According to Forrester Research, you cannot outperform your competition by offering lower prices while ignoring customer experience.
Their research shows that customer experience is a more powerful customer loyalty driver than price-value perception and, as examples, accounts for 55.1% of loyalty for banks and 46.5% for retailers.
What’s considered a customer experience? These not only include interactions through traditional channels, such as purchases, customer service requests and call centre communications but also, increasingly, through social CRM such as Twitter and Facebook.
To manage the customer experience, companies need to create a strategy that encompasses all customer touch points across the organisation. Stanley Marcus, former president and chairman of the board at Neiman-Marcus (US Luxury brand) quoted: "Consumers are statistics. Customers are people."
Customer experience management (CEM) is the collection of processes a company uses to track, oversee and organise every interaction between a customer and the organisation throughout the customer lifecycle. The goal of CEM is to optimise interactions from the customer's perspective and, as a result, foster customer loyalty.
This insightful Think! Event looks at how organisations are embracing CEM and utilising CRM tools to assist in growing loyalty amongst their customers.