Understanding Customer Experience Management and Why it Matters

Understanding Customer Experience Management and Why it Matters

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Every business strives to develop a positive customer experience in all aspects of their operations. Why? Because ensuring that your customers are always happy results in their loyalty towards you and provides your business opportunities to attract more customers. But that alone is not enough.

Consistency is the key to making your customers happy. While getting this right has its own challenges, it can be achieved through dedicated attention from customer experience management and top leadership.

What is Customer Management Experience?

Customer experience management is all about serving your customers right. It’s about knowing your customers, understanding them and creating and delivering personalized experiences that entice them to remain loyal to you and tell others about you.

Gaining this level of knowledge about your customers requires an analysis of all customer channels and touchpoints across your entire organization. It’s about harnessing valuable customer data across all channels and extracting insights from that data with precision and speed to enhance customer experience.

Why is it Important?

Companies that focus on improving customer experiences with regard to the entire customer journey in their organization, are able to increase customer satisfaction by 20% and boost their revenue by up to 15% while also lowering the cost of serving their customers.

Effective customer experience management is a tangible asset for any business. Why is it important?

  • Improves overall customer satisfaction
  • Builds stronger customer relations
  • Strengthens your brand through personalized customer experiences
  • Increases customer loyalty, advocacy and referrals
  • Gives you a competitive advantage
  • Increases sales and revenue
  • Lowers business costs by reducing customer churn

Challenges that Marketers Face

Managing customer experiences requires a radical shift in the way you handle customer interactions with your business. You need to move from focusing on individual interactions to the customer experience you deliver across the entire customer journey. This is where marketers and business owners face challenges. Some of these challenges include:

  • Creating consistent and effective brand experiences across all customer channels
  • Integrating brand and channel experiences
  • Consolidating all customer experience data into a single view

Despite these challenges, business should work hard to ensure customers experience a level of superior service every step of the way from sales, customer service, accounts, delivery to support. Brand value consistency, customer experience integration and customer data consolidation are some of the key steps to solving these challenges.

How to Get it Right

Many things can affect customer experience in your business. How do you get it right? Here are key steps to ensuring successful customer experience management for your business:

  • Build and maintain complete and detailed customer profiles.
  • Personalize all customer experiences or interactions with your company.
  • Map customer analytics to deliver the right message, at the right place at the right time.

Today’s customer has more power, presence and choice than ever before. If you don’t focus on providing personal, timely, insightful and relevant messages to your customers, you will be losing out on the benefits that customer experience management offers.

The Bottom Line

A closer look at recent customer experience stats shows that customer experience management is the new competitive battleground. In the next few years, the companies that are able to execute the best customer experience are the ones that will yield the biggest revenue gains.