Customer Experience Management is receiving some serious executive-level attention in 2010. Boardrooms are buzzing with the idea that CEM might be the new CRM, with all the hopes and baggage that that expectation entails. As leading businesses create roles such as Chief Customer Officer, the people tasked with addressing the rather fuzzy issue of “The Customer Experience” have a lot to deliver.
Gartner defines the customer experience as “the customer’s perceptions and related feelings caused by the one-off and cumulative effect of interactions with a supplier’s employees, systems, channels, or products.”
Improving the customer experience is not an end result in itself. It brings about a number of benefits, all of which ultimately affect the bottom line. When you improve your customer experiences, you can increase customer retention, drive more customer referrals, and reduce costs. As these benefits are recognized at a senior level, CEM is becoming a priority for 2010, with some significant budgets being allocated. Such budgets are entirely justified when Forrester estimates that large firms can gain between $177million and $311million per year by enhancing loyalty through better customer experiences.2
A new Confirmit white paper, Why Your Customer Experience Program Will Fail Without the Voice of the Customer, addresses the vital role played by the Voice of the Customer in creating a customer experience program that will boost your bottom line.
1 Ed Thompson, Jim Davies, Ray Valdes (March 2010) Key Issues for Customer Experience
Management, 2010. Gartner.
2 Bruce D Temkin, (June 2009), Customer Experience Boosts Revenue. Forrester.