How Smart Enterprises Are Using E-Learning to Enhance Customer Experience

How Smart Enterprises Are Using E-Learning to Enhance Customer Experience

The speed of innovation in modern business has lowered the barrier to competition significantly, and smaller, more agile companies are well-equipped to battle for fractions of these multi-billion dollar books of business.

For every Fortune 500 company, there are thousands of smaller upstarts fighting to undercut these venerable incumbents' revenue-driving roots.

Historically, these disruptions were sparked by technological advancements, innovative features, or clever new offerings. Instagram's democratization of the digital camera is an example of a clever offering that disrupted an industry (digital photography), prompted copycat feature development (from several enterprises, but particularly Meta), and eventually led to an acquisition.

The twist is that these behemoth firms are finding it increasingly difficult to keep up with the ever-increasing number of smaller competitors. There are simply too many new services, features, and advancements to keep up with them all.

And this isn't anything new... It's been going on for almost 60 years.

In 1955, the average Fortune 500 company would remain in the rankings for 75 years before slipping (or being forced) out. By 2015, that figure had fallen to 15 years.

In the past 15 years, 52 percent of Fortune 500 businesses have gone out of business.

Who are the survivors, and what do they do differently?

Since 2019, there has been a big push at the enterprise level to appoint CXOs (Chief Experience Officers) who report directly to these major firms' CEOs.

Why? Because basic purchasing and selling experiences have been commoditized. The post-dot-com era was marked by just making the transactional relationship as easy as possible. That led many enterprises to win and lose based on convenience, price points, and feature sets.

What happens when the transactional relationship curve reaches the maximum? If the large and small players alike can no longer differentiate through transactional ease, they'll need to discover another means to differentiate in order to keep their dominance OR to dethrone the big players.

Smart CEOs are already substantially investing in the future of their overall customer or client experience, and with statistics like this coming out every quarter, it's no surprise...

• In two years, 81% of marketers say their firms will compete on the basis of customer experience.
• CX maturity is at its early stages in 80% of B2B firms and 65% of B2C organizations.
• 60% of major firms will modify their business models to attain world-class levels of customer and employee advocacy.

The customer journey has always been vital to businesses, but it has become critical in the digital era. Customers increasingly connect with brands across a multitude of channels, from social media to chatbots to e-learning platforms, making it more vital than ever for businesses to differentiate themselves by providing a smooth, gratifying experience that fosters loyalty.

Customer Value Enhancement Through E-Learning

E-learning is one way that forward-thinking businesses are utilizing technology to improve the client experience. B2C and B2B firms are increasingly investing extensively in customer education to increase KPIs such as product adoption, customer retention, user acquisition, and lifetime customer values.

But what if you could go a step beyond how-to's and tutorials into something more transformative...

What if your organization can become an industry Customer Education Leader?

With rising college fees and a growing number of young people moving away from traditional education, the realm of customer-centered skill development has opened up a new chance to establish deeper customer ties.

We feel that if Adobe wants to keep its Premier Pro product as the incumbent in the highly crowded area of video editing software, it should provide skills-based education that teaches would-be users the trade of video editing itself rather than waiting for the film schools to do so.

If Uber wants to dissuade its gig economy workforce from migrating to other platforms, it could invest in teaching gig economy workers how to successfully operate their gig economy businesses, how to develop wealth as a freelance worker, etc...

The possibilities are endless, and there are major opportunities in every industry for enterprises to establish their pre-eminence as Customer Education Leaders.

When businesses seek to empower their consumers, they develop brand evangelists and ambassadors. Customers in this group are less price sensitive, less demanding, and less likely to move to a competing product (A la the Coke vs. Pepsi debates of our youth).

And this isn't just theory; it's occurring right in front of your eyes.

• Google has opened an IT engineering school.
• Asana has launched an academy for project management along with certifications.
• Hubspot has developed marketing and sales management skills-based training.

That's only the beginning. As more of your future customers reject traditional schooling, a wider education gap will open enterprises to step in and serve as a skills-based alternative.?

You don't have to be a multibillion-dollar corporation to follow this advice.

Any company can become a Customer Education Leader in their industry if they only try to educate and empower their customers.