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Thumb rule for a successful business: Customer experience management

Customer experience has emerged as the key differentiator in today’s globally connected and competitive business environment. Customer experience management (CEM) as defined by Gartner is “the practice of designing and reacting to customer interactions to meet or exceed customer expectations and, thus, increase customer satisfaction, loyalty and advocacy. In short, CEM is the sum total of processes a company uses for tracking, overseeing and organizing the interactions with its customers throughout the customer lifecycle for increasing customer retention and adding new customer with word of mouth advertising.

The Goal of CEM

The root goal of Customer experience management is to optimize customer interactions in order to foster customer loyalty reducing churn. It enables them to gain a thorough understanding of their target customer in order to be able to design and deliver a unique and personalized experience that not only keeps them motivated to remain loyal customer but also act as advocates of one’s brand to the other.

How to make Customer experience management effective?

Customer experiences have got new inclusions. Not only they include interactions through the traditional channels such as buying, service requests along with call center communications but also through Mobile self-care apps and social CRM channels like Facebook, Twitter and LinkedIn. Thus, the companies need outlining a strategy encompassing all customer touch points.

Why is Customer experience management (CEM) important?

Digital marketers are totally aware of the fact that the managed experience delivered to a customer while buying a product or service is as important as the product or service itself. Differentiating one’s customer experience from competitors can provide the organization with substantial business value which is why they have started investing substantial time and resources in delivering a highly personalized superior experience to increase customer loyalty.

great customer experience can achieve the following benefits for business:

  • Enhance consumer loyalty through interesting and personalized user interactions
  • Boost sales and revenue through repeat orders from existing customers and addition of new customers through word of mouth advertising
  • Build a superior brand image through differentiated consumer experiences
  • Reduce costs associated with losing customers to competitors due to non-differentiated value perception in the eyes of the customer.

The CEM process

Delivering this kind of personalized customer experience increases loyalty but requires a depth of consumer understanding that requires accessing and analyzing in depth data gathered from all customer interaction touch points and communication channels throughout the organization.

The first step in designing a personalized and differentiated customer experience is to understanding the customer. This entails creating customer profiles using both first hand structured data in conjunction with third party data. By creating detailed customer profiles digital marketers can:

  • Build an understanding of consumer needs and expectations
  • Make informed decisions in real time to improve experience
  • Gain insight on how consumer experience can be enhanced at specific points of interaction.

Once the socio-economic as well as emotional motivations driving buying behavior for one’s key target segments is identified, CEM then involves personalizing the buying experience to an extent that the customer feels special and valued.

As a process CEM is driven by the give and take of information. Marketers use the information available to analyze consumer profiles to design superior experience and then pass on the information about consumer preferences to consumer facing personnel to ensure they are able to deliver differentiated service to consumers, who in turn pass on the data related to their interaction to marketers. This two way flow of information drives customer experience management and enables organizations to differentiate their brand from competitors to turn one time customers into brand loyalists.

July 31, 2015 0 comment
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Mahindra Comviva’s Business Solutions, comprising of CRM and billing, have added two components to provide a feature rich platform to operators that ensure better customer management, higher ARPUs driven customer loyalty and better sales management.

The last six years have seen a tremendous increase in smart phone penetration across the globe and this has resulted in enhanced data consumption and newer ways to use data like applications, video on demand and media downloads. Over the last two years, even traditional services like messaging and calling have been seen shifting to a data platform, aimed at providing a better customer experience. This can be achieved as the applications being used are more open and customizable. With this range of features and better user experience, growth in data usage has been phenomenal and has forced operators to take a long, hard look at their offering strategy. The trend is clearly highlighted by the astronomical sums operators in India and abroad have been shelling out just to obtain licenses for 4G LTE and IMS.

Mahindra Comviva’s Business Solutions portfolio has been able to tap this trend to offer the intelligent product catalogue. This is aimed at enabling the operator to create intelligent offerings, thereby coupling traditional communication services with next generation services like VOD, BoD and games on demand. The offerings enable customer to avail of data services that offer a better customer experience at optimal prices. Data is offered through the mBAS platform and Direct Carrier billing (mBAS DCB) facility that brings onboard the best of OTT services like games on demand, personalized content, mobile television and e-books spanning the majority of OS providers.

Addressing day-to-day business activities like sales and channel management, inventory management, and commissions are making operators nervous as this ecosystem requires transparency till the last mile. Otherwise, operators can potentially run out of cash flow quite rapidly, owing to the high value transactions taking place on credit sales and payouts taking place on commissions bound by complex sales target and customer retention rules. Add to that, the unrealized inventory stacked in some desolate corner with supplier warranties fast expiring. In short, operators need a solution that enables transparency and provides predictable distribution and commission figures. Mahindra Comviva’s Business Solutions portfolio empowers operators to push sales towards the market and provides transparency and a real- time view of the market that is unheard of in the present realm of business solutions and addresses any concern dealers, customers and operators may have.

The power of Mahindra Comviva’s Business Solution portfolio lies not just in its ability to address all the stakeholders but in its intention to create an ecosystem that ensures opportunities for growth across the sales chain, third party vendors and, last but certainly not the least, the customers who are driving the whole business revolution.

July 30, 2015 0 comment
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