As business executives see the potential of technology to transform customer channels and the customer experience, their view of technology has leapfrogged conventional ideas of IT.” Dave Aron, Vice President and Gartner Fellow
This statement and the study that it is based on indicate that CIOs are progressively favoring technologies like business intelligence (BI) and analytics, mobility and cloud computing in order to maximize customer experience management (CXM) by skewing business priorities related to customer satisfaction.
As top brands vie for consolidation and customer retention while fighting their way through cut-throat competition, the best use of diverse technologies is changing the face of CXM. Typically, CXM meant to transform customer experience so that customers facilitate brand awareness through their advocacy on various channels.
The same is evident from the top ten strategic technology trends for 2012 as below:
Leapfrogging from CRM to CXM -- Advancing through BI and Analytics
With CXM becoming a core objective of CRM, there are deliberate efforts from organizations to identify customer-centric metrics for crafting winning strategies. BI and analytics get the top votes by CIOs. With the advent of "Big Data," focus has switched over to business analytics, as huge volumes of customer information can be channelized to empower customer experience.
It is due to BI that organizations can know their customers, analyze customer behavior and assess value realization to their CXM strategies and effectively engage with their customers. Such BI programs are also integral to the move towards adopting the new generation technologies that are helping business executives by helping them create deployable customer engagement and fulfilment strategies.
Cloud Computing Leveraging Big Data
Cloud computing, combined with the power of big data and BI, is revolutionizing the way customers can be kept informed and satisfied, by involving a host of customer interaction platforms and streamlining the ongoing data frenzy.
How well can cloud-based systems optimize customer-centric activities?
The cloud can help propagate customer "moments of truth" across all channels. With more and more agencies offering "virtualization" of customer handling tasks using cloud-based applications, customer operations are speeding up and so is the response time. As a result, companies are reaping the benefits of more flexible service delivery through the cloud, as customers are enjoying better networking and access-sharing capabilities. Real-time operational intelligence is easily adopted using cloud computing, thereby increasing performance.
Mobility and CXM
In this age of escalating mobile internet usage, mobile shoppers are becoming critical to business expansion. Morgan Stanley reports a 10-fold increase in mobile usage in the recent years, and projects further 10-fold growth by 2020. It comes as no surprise that CIOs have identified the great potential mobility presents to enhance customer experience.
Source: Morgan Stanley
The strong impact that mobility has on consumerism highlights the necessity of engaging consumers via this interactive medium. Creating almost instant awareness about new offers or products among potential customers is not a new trend.
Apple and Google, two giants in the mobility market, have taken their mobile strategy a step further by converting mobile phones into payment devices and revolutionizing customer experience to a whole new level. This is good news for retailers and small merchants alike.
How Best to Improve In-store Mobility?
The best way to make use of mobility technology is by ensuring great retail customer experience with a host of benefits on offer for the consumer. With competition skyrocketing, the compelling need to capture customer imagination and improve sales becomes a priority for retailers resulting in customer service taking a backseat.
In-store mobility solutions can take care of customer service, administrative and inventory-related tasks with the help of wireless hand-held terminals, empowering store staff with time that can help them focus on providing better customer experience. Mobile apps and GeoLocation/GPS technology can be leveraged for store offers, information and interaction with customers on the fly. This will, invariably, result in customer loyalty and patronage.
Social Media Experience and Analytics for CXM
Imagine how well a brand can reach out to its customers by leveraging the various social media channels and the new digital technologies. Give them stories of your brand and various products and keep them engaged. They can be the true brand ambassadors advocating your brand’s message to their friends.
Effectively analyzing chatter in social media can help harness critical information that can help companies improve customer experience. Engaged customers have always been valuable sources in offering responses to new product launches in the market. Monitoring customer feedback, through Voice of the Customer (VOC), is an important step towards achieving first-rate customer experience. Social media analytics have proven their efficiency in creating bridges with customers at various levels, enabling effective collaboration.
Achieving ROI with CXM
A well-crafted CXM program enables the business executives to close the loop with customers, mitigating attrition to a great extent, thereby facilitating future revenue generation through customer loyalty. Thus, real-time CXM strategies powered by the latest technologies can be more cost-effective than the traditional customer satisfaction programs and generate far better ROI across multiple business channels.
To sum up, as marketers are waking up to the potential benefits of harnessing technologies to deliver improved customer experience, customers are enjoying the limelight and experiencing unprecedented services.
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