CommerceCXInsights

Role of CX in Business Model Innovation

Defining and delivering what customers want are the keys to your business success. As organizations look to improve upon the customer experience (CX), it’s time to go beyond isolated touchpoints and look at the entire journey. The customer journey heavily influences what an organization will ultimately transform to and is the guiding light for how a business deploys end-to-end solutions for a holistic experience.

A business model describes the rationale of how your organization creates value for the business and its customers. It is a blueprint for the strategy to be implemented through your organizational structures, processes, and systems. Customer experience (CX), on the other hand is the perception of the interactions your customers have with your business, and it is the business discipline of how your organization designs and manages the experiences along the customers journey.

The CX is enabled by the very organization structures, processes, and systems (behind the scenes) that your business designs to execute on its strategy – using the business model as a blueprint. In other words, the building blocks that go into designing a business model can ultimately shape the customer experiences you deliver.

To redefine CX for your own business model, you’ll need to look at various reference points to inform your approach – here we explore three ways you can get started with building your own frictionless customer experiences.

Consider The Wants and Needs of the User from the Beginning
The key here is to start with the journey itself – engaging with real people from the beginning to understand their wants, needs and what motivates them in their decisions to create more seamless journeys based specifically around this. This means accessing data online and offline and deploying end-to-end solutions – both to leverage the right mix of technology to connect the whole of the customer journey and show you what pieces of your data are actionable.

Deploy technology to analyze behavior in real-time, from real users 
Cross platform integration (or system integration) and the use of cognitive technologies, such as artificial intelligence (AI), can also significantly eliminate friction and pain points in this regard. For example, in e-commerce, cross platform integration and AI work in tandem to better refine results of customer searches bringing them more targeted offerings and clearer paths to purchase, rather than making them navigate through long lists or across several web pages to find these products. Cognitive technologies provide you with guidance and insight to let customers seamlessly accomplish their goals with higher confidence and less anxiety. This technology can also provide guidance to the customer and is the glue in your overall technology ecosystem that connects the different systems together.

Bring in a customer experience expert
Armed with the right analysis and insight, you can revisit current business processes to see what may be causing friction in implementing a new model for your user journey and remove non-value time that doesn’t support your goals. Working with industry experts in CX also helps you make more sense of the data you are analyzing, as they can get into the finer details from your data, gathering user psychology that paints a full picture of the customer want, need and intent. From here, the actionable insights collected can provide you with the best ways to change what you’re doing into a better business process that supports you in truly rethinking CX in your industry.

More often than not, CX is the one differentiator that is very difficult to replicate, which is why it is often called the last remaining and only sustainable competitive advantage. Customers are more connected, more informed, and incur fewer barriers and more willingness to replace suppliers that no longer meet their expectations. But at the same time, they’re also willing participants to brands and suppliers that engage them in an effort to create mutual value. The CX is what they will remember about you and what will bring them back.

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