people and businesses, thus disrupting critical operations, and imposing huge liabilities on the economy. 

Cybersecurity is a responsibility that employees and leaders across functions must shoulder simply because it is the gospel truth – you cannot protect what you cannot see. As organizations have shifted to the work-from-home model due to the outbreak of the COVID-19 pandemic, it’s increasingly important to keep your company’s data secure. 

While the pandemic has led to near or complete digitalization of operations amongst financial institutions, it’s also increased the potential for cyberattacks that lead to adverse financial, reputational, and/or regulatory implications for organizations. 

According to Accenture, cybercrime is said to cost businesses $5.2 trillion worldwide within five years. “With 43% of online attacks now aimed at small businesses, a favorite target of high-tech villains, yet only 14% prepared to defend themselves, owners increasingly need to start making high-tech security a top priority,” the report continues.

A recent McAfee study shows global cybercrime costs crossed US$1 trillion dollars in 2020, up almost 50% from 2018.

India too saw an exponential rise in cybersecurity incidents amid the coronavirus pandemic. Information tracked by the Indian Computer Emergency Response Team (CERT-In) showed that cybersecurity attacks saw a four-fold jump in 2018, and recorded an 89 percent growth in 2019.

The government has set up a Cyber Crisis Management Plan for countering cyber-attacks effectively, while also operating the Cyber Swachhta Kendra (Botnet Cleaning and Malware Analysis Centre).

Banks and Financial Institutions (FIs) are some of the highest targeted market sectors. An analysis by FitchRatings in collaboration with SecurityScorecard reveals that banks with higher credit ratings exhibited better cybersecurity scores than banks with lower credit ratings. 

Bharti Airtel’s chief executive officer for India, Gopal Vittal, in a letter to the telco’s 307.9 million subscribers, detailed out how Airtel is carrying out home delivery of SIM cards and cautioned subscribers from falling prey to cyber frauds. He cautioned them against the rapid rise in cyber frauds, highly likely via digital payments. “There has been a massive increase in cyber frauds. And as usual, fraudsters are always finding new ways to trick you,” he added in the letter. 

Barcelona-based Glovo, valued at over $1 billion, that delivers everything from food to household supplies to some 10 million users across 20 countries, came under attack recently when the “hacker gained access to a system on April 29 via an old administrator platform but was ejected as soon as the intrusion was detected”, according to the company.

The attack came less than a month after Glovo raised 450 million euros ($541 million) in funding. 

According to Kaspersky’s telemetry, close on the heels of coronavirus-led pandemic and subsequent lockdown in March 2020, saw a total number of meticulously planned attacks against remote desktop protocol (RDP) jumped from 93.1 million worldwide in February 2020 to 277.4 million 2020 in March — a whopping 197 percent increase. In India, the numbers went from 1.3 million in February 2020 to 3.3 million in March 2020. In July 2020, India recorded its highest number of cyberattacks at 4.5 million.

The recent data breach at the payment firm Mobikwik, affected 3.5 million users, exposing Know Your Customer (KYC) documents such as addresses, phone numbers, Aadhaar card details, PAN card numbers, and so on. The company, however, still maintains that there was no such data breach. It was only after the Reserve Bank of India’s intervention that Mobikwik got a forensic audit conducted immediately by a CERT-IN empaneled auditor and submitted the report. 

Security experts have observed a 500% rise in the number of cyber attacks and security breaches and a 3 to 4 times rise in the number of phishing attacks from March until June 2020.

These attacks, however, are not just pertaining to the BFSI sector, but also the healthcare sector, and the education sector.

Image Source: BusinessStandard.com

What motivates hackers to target SMBs? 

Hackers essentially target SMBs because it’s a source of easy money. From inadequate cyber defenses to lower budgets and/or resources, smaller businesses often lack strong security policies, cybersecurity education programs, and more, making them soft targets. 

SMBs can also be a ‘gateway’ to larger organizations. As many SMBs are usually connected electronically to the IT systems of larger partner organizations, it becomes an inroad to the bigger organizations and their data. 

How can companies shield themselves from a potential cyberattack: 

As a response to the rising number of attacks in cyberspace, the Home Ministry of India issued an advisory with suggestions on the prevention of cyber thefts, especially for the large number of people working from home. Organizations and key decision-makers in a company can also create an effective cybersecurity strategy that’s flexible for adaptation in a changing climate too. Here are a few use cases: 

  • CERT-In conducted ‘Black Swan – Cyber Security Breach Tabletop Exercise’, in order to deal with cyber crisis and incidents emerging amid the COVID-19 pandemic, resulting from lowered security controls. 
  • To counter fraudulent behavior in the finance sector, the government is also considering setting up a Computer Emergency Response Team for the Financial Sector or CERT-Fin.
  • Several tech companies have come forth to address cybersecurity threats by building secure systems and software to mitigate issues like these in the foreseeable future. For example, IBM Security has collaborated with HCL Technologies to streamline threat management for clients through a modernized security operation center (SOC) platform called HCL’s Cybersecurity Fusion Centres. 

Some of the ways through which companies can mitigate potential risks include: 

  • Informing users of hacker tactics and possible attacks
  • Establish security rules, create policies, and an incident response plan to cover the entire gamut of their operations
  • Basic security measures such as regularly updating applications and systems
  • Following a two-factor authentication method for accounts and more

While these measures are some of the ways to be on top of your game in the cybersecurity space, they will also help in sound threat detection while helping gain better insights into attacks and prioritizing security alerts so that India is better prepared for an oncoming attack and battling any unforeseen circumstance that might result in huge loss of data, resources and more. 

Cancel

Knowledge thats worth delivered in your inbox

Loading More Posts ...
Go Top
bot

May i help you?

bot shadow