The B2C world is frantically searching for the answer to the industry's key question: "How to exceed ever-heightening customer expectations?" Customers' growing appetites are now taking a toll on every enterprise regardless of its business model, spilling from retail (where these expectations are typically set) to banking, healthcare, telecommunications, and more. To solve the challenge, companies cultivate customer experience as their last competitive differentiator. Customer experience won't help, though, if it's mostly regarded as coping with the aftermaths of bad service or retrospective learning from mistakes. If you want to reap visible results in the form of customer retention, loyalty, and, ultimately, sales, customer experience has to be replaced with customer care as its proactive, more human-like version.
Companies worldwide are investing billions of dollars in Customer Relationship Marketing (CRM) strategies and the technology to deliver their objectives of becoming customer focussed. Their main aims are generally to improve customer loyalty, contain costs of acquiring and serving customers and improve margins. In the process of re-orientating the business around the customer, companies are increasingly realising that not all customers are equal. Different customers provide different revenues to the organisation, they choose its products and services for different reasons and they defect for different reasons. To maximise profitability, it is important for companies to determine the lifetime value of customers and prospects so that they can differentiate their marketing activity and business processes.
While I get set to release my newest book -- about a month from now -- I'm going to run some excerpts (maybe) and some awesome guest posts (definitely). That way, those of you starved for knowledge, which usually means your condition after you've read my stuff, will not be, because these guest posts are on topics of necessary interest and are also meaty (or veggie, if you aren't a meat eater). I'm starting this with Elizabeth MacAuley-Italiano, someone I'm happy to say is an expert on customer engagement. I've met her -- and been duly impressed -- over the past few months by her acumen, knowledge, and skills (pretty much all there is to be impressed with in a human being), Oh, and her good nature. She is an accomplished professional who has a long history in customer success, both management and, well, success. She not only has some definitive ideas on customer engagement, but also a methodology on execution of customer engagement strategies and programs. It starts with a definition and a framework, and so does she. I have a keen interest in this area. So, what she had to say got me thinking and going -- as it will you.
Looking to overhaul your customer experience strategy? Artificial Intelligence offers tremendous potential to manage customer interactions and significantly improve customer engagement. Customer Experience (CX) is a competitive differentiator and driving force for a business' success. For marketers, it is important to explore powerful opportunities that can drive improved customer engagement and interactions. Artificial Intelligence (AI) is one such field that finds its applications in diverse industries.
Amazon.com Inc. unveiled technology that will let shoppers grab groceries without having to scan and pay for them -- in one stroke eliminating the checkout line. Each year, new data comes out that indicates customer service and the customer experience (CX) are more important than ever. According to Forrester, 72 percent of businesses say that improving the customer experience is their top priority. A study from NewVoiceMedia indicates that companies lose more than $62 billion due to poor customer service. No company can afford to be a customer service laggard.