From Cost Center to Experience Equation: How Technology is Shaping Modern Customer Interactions
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Presented by Anand Janefalkar, Founder & CEO of UJET at Customer Success Summit 2018, Track 2.
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From Cost Center to Experience Equation: How Technology is Shaping Modern Customer Interactions
- 1. PRESENTED BY From Cost Center to Experience Equation How Technology is Shaping Customer Interactions Presented by UJET Founder & CEO, Anand Janefalkar
- 2. Introduction • Engineer by Trade • Technology Executive and Advisor • Expertise in Hardware, Mobile and Bluetooth Anand Janefalkar, Founder & CEO “Customer support should be an experience equation, not a cost center.” Why I started UJET... PRESENTED BY
- 3. Today’s Topics 1. How Technology is Impacting Customer Relationships 2. What’s at Risk? 3. Are You Set up for Success? 4. The Paradigm Shift 5. A Real-World Example 6. Q&A PRESENTED BY
- 4. How Technology is Impacting Customer Relationships PRESENTED BY
- 5. We’re in the Middle of Three Macro Trends We Live in a Smartphone Era The On-Demand Economy Empowered Customer Bases PRESENTED BY
- 6. We Live in a Smartphone Era • Mobile devices are now the primary line of communication in US households • Smartphone users will grow from 3.4B in 2016 to 6.3B in 2021 • Time spent in apps will grow from 1.6T hours in 2016 to 3.5T in 2021. Cellphone-only: 50.8% Landline & Cellphone: 39.4% Landline, No Cellphone: 6.5% PRESENTED BY
- 7. The On-Demand Economy is Here • $57 billion market and only 7% penetrated • The number of on-demand economy (ODE) companies has grown nearly 300% in the last three years • Not just for millennials—ODE is expanding into every industry Annual On-Demand Economy Spending U.S. consumers are spending $57.6 billion in the on-demand economy. AVERAGE SPENDING PER YEAR IN BILLIONS OF $US SOURCE: NATIONAL TECHNOLOGY READNESS SURVEY, 2015 PRESENTED BY
- 9. The New Normal of consumers trust online reviews as much as personal recommendations of consumers need at least a four-star rating before they choose to use a business Positive reviews make of consumers trust a local business more PRESENTED BY
- 10. What’s at Risk? PRESENTED BY
- 11. Business Impact $62 billion is lost each year due to poor customer service in the United States alone. PRESENTED BY
- 12. Business Impact Of customers said they would be more loyal Would recommend the company to others Would use them more frequently if they could Would spend more money with the business If a company provides good service, PRESENTED BY
- 13. Are You Set up for Success? PRESENTED BY
- 14. The Old Way Complex to deploy, integrate, and maintain Disjointed experience across different point solutions Multiple vendors, tools, and contracts to manage Multiple charges including but not limited to connectivity, communications, technical account management, support, and other PRESENTED BY
- 15. The Paradigm Shift PRESENTED BY
- 16. Support and Success Should be an Experience Equation PRESENTED BY
- 17. An experience equation is... ...being available via the right channels for your customers ...reducing the cognitive distance between the agent and the issue ...providing the fastest resolution at the minimum amount of time PRESENTED BY
- 18. Be Available via the Right Channels Provide consistent, simple, and reliable support experiences across all entry points – phone, web, and app. Web App Phone PRESENTED BY
- 19. Reduce the Cognitive Distance Agent Customer Make it easier on both your agents and customers by providing them with intuitive technology that will share what the issue is up front, avoiding the "Hello, how can I help you?" mantra. PRESENTED BY
- 20. Fastest Resolution Possible Communicate with customers the same way they communicate with everyone else – via photos, text, videos, screenshots, and more. Smart ActionsTM PRESENTED BY
- 21. Technology Trends that Enable Superior Experiences PRESENTED BY
- 22. Today’s Technology Trends: Cloud & SaaS 74% of Tech Chief Financial Officers (CFOs) say cloud computing will have the most measurable impact on their business in 2017. Reduced IT costs Sizing Flexibility Collaboration PRESENTED BY
- 23. Today’s Technology Trends: Artificial Intelligence & Machine Learning Nearly 80 percent of business leaders plan to or have already implemented AI into their customer support solution by 2020. Decreased Training Costs 67% of people expect to see/use messaging apps when talking to a business. Investment in AI will increase more than 300% this year. Pre-emptive Action “Always-On” / Accessibility Cost Savings Personalization Scalability PRESENTED BY
- 24. Today’s Technology Trends: APIs APIs (Application Programmer Interfaces) are the components that enable diverse platforms, apps, and systems to connect and share data with each other. Eliminate barriers Customer insights Streamline processes Innovation Companies like Amazon Web Services, Facebook, Google, Marketo, Salesforce, Twitter and thousands of others have APIs available. PRESENTED BY
- 25. Today’s Technology Trends: UX “For every dollar spent to resolve a problem during product design, $10 would be spent on the same problem during development, and multiply to $100 or more if the problem had to be solved after the product’s release.” – Robert Pressman, Software Engineering: A Practitioner’s Approach PRESENTED BY
