2013 was a year of many firsts for the Customer Experience Economy, one of them being Amazon's Prime Air - a flying drone concept that is set to revolutionize product delivery and experience. Fedex already claims to have a ‘drone’ expert staff under its belt; the virtual Audi showroom and the magnificent Oculus Crystal Cove(augmented reality) showcased at CES’2014 are other examples. More than the technology itself, it is the possible business use cases that have left us all gasping – What’s Next?
We live in a world where all consumers expect more empowerment – anytime anywhere access, better control, better options and above all, personalized experiences across multiple channels available today. The goal of customer experience management today is to move customers up the value curve - from ‘satisfied to loyal’, and then from ‘loyal to advocate’. Although the philosophy sounds crisp & easy, the execution has become a lot more complex thanks to the technological innovations around us. While traditional CRM largely focus on the ‘inside out’ view of a customer, the modern day Customer Experience Management is all about the ‘outside in’ approach, with a feedback mechanism across attended/unattended channels that customers interact with. In fact, a Cisco reportshows that as many as 58% of all consumers expect organizations to know them everywhere.
We expect our machines to tell us about their wear and tear; the food vending machine to not only recognize us but also make recommendations based on our past purchases and we expect supreme engagement everywhere – at our homes, work places or any other places where we spend our time. More and more business leaders now acknowledge the fact that inconsistent CX can result in significant revenue loss while as many as 97% feel CX is key to business success (Global insights on succeeding in the CX era, 2013) This showcases the fact that The Age of the Customer (as Forrester terms it)has well and truly arrived and customer centricity should be at the forefront of all business strategies.