Ubong Nkanta is the Head of Customer Experience Governance for one of the top 4 banks in Nigeria. In this episode, we explore the critical importance of customer understanding and customer experience maturity in today's business landscape.
Customer understanding is vital because it allows businesses to meet their customers' needs, leading to customer satisfaction, loyalty, and more revenue. By intentionally understanding their customers' preferences, behaviours, needs, and expectations, organisations can improve customer experience, gain a competitive advantage, increase customer lifetime value, innovate, and save costs.
CX maturity refers to the different levels of growth that companies can go through on their journey towards serving their customers better. Bruce Temkin's model outlines five levels of CX maturity, ranging from "Ignore" to "Embed," where every single person in the organisation is responsible for providing an excellent customer experience. According to Ubong, only about 4% of companies are currently at the Embed level, indicating that there is much room for improvement.
We also discuss the currently tumultuous times in the Nigerian economy and how businesses can navigate these challenges by prioritising customer experience. Ubong emphasises the need for businesses to measure their progress in customer experience and be intentional about improving it if they want to become market leaders.
Want to find out more? Watch or listen to the episode now.
This article summarises podcast episode 87 "Is Your CX Strategy Mature Enough?" recorded by CX Insider. For more information, listen to the episode, or contact Ubong on his LinkedIn profile.
Written by Marcell Debreceni