- 02
- January
- 2023
In the course of a customer's interaction with a brand, there are many key events. Customers frequently analyze and assess whether brand-new, cutting-edge products and services are ideal for themselves or their families. Customers, therefore, tend to upgrade and modify the services and products they already own. They monitor their usage of the products and services and should an issue arise, they immediately seek a speedy resolution of their grievances. These moments of engagement between the customer and brand are called Moments of Truth. While there are many Moments of Truth throughout a customer's encounter with a brand, some are probably going to have a bigger impact on the customer's level of satisfaction than others. They are referred to as MOMENTS THAT MATTER.
It is crucial to get these Moments that Matter (MTM) right in today's world of increasing competition and rising client expectations. By choosing to concentrate time and effort on a few special moments with their customers, brands may increase the returns on their efforts. But what instances are most significant to customers? What effect do these Moments that Matter has on brand perception and consumer loyalty? What can businesses do to create experiences that make customers feel good?
To answer the following questions, it is important to understand how these moments that matter are measured and assessed.
In order to measure MTMs, customers are often surveyed, with the first question requesting an opinion of their overall experience with the brand. Then, it ought to inquire as to which MTMs they have utilized and assess those that they are acquainted with. Rating various MTMs based on a variety of actional deep-dive features may also be useful.
The significance of each MTM can be assessed in one of two ways generally:
Ask each MTM about their importance (so-called "stated importance") or mathematically calculate each MTM's importance based on their ratings and their overall experience with the brand (derived importance).
Derived importance has the benefit of not requiring additional questions and relying solely on respondents' assessments of each MTM they encountered. The MTM that best adheres to the overall experience rating is the most essential because, in general, the ratings for each MTM are in line with the overall experience rating.
43% of consumers who participated in Accenture's annual Global Consumer Pulse Research (GCPR) said that their brand loyalty is significantly influenced by their interactions with customer service. Finding the crucial areas to spend in to produce long-lasting and meaningful experiences and maximize loyalty returns is where brands frequently struggle.
In this most recent research study, participants were asked to list the situations they believe have the biggest effects on their level of customer satisfaction.
The results reflected that the four crucial instances that have the greatest impact are:
- Tackling a service or technical query or problem
- Making a bill payment
- Changing or upgrading a service or device
- Addressing a billing query or problem
These moments, which occur at various stages of the customer lifecycle, reflect the crucial Moments that Matter that brands must get "right" in order to have the greatest possible influence on their customers' satisfaction and loyalty.
It is rightly said that the last moment or interaction a customer has with a brand leaves a mark. Sentiment and loyalty were higher when the customer's most recent Moment that Matters was positive; they were lower when it was negative. The most intriguing discovery, though, is that a positive moment has the most impact on brand loyalty, while a negative moment has the greatest impact on what consumers think, feel, and say about a product.
The last interaction—whether it was initiated by the customer or the brand—MUST stir up positive feelings. According to Accenture's GCPR research, 77% of consumers believe that a brand wins their loyalty by responding quickly to their complaints. On the other hand, the same study discovered that 38% of customers switched some of their spendings to a competitive brand and another 39% promptly discontinued doing business with the organization following a negative encounter.
Hence brands must ensure that they are enhancing their consumers' likelihood of loyalty and retaining (if not growing) their customer base by proactively and reactively offering experiences that excite.
Another key actionable for a brand in order to provide enhanced experiences to the customers is by providing channel choice to complete a moment. Customers are the happiest when a provider's experience enables them to complete their intended task when, where, and in the manner of their choice.
According to the same Accenture study, 75% of customers said they expect to be able to pick up where they left off across multiple channels to complete a moment rather than having to start from scratch or repeat themselves. Additionally, the study discovered that consumers who use a variety of channel types to complete a task are often 15–25% more profitable than those who just use human, digital, or physical channels!
Therefore to conclude, omni-Channel is the key to providing the best experience to a customer base that is genuinely diverse: it involves establishing a constant, ongoing, and dynamic experience that enables customers to engage across a range of channels on their own terms and with their own objectives. Brands will struggle to attract and retain customers if they continue to operate in silos and don't consistently connect Moments that Matter to offer flexibility and choice. Instead, by strategically and effectively investing in an intentional Omni-Channel experience, successful brands will increase brand loyalty, retain customers, and gain new market share.
