Today’s market is dynamic and flooded with a multitude of products. Therefore how can one maintain and possibly increase their customer base by avoiding expensive free upgrades, discounted plans and other freebies to avoid defectors?
According to Harvard Business Review, companies that adopted different Customer Experience Management (CEM or CXM) strategies report having happier customers and an increase in revenue.
Ok, now that I probably got your attention let’s start with the most important phrase:
“The customer is always right!” Yes? Maybe not.
Customers can now interact with businesses on multiple channels and have their opinions broadcast with the tap of a button. Therefore “always” takes a new dimension.
Q1: What is a Customer Experience Management strategy?
A Customer Experience Management (CEM or CXM) strategy is a program that companies implement in order to help them actively and effectively listen and respond to their customers.
Q2: How do companies perceive CXM programs?
Companies see CXM as a vital piece of their core strategy, however the majority of the CXM programs out there lack brilliance with data points all over the chart giving false net promoter scores (NPS) and ultimately missing the big picture. Unfortunately the same companies rather then improving their CXM programs would rather wait for the holy grail of artificial intelligence (AI) to predict their customer patterns…
It is therefore true that CXM strategies look difficult and tedious when responding to customer enquiries and tracking customer current and future expectations. Luckily all it takes is a better (simpler) plan for collecting and proactively acting on customer feedback!
Here are four key ingredients that in my opinion will make a CXM program simpler and provide you with the data you require.
Capture how and when customers interact with your business. After the customers came into contact with your brand walk down the path they might take.
i. A client has a problem X that requires a resolution.
ii. Resolution results into an interaction with your business. (i.e.: social medial, rating and reviews, word of mouth, ads, PR…)
iii. Client makes their purchase decision. (i.e.: store, office, staff, website…)
iv. Encounter your business after purchase. (i.e.: support, help centre, promotions, follow up, thank you correspondence…)
v. Client will respond to someone who asks for a brand recommendation.
A. Design your feedback
I have a colleague that told me once that you have to be a good story teller….therefore design your feedback as if it is a good story. Give it a natural flow before going into specific feedback questions.
Keep your feedback session short and relevant. Avoid open ended questions and segment the customer feedback into short 3-5 minutes surveys.
“SurveyMonkey research shows that only 33% of customers are willing to spend up to 10 minutes completing feedback surveys.”
Always include one NPS question to track your customer loyalty. Why? A NPS question has been shown to predict referral and repurchase likelihood.
Lastly, personalise your feedback survey by adding your brand name, colors and looks!
B. Listen, be proactive and available
Even if you have a great product you might have other issues such as long customer service wait times, or sluggish website.
Capture your customer complaints by simply asking for their feedback and proactively taking each input to create a stronger brand for yourself.
To top the icing on the cake, stay accessible to prevent unhappy customers that can use social media platforms to complain and create bad publicity.
Synchronise your data with your customer relationship management (CRM) software to understand the “Why?” behind their behaviours.
Understand the NPS score received and narrow down into your data to identify the strongest factors that impact your customer experience.
Remain focused on the big picture and benchmark yourself against the industry standards.
Share the generated customer feedback across the team. Look for the high performers in your business and ask to lead by example.
Having a proactive stance and gathering feedback at every touchpoint, your business will hear from customers at every satisfaction level . Remember to personalise the customer experience and tell your brands story.
Lastly, there are other companies working to improve their customer experience. If you have the right CXM program set up, you can stay ahead of the industry trends and actively monitor your brand’s reputation in real time.