Customer Experience Management

In today’s marketplace, customer experience is a truly differentiating factor having profound impact on the success of a business. Statistically speaking, 55% of consumers are willing to pay more for a better customer experience. According to Forrester, a 10% improvement in customer experience can translate to a revenue impact of over $1 billion. In order to keep pace and improve the customer experience, companies must listen to and form an accurate interpretation of the voice of their customers.

A concept known as Customer Experience Management (CEM) facilitates this by managing and improving an organization’s interaction with its customers. This is typically executed by each group within an organization building out customer interactions from their own perspective, stemming from their own processes. CEM is better executed when interactions between your business and your customers entirely from the customers’ perspective. It’s best to improve the entire journey a customer has with your business.
So why engage in Customer Experience Management? The ultimate aim of managing the customer experience is two-fold: for one, you want to build customer loyalty and inspire positive word-of-mouth; and you want to reduce detractors who speak negatively about your business. To put it simply, you’ll get better business results. Here are 3 key steps to successfully managing the customer experience:

  • Listen: Find an effective way to capture feedback from customers and understand the nature of their experience. This isn’t always easy but it’s the first step in understanding the customer experience and taking the steps to manage it. Understanding their voice means implementing new priorities and processes.
  • Provide insights to everyone: Once you capture feedback and have information on the customer experience, you need to disseminate to the right people within your organization in a timely manner.
  • Guide, empower, and enable action: Once all the people who are responsible for delivering the customer experience have an understanding of what is to be delivered, you need to guide and enable them to take action toward improving the customer experience.

A unified Customer Experience Management approach has many benefits. Your business will have the ability to create the consistency customers crave from any business. Such benefits include the following:

  • Saving costs as your team only has to manage and learn how to use a single system.
  • Providing internal consistency for the organization as it measures experience using the same metrics.
  • Increasing satisfaction scores as your business will be equipped with the needed information, at every step of the customer journey, to improve.