By Barton Goldenberg
On November 10, 2015, ISM and Infor held its “Creating Customer Experience Management Excellence: Secrets from the Pros” Webinar. We had a large attendance for this Webinar. Many of the Webinar attendees expressed interest during and after the Webinar to learn more about customer experience management.
During our Webinar, we submitted this polling question to Webinar attendees:
“My organization currently has a Customer Experience Management strategy in place” (Yes, No, On the Drawing Board)
Out of all Webinar attendee responses, 56% selected No, 22% selected Yes and 22% selected On the Drawing Board.
The Webinar poll response rates indicate that less than half of the Webinar attendees have a Customer Experience Management (CEM) strategy in place or on the drawing board. While most organizations have CEM pieces in place, a CEM strategy will align all pieces in place to make it a coherent CEM approach.
A CEM strategy must have clear objectives with well-defined measurements. Some of these measurements should include measuring increases in:
- Customer satisfaction (via Net Promoter Score, tracking panels, other)
- Acquisition (as prospects feel that it is fun to do business with this organization)
- Retention (as customers are happy to do business)
- Lifetime value (how much customers: are purchasing over time, in what categories of products/services)
- Customer loyalty (as customers love to do repeated business with the organization)
- Customer share of wallet (e.g., revenue received from customers and the decision to purchase an organization’s products/services)
A CEM strategy that is metrics-based will ultimately drive its critical objectives to fruition.
There are six key tools that are crucial elements of a CEM strategy:
- Segmentation (Customers are segmented. They are marketed unique products based upon criteria as their tenure, engagement and spending. This all leads to a greater probability of purchase.)
- Holistic view of the customer (360 degree view of the customer)
- Customer Journey Mapping (Map every interaction between the customer and the organization)
- Surveys, interviews, customer panels (Determine the reasons for collecting feedback and how the organization will respond to this feedback)
- Social Communities (Use of internal and external communities to get feedback, ideas and provide information to customers)
- Personalization (1-to-1 marketing) – e.g., real-time best offer (Customizing the client’s offering based on client knowledge)
At present, customers are expecting more from organizations than ever before. Fortunately, the market now offers better tools for understanding customers’ desires than was previously. Effective CEM will require a solution that leverages customer knowledge with multiple capabilities (e.g., rules, real-time analytics, arbitration, and the current interaction context.)
To learn more about how your organization can create CEM with excellence, you can see an entire replay of the November 10th Webinar: Creating Customer Experience Management Excellence: Secrets from the Pros, by clicking here
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Barton Goldenberg, is the founder and president of ISM Inc., customer-centric strategists/implementers serving best-in-class organizations globally. As a CRM leader for 30 years, he was among the first three inductees in the CRM Hall of Fame. Recognized as a leading “customer-focused” author, his latest book, The Definitive Guide to Social CRM, is hailed as the roadmap for Social CRM success. Barton is a popular speaker on “maximizing customer relationships to gain market insights, customers and profits”. He is a long-term columnist for CRM Magazine and speaker for CRMevolution and frequently quoted in the media.