Future Care Digest – 6.3.2014

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vit horkyHere are three topics worth looking at before you take a well-deserved weekend break. ROI on Customer service is my favourite. What’s yours — and why? I’m looking forward to your feedback.

Vit Horky
Founding Member of Future Care Initiative
CEO of Brand Embassy

ROI on Customer Service – The Economist Intelligence Unit Releases New Research

Colin Shaw(Colin Shaw, January 20, 2014) Investments in Customer Experience aren’t usually linked to ROI , but it has already been a hot topic in two Future Care debates online. Colin’s article adds fuel to the debate with his introduction to The Economist Intelligence Unit analysis of 852 firms and the ROI/ customer experience issue. While the report says that 83% of companies believe customer service is either very or moderately important to their financial performance, there is still no industry standard approach.

Even worse, there are about 1,000 different ways how ROI can be linked to customer experience and the Net Promoter Score (NPS), an increasingly popular metric, is just one of them. The research outlines the metric debate and continues with a strategic discussion on what focus a company should take to satisfy customers. One takeaway: A lack of focus on value generates higher expenses, especially in the customer service area. The post offers three worthwhile recommendations. If you like the topic, play The Economist Intelligence Unit’s “Return on Service” webinar over the weekend.

Customer Experience Drives Consolidation in the Social Media industry

 

maturing-social-media-customer-care-industry

In the last eight weeks, several companies in the social media space have changed owners or welcomed new investors on board.  On Wednesday, Facebook acquired WhatsApp for an unprecedented $16 billion and on the same day Sprinklr, the social media marketing platform, acquired the Dachis Group consultancy to boost its service offering. Last month, Hootsuite beefed up its analytics capacity by acquiring UberVu. Earlier this week, Socialbakers announced a $26m Series C funding led by Index Ventures.

In addition, Brand Embassy, the social media customer care company, raised $1m in a seed round led by Rockaway Capital and Spread Capital and opened up 6 world offices. All these moves signal that the social media market is maturing and is racing towards meeting customer needs.  These evolving needs not only require integrated solutions and high-speed innovation from start-ups, they also include providing the high-quality client support expected of grown-up companies. Put them all together and these changes will lead to faster innovation and greater connections between the marketing, PR, customer service and customer experience disciplines. In short, the hunt is on for a more comprehensive customer experience in the social media world..

Disclaimer: I am a founder and CEO of Brand Embassy.

Anatomy of a Social-Powered Customer Service Win

Anatomy of a Social-Powered Customer Service Win

(Salesforce.com, February 6, 2014) At face value, this is simply a sales presentation for Salesforce.com, the CRM company. But take a deeper look and it’s also an exceptionally well described story of how great social customer service can lead to more satisfied customers and a better reputation — no matter which tools are used.

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