What does the customer want? This question is driving organizations today. In this technology centric world, the customer is empowered with strong opinions about what they know and tools to make their opinions heard. Brands that are successful today have managed to create experiences that satisfy the customers' at every stage of their journey leading to high brand equity and loyalty. Data is present in abundance, but the challenge is how to "connect" the voluminous data to the expectations of the customers to understand what they really want.
A connected enterprise has to conquer three areas - customer, the marketplace and the organization itself. Customers today have access to abundant information and options to choose from and therefore they demand a personalized and engaging experience. This article cites statistics that show 9 out of 10 customers purchase from a competitor following a bad customer experience.
The marketplace in recent years had been cluttered with a plethora of marketing options and tools for campaigns, content, analytics, social media etc. The key challenge here is to filter the signal from all the noise. In terms of the organization, it is essential that CXM initiatives do not remain restricted to specific divisions within the organization and that organizations opt for an enterprise-wide approach.
We know customer loyalty is of supreme importance for any organization. Loyalty is an outcome of building an emotional connect or delivering perfect products or services. The emotional aspect here is of such high significance that CEM could actually be re-christened as Customer Emotion Management.
If you look at a customer's journey, it consists of three broad phases - Acquire, Retain and Support.