Wednesday, 13 May 2015

Current Trends in Customer Engagement/ Experience Management (CEM/CXM) Space

In today's digital workplace, customer experience management is an integral part of business-to-business (B2B) and business-to-customer (B2C) organizations.
Customer Experience Management (CEM) is directly proportional to Sales and Revenue i.e. higher the levels of customer engagement, higher is the sales and revenue of the organization. As per latest research*, a fully engaged customer accounted for a 23% increase in annual growth whereas a partial engaged customer accounted for a 7% increase in annual growth.

Customer Experience Management- What it is?
CEM is defined as "A procedure of strategically managing a client/customers experience with respect to the brand or a company. In other words, it is a concept that explains how a brand helps to meet or exceed customer expectations; thereby improving the interactions between the business and the customer. Moreover, Customer Experience Management (CEM) revolves around three pillars- customer satisfaction, loyalty and advocacy. It’s not only about serving the online customers, but also gaining an in-depth knowledge about the customers - their preference/choice in order to deliver the best services.

Why Customer Experience Management (CEM) is important?
With Customer Experience Management being the real sustainable source of competitive advantage, you can easily create brand loyalty and target the potential customers. Ideally speaking, the concept of customer experience has become one of the key factors to differentiate the competitors in the global market.
To manage the duality between the customers and companies, BVC has designed an integrated technology solution, offering customers a personalized experience to meet their expectations.
Different Challenges that Marketers Face
·         To create consistent brand experiences across multiple channels.
·         To integrate channels and brand experiences to improve the customer interactions; and
·         To consolidate data/information into a single view to make better decision.
Roadmap for Customer Experience Management- A Systematic Approach
At BVC, expert professionals were engaged to develop and implement a unique roadmap for customer experience management- a key strategy to target potential audience. Its objective is to scrutinize how companies go about improving the customer experience.
Phase I- Develop Customer Experience Strategy
To develop a customer experience strategy, you have to perform complete competitor analysis, market analysis, and customer lifecycle mapping.
Phase II- Customer Experience Initiative Framing
To make the customer experience strategy more flexible, a specific set of plan need to be shaped; the result of which is a detailed program roadmap to serve the potential customers.
 Phase III-Implementing the Customer Experience Strategy
Implementation is the final phase to the roadmap for customer experience management. It involves program management, organizational transformation, and technology transformation.
Stepping Stones within the Customer Engagement/ Experience Management (CEM/CXM)
Customer Engagement Management is wrapped around customer experience. BVC offers a unique software platform that enables brand loyalty; thereby gaining customer engagement and experience over a quick succession.   
The Pillars: Different Phases of Customer Experience Management
Ø  Enrollment Brand to recognize the end-users
Ø  Engagement - Engage the targeted audience
Ø  Encashment-  Bestow  customers with latest offers, rewards & loyalty points
Contact Killers to Engage Audiences - "The Call to Action"
Ø  Schedule a Call BackIt is one of the traditional strategies to retain customers, thereby generating sales and higher ROI. In the modern era, it is termed as ‘Remarketing’, which helps to reach the potential buyers through advertisements and promotional campaign.

Ø  Mobile Phone With the advance technology and smartphone functionality, it’s easy to engage the potential audiences via SMS or text messages, video messages, emails, and so on. It is recommended to use smartphone and GPS technology to gather customer feedback and drive instantaneous customer experience.

Ø  Social Media In today’s tech-savvy world, social media has emerged out as one of the most powerful tools to engage customers. You can select a comprehensive social media management platform to monitor the social activities.

Ø  Visual Support Visual content (images, video clips, & info-graphics) offers a deeper and richer personal experience.  Moreover, visuals acts as the "Face of your Brand" to engage and entice the audience across the globe.
Benefits of Customer Experience Management Approach
A customer experience management system approach helps to improve the customer experience across different channels.  The customer experience management system helps to:
Ø  Improve customer satisfaction
Ø  Save time and money
Ø  Retain customers and build loyalty
Ø  Make customer experience a priority
Ø  Better understanding of customer and business value

Ø  Keep proper balance in delivering upon the customer expectations