According to Accenture Interactive’s new report, customer acquisition has begun to see a seismic shift that will impact the way companies relate to prospects and customers. Businesses will need to get out on the cusp of this wave to stay ahead of the competition.
According to Accenture, outperforming companies are embracing a new concept that takes customer experience (CX) to the next level. Accenture calls this the Business of Experience, or BX.
What Is the Business of Experience?
BX is a new holistic approach to engaging with customers. In the past, customer experience was limited to sales, marketing, and product development. Now, companies are rushing to focus their entire organizations around delivering exceptional experiences.
And with good reason. The study showed that a BX approach is effective at driving long-term business growth, durability, and relevance. Organizations that embraced the Business of Experience grow their profitability year-on-year by at least six times over their industry peers.
In a market segment where payroll sales reps can often feel like they’re seen as a commodity and forced to compete on price, BX provides a unique opportunity to stand out from the competition and deliver an experience that wins customers, without negotiating down.
For example, 80 percent of buyers say that a brand’s purpose is at least as important to them as customer experience. Integrating your vision and purpose with customer experience is a major part of a BX approach. Accenture’s research shows the leading 20 percent of companies are 2.5 times more likely to establish and manage a brand promise that connects directly to customer experiences.
The business of experience means tearing down the front-office silos of sales, marketing, service and product functions, and connecting them to the back offices of HR, supply chain, and other departments. It’s a change in a company’s entire operating model that flips the focus from engaging customers at limited touch points to the full customer journey.
IDI followed this approach when we developed Contractor Central 2.0. Our sales, marketing, account management, product specialist, and development teams worked together and shared information as we obtained customer feedback to improve upon their experience.
For HCM companies that have their finger on the pulse of customer expectations, BX can provide a real and significant advantage over the competition.
IDI Is Your Workforce Management Solutions BX Partner
No matter where your company is towards adopting a Business of Experience approach, you have a workforce management solutions partner that has been implementing it for years. Since 2017, IDI has taken on the challenge of upgrading every area of our business for our customers.
A year ago we unveiled major shifts in the way we did business. The pivot enabled us to see exciting business growth, despite the economic fallout of the pandemic. For example:
Becoming a BX leader starts with becoming customer obsessed. At IDI, the idea of customer obsession has replaced the ideas of customer retention and customer delight. We’ve invested in voice of the customer (VOC) research, which provides a 360-degree view of the customer.
The idea is to go beyond customer surveys and dig into every channel available: social listening, product usage, customer service data — every channel that can help form a complete understanding of our customers and their pain points. We want to look at the full picture so we can keep our finger on the pulse of our clients’ and partners’ needs and top concerns.
We also carry this over into customer feedback, as well. Any time we get product- or service-related feedback from our clients, the account manager logs it and shares it with the appropriate internal resource. We keep the customer in the loop as long as resolution is ongoing.
A values-based company
Accenture found that around 60 percent of outperforming companies (twice that of other respondents) acknowledged that they need to stand for something bigger than the products and services they sell.
IDI has set aspirational goals for the kind of company we want to be. That includes showing customers and employees that we take a stand on the issues that are important to them. IDI is proactively supporting justice issues and social issues, and actively investing in gender and racial inclusion. For example:
- We’re proud supporters of The Alzheimer Association's annual The Longest Day Fundraiser
- We match staff donations during a local charity’s annual fundraiser, Rockin’ for the Hungry
- We offer employees a paid Day of Service to give back and volunteer at local nonprofit organizations
- For every employee bonus, IDI gives an equal portion to the Black Girls Code program
In the new world of BX, the top performing brands are investing in people, connection, and caring. When you partner with IDI, you get a company that’s running on BX, which means you and your prospects get the benefits of IDI’s approach, out of the box.