5 Quick Tips To Help You Make Price Irrelevant
1. Featured Article
The Rise of The Human Relationship Debt Crisis
Is it a good thing that more and more businesses are offering non-human contact options? The technological revolution has definitely shown us that human-less interactions, like using self-service channels, can provide faster and more convenient customer experiences. However, many companies are now offering customers the option to avoid any human contact. For instance, Uber now offers a Quiet Mode option their customers can choose when booking their ride, which lets the driver know the passenger would like no engagement. Hair salons are offering “quiet chairs” if a guest prefers no interaction. And in 2019 Starbucks, once regarded as the “third party place”, opened its first pickup-only location in New York City. It appears that more companies will follow by offering the use of technology in ways that don’t require actual talking or human contact.
While many customers enjoy the ability to choose these options, it is hard to ignore the increase in the human debt. Ironically it was Deloitte Digital that coined the term “human debt”, which they define as the costs of choosing easy or limited solutions that our advancements in technology and the pace of change are creating. So, what are the costs incurred by the human debt? From a business standpoint, a decrease in human interaction decreases emotional connection and loyalty to brands. From a societal standpoint, social isolation leads to an increase in loneliness and depression.
Loneliness Has Become One of The Leading Causes Of Premature Death
In a blog titled Overcoming The Epidemic of Loneliness, author Dr. Karen Wolfe shares that despite the increase in technology “connectivity” with cellphones, social media, dating apps, texting, email and digital entertainment, loneliness is now one of the leading causes of premature death in all technologically advanced nations. Every generation is reporting that they have less relationships; 3 in 4 American adults are considered lonely, and that the youngest generation of adults is the loneliest of all. Julianne Holt-Lunstad, the lead author of a study that reviewed and analyzed research in this area, noted, “A lack of social relationships was equivalent to smoking up to 15 cigarettes a day.”
Deloitte’s research found that organizations that do focus on the human experience are twice as likely to outperform their competitors in revenue. A study conducted by Motista,
found customers who feel an emotional connection to a brand have a 306% higher lifetime value, stay with a brand for an average of 5.1 years vs. 3.4 years, and will recommend brands at a much higher rate (71% vs. 45%). This is why The Relationship Economy is where the primary currency is the connections and trust among customers, employees, and vendors that create significantly more value in what we sell. These relationships and connections help make price irrelevant.
2. Article You Need To Read
20 Stats Tying CEO Involvement To Customer Experience Success
Customer Experience Futurist Blake Morgan shares 20 irrefutable statistics of how a company’s customer experience success starts and ends with the CEO. Here is one stat that jumped out at me; 64% of companies with a customer-focused CEO are more profitable than their competitors. Check out the full article.
3. Short Video You Need To Watch & Share With Your Team
Is your company prepared for customer’s expectations in 2020?
4. Quote Of The Week
“The pendulum has swung over to high tech and low touch. As a result,
we long for a sense of community, belonging, and purpose, a world in which people actually know our name, what we do, what is important to us, and have trust in one another.”
5. Resource To Help Take Your Customer Experience To The Next Level
Customer eXperience Executive Training Online
While the 2020 Customer eXperience Executive Academy is sold out, you don’t have to wait till January 2021 for the next class to start. The same course is offered online. The Customer eXperience Executive (CXE) Academy’s e-learning course outline has been designed to prepare leaders like you, from around the world, for a new level of leadership, to the benefit of both your career and your organization. This course enables you to assess the current state of service in an organization and work to build a culture within that delivers world-class experiences, consistently.
The CXE Academy Online provides comprehensive training and certification on all facets and responsibilities that fall under the Customer experience. As a student of The CXE Academy Online you will develop your ability to design and implement significant business change that impacts the customer service delivered by your organization.
The series of classes developed for this offering follow the trademarked X Commandments methodology created by John DiJulius and The DiJulius Group. As a participant, you will learn the importance of each aspect of this methodology, and how to implement, execute, and train on each one.
Your Customer eXperience Executive Academy online e-learning program will conclude with a course on training and a final exam to achieve your certification.