The Essential Role of Customer Science for CIOs

In today’s world, every customer has a platform to share their opinions, making it crucial for businesses to meet or exceed customer expectations in order to avoid negative impacts.

For example, on February 21, 2018, Snapchat experienced a loss of $1.3 billion in market value in just one day after a negative tweet from celebrity Kylie Jenner regarding the app’s new layout. This incident is just one of many examples of the high cost of failing to meet customer expectations. In 2016, US companies lost a total of $1.6 trillion due to customers switching to competitors as a result of poor service.

One of the challenges in the journey towards customer science is the presence of paradoxes. Despite the common saying that “The Customer is King”, many organizations lack a designated individual with the authority to ensure that every customer interaction is positive. This raises questions about the roles of emerging positions such as chief customer officer or chief experience officer.

Glenn Laverty, the former president and CEO of Ricoh Canada, addressed this paradox by integrating customer experience metrics into every employee’s compensation structure. By tying compensation to customer satisfaction, Laverty was able to instill a culture focused on meeting and exceeding customer expectations.

At Boeing, there has been a clear indication that production throughput metrics have taken precedence over safety considerations. Customer science can help organizations create a balanced approach by aligning everyone’s compensation with customer experience metrics.

Claes Fornell, founder of the American Customer Satisfaction Index, has highlighted the data paradox in customer science. Despite organizations collecting more customer data than ever before, there seems to be a disconnect in understanding how to use this data to improve customer satisfaction. As the emphasis shifts towards customer science, it is essential for businesses to leverage data effectively in order to better meet customer expectations.

By Samantha Robertson

As a seasoned content writer at newsderf.com, my passion for storytelling and creativity shines through in every article I craft. With a keen eye for detail and a knack for research, I thrive on translating complex topics into engaging reads that resonate with our diverse audience. My goal is to inform, entertain, and inspire readers through thought-provoking content that leaves a lasting impact. Join me on this exciting journey as we explore the world of news together.

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