If you follow customer service news or read blogs and print publications dedicated to customer relationship management, you may have noticed a new trend. Corporate America cares about the customer! That’s right! Not only are companies investing in new service and support channels and customer service skills training for employees, they are also hiring new upper management: Chief Customer Officers (CCO).
Successful companies know that they must allocate funds for the development of new products and services, and employee skills development training. Successful companies also know the importance of investing time and money into creating positive customer experiences. Forrester Research has been tracking the rise of the CCO and has noted a significant increase in the number of companies with a single executive championing customer experience efforts.
A Chief Customer Officer represents the customer in the boardroom and actively manages customer engagement policies and procedures across the organization. CCO’s embrace customer advocacy and strive to strengthen customers’ emotional connections to the brand using targeted ad campaigns and new service channels. The key role of a Chief Customer Officer is to learn what customers value about the company and how customers feel about the level of service currently being provided. A Chief Customer Officer then takes that data and executes change to close the gap between customer expectations and actual experiences.
Chief Customer Officers have the ability to form multi-channel, multi-department teams to closely monitor and proactively adjust policies and procedures to maximize customer satisfaction. When customer-centricity is promoted from the top down, an organization will see rapid adoption across all management levels and a resulting increase in brand advocacy.
86% of consumers quit doing business with a company because of a bad customer experience, up from 59% 4 years ago. Source: Harris Interactive, Customer Experience Impact Report
Most companies have been monitoring customer satisfaction, but not many have been acting on the results. To effectively increase customer loyalty and the resulting revenue – organizations must employ an executive who can quickly identify unmet customer needs, rectify satisfaction issues regarding policy and procedure, and most importantly, manage the customer experience.