- 27. SpotHero’s Success SpotHero, the leading parking reservation platform in North America, drives the majority of its customer interactions through a mobile user-base that contacts support as needed via smartphones. With phone calls being central to its customer service department, SpotHero was unhappy with its unreliable and inconsistent provider and knew it was time for a change. PRESENTED BY
- 28. SpotHero’s Success Leaving “Disconnected and Inconsistent” Processes Behind • Superior Service Level • Intuitive Implementation & Simplified Cost Structure • Customization • Real-Time Data with Historical Reporting 50% savings in telephony expense vs. previous provider 20% decrease in telephony training overhead due to ease of use 50% reduction in abandoned calls 70% reduction in per minute voice charges PRESENTED BY
- 29. Recap • With the growth of the on-demand economy and smartphone usage, technology is impacting customer relationships dramatically • Companies are at risk of losing billions of dollars a year due to poor customer support experiences • Complex and convoluted systems of the past are slowing down your customer experience • Support and success should be viewed as an experience equation, not a cost center PRESENTED BY
- 30. Come Say Hello Booth #4 PRESENTED BY
- 31. UJET is the real-time communications platform that makes it easy for customers and businesses to instantly connect so they can resolve problems faster. Simple & Intuitive Interface Flexible, Reliable, & Secure Cloud Platform Best in Class ROI & Disruptive Pricing Model PRESENTED BY
- 32. Cloud-Based Software Interface The UJET Communications Platform Interface Voice Web APIs Channels Connection Points Infrastructure & Architecture Chat In-app 1-800 Web In-app Out-of-the-Box Integrations Dashboards and Reporting PRESENTED BY
- 33. #4 Q&A Learn more by downloading the success story, here: https://go.ujet.co/ujet-spothero-success-story www.getujet.com hi@getujet.com PRESENTED BY
- 34. Thank you!
Editor's Notes
- Elaborate on the story of UJET and why the company was founded
- We live in a smartphone era – what exactly does that mean? (Anand has commentary on this topic from previous sales decks) Roughly three-quarters of Americans (77%) now own a smartphone – a stat that has more than doubled since 2011. Smartphone are now nearly ubiquitous among younger adults, with 92% of 18- to 29-year-olds owning one.
- In fact, the smartphone user base will nearly double from 3.4 billion people in 2016 to 6.3 billion in 2021, and time spent in apps will grow even faster, from 1.6 trillion hours in 2016 to 3.5 trillion in 2021. Resource: App Annie 2017
- With a mobile generation, comes the want for instant and immediate gratification. It seems that today, we can get everything we need all at the press of a button. Need to listen to a song? Search and play without waiting to download using Spotify, Pandora, iTunes, and others. Need a car to the airport? Don’t have to call a cab dispatch, tell your location, destination and wait. Open your Uber, Lyft or other ridesharing apps. The list goes on and on. The explosion of on-demand services has driven a monumental change in consumer’s expectations for convenience, which extends beyond ease of purchase to customer service and support. Companies must adapt and provide a high level of customer experience to create loyalty and retain their customers. The total US transaction value of the on-demand economy grew from $22 billion in 2015 to $24 billion last year and was expected to reach $57 billion by the end of 2017. Resources: https://www.inc.com/james-paine/5-stats-to-know-about-the-on-demand-economy.html
- Consumers are in control when it comes to sharing their customer support experiences. With tools like Twitter, Yelp, and Facebook, consumers are able to share their frustrations for all to see – all with the simple click of a button. It takes 12 positive experiences to make up for one, unresolve negative experience. And with 61% of customers moving to a competitor due to bad service, it’s important to keep negative reviews at bay and provide the best service possible. News of bad customer service reaches more than twice as many ears as praise for a good service experience.
- It takes 12 positive experiences to make up for one, unresolved negative experience https://www.brightlocal.com/learn/local-consumer-review-survey/
- Customers have more power than ever before and yet businesses are still losing millions of dollars each year ($62 billion to be exact) due to poor customer service, an increase of almost 50% from a similar report two years prior. On average, loyal customers are worth up to 10 times as much as their first purchase. 91% of unhappy customers will not willingly do business with you again.
- On the flip side, leave your customers with a positive support experience and reap the benefits… 70% of customers said they would be more loyal 42% would spend more money with the business 49% would use them more frequently if they could 69% would recommend the company to others
- Traditional support today is full of convoluted systems, empty promises, and disjointed experiences...
- Today, many companies think of customer support as a channel equation. There are providers who offer specific solutions for voice, chat, email, and helpdesks, but most of them are placing their focus in just one particular area [trying to fit every conversation into that limited scope]. Unlike other companies, UJET thinks of customer support as an experience equation – one that keeps up with the product, service, and brand it's associated with. Customer support channels should be driven by the complexity and urgency of the query, to provide the fastest resolution at the minimum amount of time.
