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Customer experience matters to some of the world's largest companies, leading research and analyst firms, and customer advocates.
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What is Customer Experience Management?
Customer Experience Management is a way for companies to manage the shift to the new customer economy. It is the practice of continuously closing the gap between an organization’s customer promise and the delivered customer experiences in the quest to create a dependable population of customer advocates. CEM works by transforming the voice of the customer into actionable business intelligence.
What are Customer Experiences?
Every time a customer interacts with your company, whether by phoning you, visiting your store, seeing your ad, or visiting your Web site, it’s an experience. Companies leading customer experience excellence know that every experience is an opportunity for you to delight your customer by fulfilling your promise.
The Business Challenge
The way businesses interact with their customers and the communication which is enabled by the internet have created a shift to a customer-driven economy. This is an economy where customers have more power than they've ever had.
For businesses, focusing on the customer is not new; neither is the “Customer First” idea. But what is new is the potential impact of failing the customer.
What does the Customer Economy look like?
The customer economy is one where customers easily communicate beyond their immediate network. Through blogs, podcasts, social networks, video sharing, and rating sites, one customer can share their bad experience story with hundreds, thousands, and millions of people. And that story lasts forever and continues to spread, thanks to search engines.
While the internet has been empowering customers, companies have been distancing themselves from their customers. Where customers used to go to a company’s location to do business, they can now pick up the phone or log onto a Web site. This is convenient for customers and cost effective for companies, but can mean trouble when something goes wrong.
Without the face-to-face interaction, if a contact center agent fails a customer, or the Web site doesn’t work, it’s easy for that customer to hang up or leave the Web site. The company may never know what went wrong. And if the customer is frustrated enough, they can tell the world, with the company only realizing that something is wrong when it’s too late.
Obviously, companies have to understand how to deliver good experiences, not bad ones. But they need customers to help drive improvements in ways that are effective, and reflect a genuine interest in the customer experience. The only way to do this is to embrace the customer economy.
We call this Managing the Shift.
