What is customer experience strategy
What is Customer Experience Management (CEM)?
There was a time when content flowed almost exclusively in one direction: from the company to the customer. Customer responses were measured through sales and occasional surveys. In today's digital world, however, customers are demanding a bidirectional omnichannel customer experience.
You expect an inspiring customer experience or you migrate to your competitors. Customer Experience Management (CEM) software (in English) provides an overarching platform to improve the customer experience, increase sales and increase customer loyalty.
Gartner defines Customer Experience Management (in English) as "the practice of designing and responding to customer interactions in order to meet or exceed customer expectations and thus increase customer satisfaction, loyalty and loyalty".
CEM is about listening to your customers, acting accordingly and taking advantage of the digital channels available. A successful omnichannel customer experience not only promotes customer loyalty, but also the acceptance of your brand and helps your message reach a wider audience.
What are the benefits of customer experience management?
In the digital age, in which people consume content via different platforms, in different ways and at different times, companies are less concerned with impressive marketing campaigns than with continuous, always active customer loyalty.
Any process to improve the customer experience must be able to deliver targeted and personalized messages to customers at the right point in their customer journey. When you execute your customer experience strategy the right way, backed by a powerful CEM solution, there are many benefits that you can achieve:
- Become a "customer-oriented" company.
With Customer Experience Management, you can really put your customer at the heart of your business for the first time. With detailed data analysis, you can quickly identify the behavior and interests of all your customers. It gives you actionable insights to improve decision-making in all areas of the business, from product development to sales and marketing to after-sales support. You can align your business strategies and policies with the needs of your customers.
- Create highly personalized customer communications.
By better understanding your customer, you can use Customer Experience Management to plan and implement better customer engagement based on the real needs of each customer. Personalization ranges from a birthday card with your name on it to highly personalized messages based on where the customer is on their customer journey and what their preferences and behaviors are. In addition, the best CEM solutions allow for scaling where one or ten million personalized messages can be sent in real time.
- Offer your customers comprehensive customer experiences on all channels.
Customers today connect through multiple communication channels: websites, email, social media, mobile apps, phone, and more. And they expect the customer experience to be consistent across channels. You want to start a transaction on one channel, continue it on another, and complete it on another. So the experience is seamless. Creating an omnichannel customer experience helps you take a holistic view of each and every customer and their interactions with your company.
- Integrate customer feedback into your company.
Customer feedback was previously collected in large, cumbersome surveys. While interviewing your customers is still important, modern CEM software includes embedded analytics that can tell you how your customers are doing your business today and what customer engagement will be like tomorrow. They collect and analyze data from social media and the Internet in order to conduct “sentiment” analyzes and identify potential buying tendencies before they occur.
- Measure and improve customer loyalty.
The right CEM software will help you track and improve loyalty, such as with the Net Promoter Score (NPS) of each customer. You can query the NPS through several customer loyalty channels. This gives you the foundation for determining which customers are most likely to become advocates. So you can personalize loyalty programs for these customers.
- Motivate and empower your frontline staff.
The CEM solution is primarily intended for external customers, but it also has a strong internal element that delivers the right information to the right people at the right time. For example, a contact center employee has all the relevant information about the customer in front of him as soon as he calls. You have the option to use the information to improve the customer experience and resolve the matter right away. There is increasing research showing that empowered employees are more motivated and loyal. They quit less often, not even for a higher salary, which in turn reduces the costs of recruiting, hiring and training new employees.
Implementing an effective CEM strategy and solution can bring significant benefits. When Harvard Business Review analyzed the experience and sales data of two large companies, the analyst firm found the following:
- In transaction-oriented companies, customers with the best customer experiences spent 140 percent more money than those with the worst customer satisfaction.
- In companies with a focus on a subscription-based model, people with the best customer experience had a 74 percent chance of becoming customers a year later. For those with the worst experiences, however, it was only 43 percent.
These numbers speak for themselves: The best ways to retain customers over the long term lead to healthier business growth. And the customer relationship has to be consistent in both directions and within your company. Increasingly, consumers expect companies to treat them as individuals rather than just numbers.
