The market of CEM (customer experience management) is expected to expand from 8.5 billion of USD in 2020 to 14.9 billion USD in 2025, at 11.8% of CAGR (Compound Annual Growth Rate). The driving forces of this market includes the requirement for improving the customer engagement as well as minimise the churn rates of customer, other factors being stronger understanding of customers, using scores given by customers for planning the strategies of customer experience management.
How global CEM is being impacted by COVID outbreak?
The COVID-19 has resulted in extended lockdowns, being attentive about health and pervasive uncertainty. All these situations are remoulding customer’s behaviours. It is challenging for product/ service providers to comprehend behaviour and lay a plan that is fruitful in long run.
Overall growth of global CEM market has medium impact because of outbreak, and significant impact on core sectors like logistics, transportation and manufacturing, and moderate impact on non-core sectors, like IT, e-commerce and telecom. On the other side, during these times health care industry played an important role which significantly adopting the CEM solutions during rampant as there is increase in count of customers.
Actions which solves immediate needs of customers
- Focus on concern and care: where companies need to make their community and employees as their priority, also employees need to understand and be true to values and purpose of company, reach out the customers with support.
- Meeting customers at their place: digital innovations models has made to help customers and prevent from the COVID outbreak by giving customers the expanded delivery options to home, and contactless operations.
- Rethinking about situations post-COVID: customers migrating to digital channels and saving money and enhance satisfaction. The brick and mortar store will be transformed post crisis. Forced cost cuts due to economic hard times.
- Building agile solutions for fluid situations: using social Medias rather than survey for immediate customer readings, having test and scale laboratory to save time, focusing on failure models which indicates the missing of customers signals.
Challenges that can hinder the customer experience management strategies
To stay ahead of the existing competition you must be well-aware of rapidly changing marketing trends. All type of businesses, regardless of their size and domain has one thing in common that is their customers. Customer retention is one of the major aspects that impacts overall performance and revenue generation of a business. Now, with the frequent technological transformations, most of the businesses have incorporated latest technologies such as customer experience management to streamline their business operations with respect to the customers. This approach helps them to personalize the interaction with the customers.
Marketing leaders and the top brands have already recognized the importance of incorporating customer experience management system with a future objective. Are you also willing to enhance the customer’s experience by using a proper management strategy? Then you must first consider the challenges which may bother your business operations before incorporating it.
Challenges which may question your customers experience management strategies:
- Customer behavior analysis:
Understanding the customer’s behavior and a shift from one product to another is very challenging. It requires a precise observation and continuous monitoring. Most of the businesses struggle to get an action on their portal for which they must encourage the customers to finish their shopping with various means. To achieve this objective you may require a detailed eye precision over every action occurred on your portal. To simplify this task you can take assistance of the customer experience management tool that tracks each activity on your website and send notifications to the customers leading them to complete their purchase.
- Limitation with technological knowledge:
All the customer experience management tools are made user-friendly to ensure the use of it by every single business. But a basic technological knowledge is required to leverage all the benefits from the tool and making effective use of it for the business management. To do so you require a professional who holds a master hand on the technology and is well equipped with the tool to serve you with the best output.
Different types of customer experience management
Businesses are started with distinct objectives aiming different types of customers. In present technological era, you have top customer experience management tools available to track, record, and use for future business development. Customer experience management tools come with various specifications, based on their utilities and types of customer handling. Are you an entrepreneur and looking for the best tool which can help you to connect with your customers better and understand their requirements related to your business? Here we have listed down few basic types of customer experience management tool from which you can choose the best relevant to your requirement.
Types of customer experience management are:
Either a product based company or service based, knowing the conversion rate helps them better to improve their online presence and provide much relevant services. A/B testing helps you to understand the deep insight of your website and giving you information about the likes and dislikes of your targeted customers.
In-page web analytics:
Tracking the activities of your users on your website can help you to understand them better. CEM platforms are capable of providing an in-depth In-page web analytics giving you information about the mouse movement, clicks, and navigations on the screen. By tracking these details you can track a customer’s shopping ideas and can serve them with the personalized solutions.
Type and quality of communication can be a potent solution for your business to build a robust connection with your customers. Most of the businesses started incorporating content management in their business procedures. Content management system allows the business to improve the quality of their content creation and make it ready to publish with the most creative and engaging templates.
Survey and form building:
Try to reach out all the customers with the means of online survey allowing them to share their experience with your brand. IF they had a great experience it will be the best branding way that spreads a good word about your brand to other fellow users. But if you receive a bad review then it’s an alarm for your brand to enhance the quality.
How to strategize customers experience management
The word customers are not just an aspect of your business, but a potential asset that can help you scaling your business up in the sky. In present days, managing your customer has become a priority for every business and managing their experiences can make a great change to your business and can help you to ramp up quickly. Most of the businesses wishes to manage their customer’s experiences but fails to strategize it properly and hence not getting a proper output. Either you are dealing in B2B or B2C, customer experience management plays an important role in your business development. If you are also an entrepreneur and willing to strategies your customer’s experience but finding it a hectic job, then here are few tips that make the task easier.
Strategies of customers experience management:
Top priorities in next five years:
Just taking a survey on your existing customers is not sufficient for your imperative business growth. You need a potential client base that can be loyal with your brand in the upcoming years accepting your future products and services. Hence, you must first list down your business priorities for next five years and then must take a survey on the existing customers placing your future ideas in front of them.
Effects of bad reviews and rectification:
Bad reviews put a deep effect on the viewers and targeted audiences. If you are willing to manage a better customer experience then try to keep an excellent contact with the consumers and try to reply the negative feedbacks with the reassuring and consoling answers. This will help you building an unsurpassable trust among the consumers also allowing you to share your views and clarify the doubts of customers about the upcoming or existing products or services. The rectification of each bad review is very crucial to keep the trust steady.