Business Matrix

It is when you have a robust digital customer service, you will be able to provide a better and higher customer experience or CX. This is an absolute necessity in this modern world of business. However, this is not an easy thing to follow and provide because there are lots of complexities, risks, security issues that you should take into account before taking on this route.

The process involves much more than creating an excellent website. Your focus should be more on providing other essential things to your customers, such as:

• A more personalized marketing
• Exceptional customer service and
• Precise fulfillment of customer expectations.

Therefore, you should first know how exactly you can explain and design the digital customer experience.

In the digital age of today, almost every business owner agrees that providing superior customer experience is the key to success. This plays a critical role in:

• Increasing brand loyalty
• Create better brand awareness and
• Generate more revenue and profitability for the business.

However, most of the business owners make the common mistake of thinking that CX is all about front-end interaction. They, therefore, invest a lot of money, time, effort, and focus on designing a great website for their business. Some may even invest in creating a new and responsive app.

In spite of these efforts and investments, these business owners seldom reach their target audience and reach their business goals. This is because they forget the most important thing to deliver today: high-end customer service.

Making the transformation

The consumers of today are no more interested in just reactive service. Instead, these tech-savvy consumers now want something more digital and proactive. They expect to have friction less service from their favorite brands, and for that, they will use any and every device available to them.

According to a Gartner report, it is predicted that by the end of 2022, more than 70% of all customer interactions will be made through different digital channels. These channels could be any such as:

• Live chat
• Messaging
• Chatbots or any other.

This means that digital customer experience is actually a collection of digital exchanges made between the business and the customers. In addition to that, it also includes the impressions that are created in the minds of the customers. This impression is what is more crucial as that is the key to several things, such as:

• Increasing the number of referrals
• Extending the LCV or lifetime customer value
• Reducing churn and more.

If you do not use proper technology solutions, you will not be able to follow the right processes to provide the best and most positive digital customer experience. It is only when you use a feature-rich application, you will be able to ensure proper back-end functionality. You will be able to know whether or not the orders are correct and provided in a timely fashion.

When businesses are complemented by superior customer service, digital or not, it will ensure a longer duration of the customer life cycle, which plays a vital role in business success.

Focusing on cybersecurity

Considering cybersecurity is one specific aspect that the business leaders must ensure knowing the fact that there is a new breach in security happening every hour. A cybersecurity breach is a condition that makes the headlines every week. Therefore, it is high time that every business owner now should know what actually drives a robust security protocol. It is also required to know the posture of such security as well as the ways in which the vulnerable areas can be pinpointed.

The role of the business leaders in ensuring effective and foolproof cybersecurity is most important. This will prevent:

• Financial and reputational damage
• Data pilferage and transfer, and much more.

No matter what kind of cybersecurity breach has happened, the results of it can be really catastrophic for the business. These results can be anything and everything such as:

• Retailers shedding revenue
• Banks losing their customers and in extreme situations
• Small and medium-sized businesses can come to premature closure.

It is quite common that businesses lose millions of dollars and a lot of customer data due to a breach in cybersecurity.

Now, cybersecurity is a growing concern for businesses because most of the data are stored in the cloud. There is a high chance of this data to get exposed inadvertently through any public cloud storage resource. When such a breach happens, it is nearly impossible for a company to come out of the financial as well as reputational ramifications.

Much more than an IT issue

With each passing day, the cybersecurity threat scene evolves, and hackers find a more innovative way to facilitate such a breach. On the other hand, as the threat grows, so does the technology that businesses use to combat it.

However, in spite of using some of the best technologies, the businesses are still at risk of such security breaches. Therefore, if you are thinking on the lines of Instagram likes free trial, you should make sure that your site, customer, and business data are secure.

In fact, cybersecurity today is not just an IT issue anymore. Several types of research show that business security decision-makers are equally responsible for the risks and vulnerabilities to exist still. The reports say that there are three primary reasons that businesses face such security risks. These are:

• The business decision-makers and the executives assume that cybersecurity is pretty easy
• Cybersecurity has often been downgraded in their list of priorities and
• The budgets for cybersecurity are too low.

The reports also show that 87% of the business decision-makers believe that cybersecurity is all about improving its awareness among the employees and education of the leadership. However, this is the wrong approach.

In order to ensure foolproof cybersecurity, businesses must develop a better corporate culture so that it does not impact security. They must also find useful and practical ways to address cybersecurity frustrations.

It is only when the business owners understand the value of cyber security, they will be able to develop a better and secure posture.