- While customer support is often written off as a less important business operation, organizations need to think of customer support as an integral part of the brand experience. It can have a significant impact on the company's bottom line. From a brand loyalty perspective, more than half of consumers say they will stop purchasing from businesses after just one poor customer service interaction. Moreover, consumers are far more likely to share bad experiences on social media, and 88 percent say they have been influenced by online reviews when making purchases. When you take all of this data into consideration, it's easy to see the value of customer support in driving purchases from both new and existing customers. Additionally, businesses looking to take brand loyalty one step further can begin exploring how customer support can bleed into other parts of their businesses, whether it be product, marketing, or sales.
- Be available via the right channels for your customers to reach you – whether it’s via your website, app, or phone
- Limited information sharing, having to repeat and re-verify themselves and repeat the reason they’re calling… data is stored in different locations and it’s not being passed around correctly…
- So, how can companies provide a positive support experience and connect with their customers where it matters most? Technology today offers up an abundance of tools to help streamline the support process for both your customers and business... There has been a major shift to cloud & SaaS applications. SaaS applications are subscription based and having no license fees mean lower initial costs. Having the SaaS provider manage the IT infrastructure means lower IT costs for hardware, software, and the people needed to manage it all. Enterprise cloud spending is growing at a 16% compound annual growth run rate between 2016 and 2026. For example, by 2022, Amazon Web Services (AWS) will reach $43B in revenue, and be 8.2% of all cloud spending. In addition, cloud computing spending is growing at 4.5 times the rate of IT spending since 2009 and is expected to grow at better than 6 times the rate of IT spending from 2015 through 2020. Additional stats: https://www.rightscale.com/blog/cloud-industry-insights/cloud-computing-trends-2017-state-cloud-survey https://www.forbes.com/sites/louiscolumbus/2017/04/29/roundup-of-cloud-computing-forecasts-2017/#1464c24d31e8 https://www.business.qld.gov.au/running-business/it/cloud-computing/benefits
- Artificial intelligence (AI) is deemed by many as the next big thing in customer support. The concept of intelligent data or pattern-driven automation is exciting and we are seeing organizations welcome it with open arms. In fact, a recent study by Oracle titled, “Can Virtual Experiences Replace Reality?” found that nearly 80 percent of business leaders plan to or have already implemented AI into their customer support solution by 2020. However, this is not to say that we as consumers are ready to say goodbye to human customer service agents altogether. According to the 2016 Executive Report on Customer Experience from Call Center IQ, roughly nine in 10 consumers say live agent telephony is still their preferred communication channel. Other Resources: https://www.uctoday.com/news/blog/8-stats-ai-customer-service-mean-business/
- APIs help to grow revenue by integrating platforms and apps so organizations can quickly launch new business models and scale quickly. “Customer needs are driving the most efficient API development programs. Having a strong focus on the customer and being accountable for how the API’s quality turns out is essential. Customer-centric development is also forcing APIs to scale up faster, providing contextual intelligence and insight over completing simple tasks. These customer-centric APIs are driving greater maturity into development cycles, enabling quicker maturity of API code bases across the board. The following Cloud Platform API Maturity Model provides the context of how APIs must progress to provide greater contextual intelligence to enable prescriptive and cognitive workflows.” Resources: https://www.forbes.com/sites/louiscolumbus/2017/01/29/2017-is-quickly-becoming-the-year-of-the-api-economy/#7a7f33026a41
- This is to say that every dollar invested in UX returns $10 to $100, and correcting the problem from the start is most cost effective. When consumers are engaging with your company, you have very few chances to influence them. Investing in UX will help to ensure brand recognition, gain trust, and keep consumers coming back. Companies like Airbnb, Instagram, Square, and Etsy are all great examples of a heavily-influenced customer experience culture, one where a beautifully design UX will help to create a better customer experience.
- Superior Service Level When reviewing SpotHero’s needs, the requirement for a high-quality SLA was clear. SpotHero needed to be able to hear its customers in order to support them, after all. When they started facing frequent service interruptions, Nate and team knew it was time for a change. Intuitive Implementation & Simplified Cost Structure SpotHero was also looking for a cost-effective solution that did not require a full-time administrator and that could be implemented easily. The majority of other providers reviewed by SpotHero had very expensive per minute voice charges and an implementation process that would take weeks, with a team of engineers needed to make it happen. It just wasn’t realistic. Customization “We also needed something that’s customizable so that when a customer calls, we can take their information and connect them with the right Hero (agent),” said Nate. Real-Time Data with Historical Reporting Real-time reporting and data were also on the must-have list, so scheduling and forecasting could be instant—no more waiting around for data to make critical decisions. For example, SpotHero found themselves in a similar spot… this is how they were able to turn their support experience around…