What functions does a customer experience management solution have?
An effective CEM strategy consists of a number of measures and technologies that work together to create a great customer experience. The CEM solution should create a special customer experience:
You can scale and connect many customer journeys. You can collect and analyze data from all sources - from marketing to customer service - to deepen customer understanding of your company and improve customer satisfaction across departments and channels. You can constantly adapt to customer needs and make changes in real time for huge improvements in costs, brand status, actionable insights, and customer satisfaction.
You have the option not only to optimize a single interaction, but also to personalize it automatically. This enables you to make recommendations to customers that will help them improve customer loyalty and increase the return on their marketing investments. It is clear that, like Enterprise Information Management (EIM), CEM is not a stand-alone solution, but rather comprises a number of CEM software components:
- Customer Communications Management
Customer Communications Management (CCM) solutions improve customer satisfaction by personalizing and automating customer communications. Both business-to-business (B2B) and business-to-consumer (B2C) companies use our CCM solutions to design and provide business-critical communication. This is highly personalized and interactive and promotes profitable customer loyalty.
- Web content management
Web content management solutions (WCM) are an open, flexible and networked platform to master the challenges of the next generation of digital customer experiences for marketing and business managers. WCM brings together content, processes and applications in order to develop and provide optimized and personalized multi-channel interactions along the entire customer journey: from awareness to purchase to advocacy and recommendation.
- Digital asset management
Digital Asset Management (DAM) solutions serve as a central, secure and accessible repository for managing digital media, branding and video, in the cloud and on-premise. DAM solutions help find, share, and use digital media resources to deliver an engaging experience for customers. The DAM solutions are scalable for the largest companies and offer the ability to manage the entire content lifecycle with workflows and functions for creative production, collaboration, publication and distribution of assets. In this way, you can use your digital assets to add value to the company.
- Workforce Optimization (WFO) (in English)
To keep customer satisfaction at a high level, you should be able to measure and understand customer interactions in your company's contact centers and back offices. So you can be sure that you are meeting customer needs and identifying opportunities to improve the number of employees. Workforce optimization solutions offer a uniform, centrally managed platform for cross-channel interaction analyzes with real-time agent support and contact center performance management functions.
- Customer Experience Analytics (in English)
From strategic marketing to customer service, organizations have extensive data about their customers, including transaction histories, mobile application usage data, contact center records, and more. Customer Experience Analytics provides a scalable analytics, reporting, and data visualization platform that enables teams to develop, deploy, and manage secure, interactive web applications, reports, and dashboards that are fed by multiple data sources. With all of these components working together, you can set up progressive feedback loops. These can be incorporated into effective strategies so that your customers get exactly what they need from you, how and whenever they want.
What do analysts say about customer experience management?
Gartner describes customer experience management as "the new competitive battleground," pointing out that increased competition and consumer purchasing power have undermined the value of product and service differentiation. Companies looking for more sustainable and deeper competitive advantage therefore strive to improve the customer experience in order to differentiate their brand.
Forrester analyst Harley Manning said, “When customers are browsing your website, calling your call center, going to your store, talking to one of your employees, buying your products, using your products, replying to your emails, then decide if you can meet their needs, easily do business with them, and enjoy doing so. Then they got a real “customer experience”. (in English)
This is an important aspect. However, the Forrester Q1 2017 US Customer Experience Index report suggests that this is an area where many companies are struggling. The report showed that the customer experience deteriorated between 2016 and 2017. Not a single industry average has improved compared to the previous year. This leaves a significant void for companies when it comes to increasing sales through customer satisfaction.
Why Choose OpenText for Customer Experience Management?
OpenText ™ has extensive experience delivering successful CEM solutions (in English) with a variety of technologies and solutions for capturing, reporting and responding to customer interactions.
OpenText was named a Leader in the Gartner Magic Quadrant for Customer Communications Management Software. The report states: “Continuous, personalized customer engagement is a central, even urgent priority for the digital business…. Therefore, those responsible need ... solutions that take into account insights into the behavior, preferences and needs of customers in order to create direct, personal and cohesive engagement via electronic and digital channels. "
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