Using Customer Experience Management to Recession-Proof Your Business
What is customer experience management? Customer experience management (CEM or CXM) involves a set of processes that are designed to understand customer interactions and thereby help businesses undertake steps to meet or exceed customer expectations, promote loyalty, and encourage advocacy. Implementing a customer experience management strategy requires several process changes and technological assistance in order [...]READ MORE >>
What is customer experience management?
Customer experience management (CEM or CXM) involves a set of processes that are designed to understand customer interactions and thereby help businesses undertake steps to meet or exceed customer expectations, promote loyalty, and encourage advocacy. Implementing a customer experience management strategy requires several process changes and technological assistance in order to be successful. The goal of customer experience management solutions is to optimize interactions from the customer’s perspective and foster customer loyalty. For better customer experience management companies must create a customer-centric strategy that encompasses all user interactions.
Steps to boost customer experience management
Ways to recession-proof your business with customer experience management
Nearly one-fifth of the companies did not succeed in surviving the recent global recessions. If some popular economists are to be believed, the world is set to face another wave of recession by 2020. Is your business prepared to face the turmoil? If not, what are the ways to save your business and hold all the aces despite the turbulent market condition?
During the previous economic slowdown, approximately 20% of companies in the bottom quartile leapfrogged to the top by the end of the recession period. They achieved this by not falling into a cost-cutting trap like their peers in the market, but by increasing productivity before the downturn hit. Better customer experience management strategies will not only help businesses weather the coming recession but also help put them in a position to excel. In this blog, experts from Infiniti Research discusses ways to make it happen:
Leverage data-driven insights to understand customers
It is vital for businesses to strengthen their customer insights capabilities before they begin to leave amid a downturn. These insights about the customers should not merely draw on standard operational data such as metrics of past transaction activity or simple demographics, but instead on experiential data that helps business understand why people behave the ways they do. This gives a better understanding of how important the company’s services/ products are in the customers’ daily lives and how effectively the company has been able to meet customer expectations and thereby ensure better customer experience management. This is a great way for companies to analyze what they are doing right or wrong and take corrective action, if necessary, to ensure better customer experience management and improved customer satisfaction.
Become more customer-focused
Business leaders must strive to deliver maximum value to customers rather than merely trying to survive. After all, chances are your customers are hurting just as much as you are. Doing things differently to help those customers and win their trust in this time presents a significant opportunity.
Cut down what doesn’t matter to customers
This essentially means that businesses need to put themselves in the shoes of their customers in order to promote better customer experience management. Start by using methods like customer journey mapping to understand what’s important. It is also important to note that by simplifying the lives of customers, businesses will consequently simplify their organizational welfare. This further allows to cut down internal inefficiencies and other redundant processes in the company.