The value of metrics in measuring Customer Experience Management (CEM) programs is vital to your company’s success, according to a new study by the Aberdeen Group – titled “Customer Experience Management: Using the Power of Analytics to Optimize Customer Delight”.
Customer retention (85%), customer satisfaction (81%), response time to customer inquiries (68%), and customer lifetime value (65%) were deemed the four most important factors for any successful CEM program, the survey says.
Here are four ways to boost your CEM program through leveraging key technologies.
Database management: This helps merchants streamline back-end data management so each stakeholder is provided with timely information. Companies using this technology are 23% more likely to report they are satisfied with their ability to make timely and quality CEM decisions than companies without this technology.
Customer feedback management: This helps companies track and capture critical customer data that reflects how customers perceive a company’s products or services and reveals their satisfaction. Being able to capture your customer’s voice makes this “an essential ingredient of best proactive CEM deployments,” according to the study.
Be proactive in controlling customer turnover: Capturing customer behavioral and feedback information allows companies to detect anomalies in customer satisfaction and allows for customer engagement in a timely manner. Companies using customer feedback management and social media monitoring have a 15% better customer retention rate.
Customer Relationship Management (CRM): Companies that want to create contextual customer interactions – targeting the right customer with the right channel at the right time through the right channel – must be able to integrate data within their day-to-day strategic activities. CRM solutions allow companies to store and share crucial account information, which helps both customer-facing (sales, marketing, and service) and non-customer facing solutions (IT, accounting) access and use client data for better contextualization. According to Aberdeen data, the use of CRM systems has increased by more than 20% across sales, marketing, and service departments.