MAM
Forget brand loyalty & price, efficiency and emotions pivotal in good CX: Report
MUMBAI: What makes a customer tick? A new report by Havas CX would have you believe that efficiency and emotion are the two most important factors when it comes to good CX (customer experience).
Based on consumer attitudes towards CX as a practice by brands, the study titled The X Index surveyed 28,000 consumers across five markets – China, France, India, UK and US – and found that of the 40 criteria analysed, two factors – “the customer journey was simple” and “the customer journey was pleasant” scored the highest – even above other factors including brand loyalty, customer service and price.
The study highlights that in India, the customer-brand relation factor is the main driver of CX efficiency, with a conjunctural impact of Covid. For Bricks & Clicks brands (bricks-and-mortar retailers that have implemented digital transformation programmes), relevant and responsible communication alongside the pleasantness of the experience ranked as the most important factor. For Pure Players, the quality of their customer service was the single most important factor. While pleasantness of experience did emerge as a discerning factor for Pure Players (digital natives, online-only), it was less pronounced than it was for Bricks & Clicks brands.
The top five X Index emerging categories are automotive, hospitality, fashion, finance and quick service restaurants. The top 10 brands in India are Apple, Tanishq, Morris Garages, Maruti, Michelin, Hyundai, Oberoi Hotels & Resorts, Citroën, AirBnB and Marriott.
Overall, the study, conducted by Havas CX in partnership with research institute OpinionWay, shines a light on the dual but contrasting needs of consumers who demand an almost Darwinist functional efficiency while simultaneously seeking an emotional connection from the brands they interact with (and buy from).
It also uncovers a divide in consumer expectations of Bricks & Clicks brands versus digital Pure Players – with emotional needs ranking higher for the former and functionality for the latter. This underlines a clear opportunity for Pure Players – with functionality very much a given, the emotional can represent a clear differentiating factor.
While the importance consumers place on efficiency and emotion stands out, effective CX is driven by a unique combination of certain factors in each market. Havas CX has analysed this data to identify four key overarching principles of best-in-class customer experience in 2021:
Create personalised experiences
Customers today expect communication to be personalised in accordance to their profile and brands need to take into account their previous interaction with customers in order to deliver data-led personalised experiences. The fact that the fit of brand communication to audience profile as well as previous purchase ranked high for both Pure Players and Bricks & Clicks, underscores the importance of data-led personalisation for an effective CX.
Deliver a seamless omni-channel experience
It is imperative for Bricks & Clicks brands to extend their existing offline experiences onto digital platforms, as the customer is looking for a consistent and seamless experience across touchpoints. And while delivering it, Bricks & Clicks players should pay that extra attention to exceed consumer expectations and deliver an experience that is reflective of the brand’s core.
Be responsible and caring
In the post-pandemic world, consumers are expecting brands to act more responsibly. They expect brands to step up their post-sales service, especially in the case of Pure Players. Ranking high for both Pure Players and Bricks & Clicks is the need to enable consumers by providing them easy access to helpful and useful content on relevant touchpoints throughout the journey.
Simple emotional connect to delight
Customer Experience is integral to all the brand interactions and the customer is not concerned about all the science and data that goes behind the design of the customer experience. What the consumer is looking forward to is a simple and pleasant purchase journey, which is easy to navigate. The simplicity of the experience leads to a delightful CX.
"The Havas X Index is a proprietary tool designed to serve as a global barometer for assessing customer experience. In addition to ranking brands and categories basis consumer’s evaluation of their CX offering, the report also highlights the most important factors that determine good CX,” said Havas Group India, chief strategy officer Neeraj Bassi. He opined that the findings of the X Index report will be particularly useful to CMOs and CEOs who are looking to revamp their CX offering post the pandemic.
According to Havas CX India EVP & business head Prashant Tekwani, while there has been accelerated adoption of digital in 2020, terms like ‘new normal’ and ‘pandemic has changed the way people purchase’ have become overused to the point of becoming cliché ; brands need to rise above generalisations and define their own customer strategy.
"Each brand will have to curate a buying journey that is meaningful, unique, and relatable for the consumer to win loyalty. The lack of in-store experience has forced the Bricks & Clicks brands to look towards technology innovations to personalise the buying experience for the customer, contrary to treating each interaction as a transaction," he added.
Brands
Safex Group appoints Richa Malhotra as group chief financial officer
Former Standard Chartered executive to steer finance
NEW DELHI: Safex Chemicals has appointed Richa Malhotra as group chief financial officer, strengthening its leadership team as the company prepares for the next phase of expansion in specialty chemicals and global agrochemicals.
In her new role, Malhotra will lead the group’s financial strategy, capital architecture and governance framework as Safex scales operations across multiple verticals including branded formulations, specialty chemicals and contract manufacturing.
A chartered accountant and graduate of Shri Ram College of Commerce, University of Delhi, Malhotra brings more than two decades of experience in business finance, strategic planning, corporate banking and client management.
Before joining Safex, she served as executive director, financial markets at Standard Chartered, where she led teams across India and Sri Lanka and worked closely with large corporates, global subsidiaries and commercial banking clients. Her expertise includes capital structuring, treasury operations, risk management and financial markets led financing solutions.
Safex Group promoter director and joint managing director Piyush Jindal, said the appointment comes at a pivotal time for the company. “Safex stands at an inflection point as we build an integrated platform across branded formulations, specialty chemicals and contract manufacturing. Richa’s experience across global financial institutions will strengthen our financial discipline and help unlock value across the group,” he said.
Malhotra said she was looking forward to contributing to the company’s next chapter of growth. “Safex has built a strong reputation over 35 years with its focus on integrity, innovation and agricultural insight. I am excited to be part of the organisation as it expands its footprint in India and global markets,” she said.
The appointment comes as Safex continues to strengthen its financial foundations and scale operations internationally, positioning itself for future growth milestones.
