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Top 5 Best Practices for Creating an Effective Customer Experience Strategy

We all have our favorite brands. Our favorite brands are like our friends. We trust them, we are loyal to them and they listen to us. Amazon happens to be one of my personal favorites. I took some time to think about why that is. To no surprise, I was able to think of a large list of reasons why I consider Amazon one of my favorite brands. Every single reason somehow relates back to my experiences I've had as a customer.

What is Customer Experience Management (CEM)?

Gartner defines customer experience management (CEM), as "the practice of designing and reacting to customer interactions to meet or exceed customer expectations and, thus increase customer satisfaction, loyalty and advocacy." CEM is crucial for all businesses and is a strategy that calls for careful planning, process changes and technologies.

"The practice of designing and reacting to customer interactions to meet or exceed customer expectations and, thus increase customer satisfaction, loyalty and advocacy." -Gartner

WHY IS CEM MORE IMPORTANT THAN EVER FOR COMMUNICATIONS AND MEDIA PROVIDERS?

As the number of connected devices continues to increase, consumer demands and marketplace competition increase as well. Consumers have more choices and power than ever before. If they have a poor experience, no problem, they can easily find an adequate substitute.

Forrester revealed that if a consumer has a poor experience, 89% are willing to switch providers. This statistic alone indicates how important it is to keep your customers happy. In fact, it costs five times as much to acquire a new customer than it is to keep an existing customer satisfied (Gartner). The key to customer satisfaction: CEM and it sure is worth the investment.

TOP 3 CEM BENEFITS FOR COMMUNICATIONS AND MEDIA PROVIDERS

• Brand loyalty. Satisfied customers build relationships with brands, gaining trust, familiarity and comfort, making them less likely to switch.
• Reviews and referrals. 95% of customers share their bad experiences with others (Zendesk). Online communities are becoming more and more popular for this.
• Increased revenue and reduced costs. Approximately $41 billion is lost by U.S. businesses each year due to poor customer experiences (Rock Connections).

CEM Best Practices for Communication and Media Providers

Providing a consistent customer experience remains a challenge for many communication and media providers. Rarely, if ever, do we hear of a provider being well-known for their exceptional customer experience. There is much room for improvement and rewarding opportunities in this industry.

Here are some CEM best practices to focus on:

• Build a flexible infrastructure. The infrastructure must be built to reduce customer effort and should be highly customizable at every touch point.
• Omni-channel optimization. Companies need to be present on various channels, but ensure that each channel is convenient and consistent so customers receive the same experience and message everywhere.

• Integrate social media. More and more customers are sharing thoughts and opinions via social media and seeking out customer service assistance via social media. Social media activity increases brand loyalty and businesses can understand their customers' wants and needs better by utilizing social media analytics.

• Encourage, track, measure and listen to results. Encourage customers to provide feedback. Track and measure KPIs such as your customer service response rate and overall customer satisfaction. Analyze and listen to what the data says and make appropriate changes to continuously improve your customers' experience.
• Invest in a robust customer recovery process. When a customer has an issue, your staff needs to be trained to acknowledge customers, take responsibility, and offer solutions or alternatives with follow-up until the customer is completely satisfied. This investment will help maintain existing customers instead of spending additional money to acquire new ones.

In the long run, CEM can make or break a business. Make it your company's New Year's resolution to focus on your CEM strategy. Your customers will thank you.

If you would like to experience the benefits of CEM and would like additional information on how Excelacom can help your company incorporate CEM's best practices into your business model, please contact us at marketing@excelacom.com. We would be more than happy to provide you with a free consult.