Customer Experience Management (CEM) represents a general entrepreneurial decision to base strategic and tactical decisions on customer needs. CEM creates value by reducing negative encounters and increasing positive and “delightful” experiences. These experiences happen at customer touchpoints (interactions customers have with a company), spanning product usage, marketing and sales, customer management and care. A customer-centric company seeks answers to these questions:
- Which touchpoints do my customers expect?
- How do customers currently experience these touchpoints?
- What opportunities do these touchpoints present for differentiating my company in the marketplace, in the light of competitive forces, consumer trends and the ongoing digital transformation?
Value creation by customer experience management
Customer Experience Management is much more than a “nice to have”. The uncompromising focus on customer needs creates loyalty, measurable in multiple dimensions:
- Retention: Customers stay longer and the churn rate goes down. Loyal customers have a stronger emotional connection to the company and are more forgiving of potential issues and mistakes
- Customer value: Satisfied customers spend more. They are open to upsell and cross-sell, and are generally willing to pay higher prices for products and services
- Recommendations: Loyal customers are more likely to recommend a company, product or service to others and thus help acquire new customers
Beyond these key dimensions, CEM also creates value for the company’s brand and contributes to gaining deeper insights about current and potential new customers.
Companies know that “customer focus” is a key ingredient for success. Sometimes all that is lacking is detailed knowledge of customer wants, needs and expectations. These needs and expectations are influenced by the competitive landscape and even by “best practices” in other industries. For instance, super-fast email responses by Amazon and Zappos have set a new bar for response times in customer service departments in banks, insurances, utility companies and other industries as well.
In many companies, touchpoints have been created “from the inside out”, implying that their design and implementation are based on assumptions about customer preferences and/or on technical feasibility. As a result, some of these touchpoints may not get much use while other touchpoints – critical to customer satisfaction rates – are missing.
GP+S customer experience management service areas
GP+S supports businesses in the development and implementation of a CEM strategy based on our proven model of Analysis, Strategy, and Execution.
- Customer insights: Identifying customer needs and expectations along the customer journey
- Market and trend analysis: Assessing market trends, competitive landscape, industry best practices, and consumer and technology trends
- Customer journey mapping: Discovering barriers to and opportunities for positive customer experiences throughout the lifecycle, and mapping out the desired journey
- Strategy development: Setting strategic objectives and Goals
- Evaluation and prioritization of programs, approaches, and tactics in support of the strateg
- Road map development
- Programs and actions: Specifying programs and tactics in detail
- People, processes, systems: Defining requirements and spurring optimization
- Implementation: Planning and executing pilots, preparing for kick-offs
- If needed, we support the implementation of CEM programs over a longer period of time through our interim management offering
Areas of expertise
GP+S has a proven track record in strategy development and execution for business leaders who seek to improve the customer experience. Our clients value the GP+S consultants’ professional expertise with its mix of analytical, strategic and execution-oriented skills, paired with our sharp focus on the customer perspective (“outside in” rather than “inside out”).
Past CEM-focused client projects in the telecommunications, utility, IT and digital media industries include:
- Customer journey mapping across the entire lifecycle to remove barriers and accelerate enablers to positive customer experiences
- Development of a customer experience index to measure and improve products and services
- Creation of customer service programs to lift customer satisfaction and create customer delight
- Social CRM strategy development to leverage social media for customer retention and loyalty
Throughout our work we apply deep industry knowledge and an understanding of market and competitive forces, as well as “best practices” in Customer Experience Management. We look forward to supporting you in creating a 360 degree view of your customers, and to developing a roadmap for measurably improving the customer experience with your product or service.