The idea of customer experience has caught more momentum during and after the COVID-19 pandemic. It marks a radical shift in how a customer sees your brand, engages with it, and moves throughout the customer lifecycle journey. To achieve better business results and retain customers, it is highly important to focus on customer experience management.
A study by Research Dive predicts the global market of Customer Experience Management Software to yield a CAGR revenue of 26,466.6 Million USD at a rate of 17.7% in the 2021- 2028 period. Among all the divided market sub-segments, the part of the solution will be in high demand, making a large profit. The geographic area of Asia-Pacific is forecasted to register a maximum growth rate in this period.
Customer Experience Management – A Plan to Know and Transform CX
The customer experience management strategy is more than necessary for the brands to sustain growth, build customer loyalty, and reduce churn. It goes beyond tendering your customers online. Customer experience involves knowing the customers in and out so that personalizing their experiences will be easier for you and building brand loyalty & referrals later.
Deep knowledge about customer behavior coming through different channels and sales touchpoints is required to analyze and use it to enhance the customer experience.
Concentrates on building a positive, transparent relationship between the brand and its customers throughout the buying journey, from the awareness stage to the end of the customer lifecycle.
To discover, distinguish and extract relevant customer data from piles of social conversation and using AI insight will help in this regard.
Three-step Method to Succeed in Customer Experience Management
If your customer experience is getting affected by numerous things, then how do you fix it? The following 3-step method can lead to compelling customer experience management:
1. Take traditional & emerging data to complete consumer profiles –
By using conventional, structured data (transactional, geographic, and log files) along with newly emerging social and digital data, you will be able to:
- Know how to enhance the CX at certain touchpoints.
- Recognize your customers’ needs and expectations better.
- Make the right decisions quickly.
2. Add context to personalize each customer’s message –
Understanding and targeting the customer is not enough until you consider the customer’s behavior. The more the data is comprehensive with a mix of traditional and newly emerging data, the targeting customers will be productive. It will not only help you send relevant, on-time, personal, and meaningful messages but also gain brand loyalty.
3. Be on the right channel, at the right time to message right – all the time –
To ensure maximum value to customers at sales points throughout the journey with an improved shopping experience – you should use intelligent analytics to extract details automatically. There are so many stages in the customer journey, each of which is important to engage and retain customers for the long term.
From initial conversations to regular engagement through frequent sales orders and post-delivery, it is essential to send your customers the right message. By doing so, you can keep customers happy.
The leading players in the global marketplace, including Nice Limited, Oracle Corporation, Verint Systems, and SAS are working extra time creating innovative strategies for sustaining customer experience. Possibly, more such efforts are in store to address customers’ concerns while giving them utmost satisfaction. Stay tuned for more on customer experience management!