What is Customer Experience Management and why does it matter now more than ever?

In today’s world where everyone and everything is connected, traditional marketing strategies which focus only on customer acquisition or retention don’t prove to be very effective. Brands that stand out aim for customer engagement throughout the customer lifecycle. And the key factor for ensuring a positive customer engagement is providing an awesome Customer Experience.

The quote “Customer experience is the next competitive battleground” by Jerry Gregoire of Dell rightly points to the current and near future focus area for brands. To emphasize more on the importance of customer experience, even Steve Jobs noted that “You’ve got to start with the customer experience and work back towards the technology, not the other way around”. As more and more organizations turn their focus on Customer Experience Management, it is important to understand what exactly it is.

As defined by Gartner, it is the practice of designing and reacting to customer interactions to meet or exceed customer expectations and, thus, increase customer satisfaction, loyalty, and advocacy. It is a strategy that requires a change in companies’ culture, processes and multiple technologies.

To provide a stellar customer experience, businesses need to create a strategy that encompasses all customer interactions. This includes closely observing how customers interact with your brand and create a detailed map of the customer journey and touch points. The idea is to optimize customer interactions at all the touch points across all the channels and provide a delightful experience.

Another important component of customer experience management is the collection of customer feedback. Ideally, this feedback should be collected on a continuous basis and correlated to the desired metrics. This feedback should be used to improve front-line engagement with customers and to plan strategic initiatives that ultimately result in a better customer experience.

Also, brands need to look at the client – brand relationship from the customer’s perspective and not as a marketer to excel at customer experience management. Think about brands like Apple, Uber, Airbnb, Zappos, and Starbucks – they have mastered the art of customer experience management and a superb customer experience is what differentiates them.

Multiple studies reveal stats about Customer Experience gaining buzz. According to Forrester Research, the revenue impact from a 10% improvement in customer experience can translate to over $1 billion in cost savings. Also, per a study by RightNow, 86% of consumers are willing to pay up to 25% more for a better customer experience. Brands cannot ignore customer experience management as a superior customer experience is one of the few remaining means of sustainable competitive advantage.

Stay tuned at www.serenaway.com for more information about how you can start your customer experience management journey and watch your brand make it to the top!