Customer Experience Management
Economic effects resulting from implementing Customer Experience Management
Designing a positive and unforgettable service experience is a decisive differentiating factor in competitive markets referred to as new supreme discipline. Whereas Customer Experience Management and the pursuit for Customer Satisfaction were once considered altruistic and were thus often removed from the agenda in the past, its economic effects can be proved more clearly nowadays.
Higher revenues with superior Customer Experience
Customer Experience Management creates a positive service experience and is the key to generate customer loyalty and emotional bonding with a corporation or its brands. This serves as the foundation for important corporate objectives such as customer acquisition, cross- and up-selling, churn reduction or customer fluctuation reduction and further efficiency objectives such as advertising cost reduction. What is more, various studies provide evidence that corporations with a superior Customer Experience generate higher revenues, increase sales, enforce higher prices in the market and realise a greater share of wallet from their clients.
Increase Customer Satisfaction with Customer Experience Management
Instead of aligning communication and relationship management along internal processes, Customer Experience Management is concerned with focusing on the customer and his expectations of the single touch points with the corporation. Customer Experience Management systematically determines the service experience along the relevant touch points which is then compared with the corresponding customer expectations.
As a result, specific starting points can be used to increase Customer Satisfaction and to differentiate itself from the competition. Furthermore, consistent touch points at various channels ensure a Seamless Customer Experience.