What is Customer Experience Management?
Customer experience management is a concept that deals with the conscious and subconscious perceptions of the customer about a particular brand. Such perceptions are the results of all communications and interactions with that particular brand during the customer life cycle. Customer experience management helps in meeting and fulfilling customers’ demands effectively in real-time. It is an approach that helps in discerning customers’ preferences and delivering them with personalized services. Consequently, this improves customer loyalty, retention, satisfaction, and advocacy. The personalized experiences entice customers to evangelize others about your brand, thereby, acting as a perfect medium for advertising. Additionally, customer experience management helps businesses to extract actionable insights about customers’ behavior from all channels and touchpoints across the organization with precision and speed.
Customer experience management can help companies in predictive analysis and continuous tracking of customer behavior. Want to know how? Get in touch with us.
Why is Customer Experience Management Important?
Today’s business environment is highly competitive and hyper-connected. Companies to stay ahead of the curve, need to understand their customers and their needs completely to enhance customer service and experience. This is where customer experience management can help. An effective customer experience management can do the following:
- Reduce costs by lowering customer churn rate
- Enhance customer loyalty through valued customer service and interactions
- Boost revenue through word of mouth sales as well as sales from existing customers
- Strengthen brand image by offering a personalized customer experience
- Turns new customers into potential and loyal customers
- Increases customer advocacy
- Assist in staying ahead of the competition
Challenges Businesses Face in Customer Experience Management
1: Creating steady customer experience across all the channels
Today, customers are well informed and have high expectations from the brands. They expect to receive good service levels from different channels and at the same time they desire for a consistent brand value proposition. But when it comes to channel proliferation, it makes it tough for businesses to ensure such consistency across all channels and this emerges out to be one of the major challenges in customer experience management.
Quantzig helps businesses to quantify and forecast the value of individual customers across various dimensions. Our analytics solutions help companies in identifying and curating high-value customers to develop effective marketing strategies and maximize profitability. Request a FREE proposal to know more about our portfolio of services.
2: Integrating brand and channel experiences
Customers demand integrated channel experience, but it is challenging for the businesses to offer due to the hurdles like legacy processes and technology barriers. Also, organizational territorialism acts as a major obstacle for businesses to establish a proper customer experience management system.
3: Data collection still in the phase of evolution
Most brands today are collecting data through a method of the traditional exchange of giving and take which means brands give their consumers regular information for free like updates on new and existing products and collect valuable personal information. However, this exchange is not ideal, and the model needs to evolve. Companies need to understand the need and demands of every individual customer. They need to use customer data wisely to serve the customers with exactly the same information that they want to know.
Key Steps to Getting Customer Experience Management Right
1: Create and maintain proper customer profile
For establishing an effective customer experience management process, you need to understand your customers completely. This can be done by creating and maintaining a proper customer profile. Such profiles can help in analyzing and measuring the customer journey and customer lifecycle at every touchpoint across multiple channels. The complete knowledge about customers paves the way for better service and strengthen the relationships. Companies can use structured and unstructured data to create a customer profile. Furthermore, it can help in adding customer value, behavioral analysis, and propensity scores. Creating a customer profile can help in improving customer experience management in three ways:
- Suggest ways to improve the customer experience at specific touchpoints
- Understand customer demands and what they expect you to do for them
- Facilitates better decision making
2: Personalize customer service
The next step in improving customer experience management is the personalization of customer service. If you know your customers, you can focus on the context in which the customer operates. The data derived from the customer profile can help in maintaining that focus, provided you keep on enriching the existing data with new sources and information. Consequently, this can help in serving customers with insightful offers, relevant recommendations, and services when the customer is most receptive. You need to keep this in mind that today customers are more powerful, have more choices and presence than ever before. Therefore, providing a relevant, timely, and insightful message is important and it can prevent them from getting alienated. Also, this drives brand loyalty and improves brand value.
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3: Adopt the approach to deliver the right message at the right time
The third step in customer experience management involves the use of analytics. If you want to serve your customers with the best offers at the right time at each touchpoint, you need to leverage analytics solutions. Mapping analytics at every specific stage of a customer life cycle can help in delivering the right message to the right place at the right time. Every stage in the customer life cycle is crucial, whether it is the initial consideration, the stage of evaluation, the stage of purchase, or post-purchase. Each stage offers an opportunity to improve customer experience management and to gain more insights into the customer’s journey. Such valuable insights can improve marketing processes and overall business outcomes.
How Can Quantzig Help You Enhance Customer Experience Management?
In a rapidly evolving market landscape, customers are more connected and empowered as they have access to information anywhere and anytime. This makes it vital to analyze and forecast customer behavior to stay ahead of the curve. Our customer analytics solutions help businesses get a better understanding of the buying behavior of customers, their lifestyle preferences through real-time dashboards. Precise predictions of customers’ buying behaviors help businesses deliver relevant offers and improve customer experience management. At Quantzig, the consultants and data scientists help companies to build customer analytics capabilities and strengthen vision to discover and drive continuous business excellence.