Business Process Solutions

Customer lifetime value represents the total amount of money a customer will spend with a business on products or services over a lifetime. Knowing this number allows brands to identify how much to invest in retaining customers versus acquiring new customers, but the real benefit of customer experience management is the ability to ensure that number increases.

Repeat business represents strong customer loyalty to a brand. It also highlights the quality of a company's products and likely is influenced by the various interactions someone has with a company. One survey found that employees spend an average of 520 hours per year on repetitive tasks that could easily be automated.

By introducing new software or a custom application, you can automate these tasks, and employees can reallocate time to core aspects of their job.

Businesses that are seeing a higher customer lifetime value from a good customer experience management program are likely benefitting from reduced churn or customer turnover. It is more costly to acquire new customers than to retain them, so by putting resources toward keeping customers happy, companies will experience longer engagement.

Through regular touchpoints such as frequent phone calls, email updates or customer appreciation events and sales, a brand is likely to stay at the top of a customer's mind. When the time has come to make another purchase or renew a contract, those customers have an easier decision to make if customer service representatives have been attentive to their needs or wants over time.

Brand equity is a marketing term that typically describes a brand's value in the eyes of the consumer. Brand equity, however, has more to do with the emotions a consumer has when thinking about a brand. Delivering on promises, providing high quality products and services and being responsive are all ways to build positive brand equity. Conversely, under-delivery, disappointing interactions and massive public declaration to avoid a brand are all examples of developing negative brand equity.

A company with positive brand equity has some big fans. These customers are happy to post their positive reviews, share their experiences through word of mouth referrals and even participate in other customer loyalty programs. An effective customer experience management plan can influence a positive brand equity and prevent negative reviews.

Brands that experience higher brand equity and reduced churn will also experience higher customer retention. High customer retention often correlates to high customer loyalty. A customer may buy from a brand once every few years, but the ability to keep that person as a customer is important.

Companies that are quick to resolve issues, reward loyalty, stay in touch, and most importantly, thank their customers will strengthen the positive perception that is at the root of the overall customer experience. Customer retention leads to more sales and higher lifetime value and an easier way to increase ROI from that initial conversion.

By implementing effective CEM programs, businesses are also preparing for any potential crises that may arise. Bad PR, the recall of a product or the inability to meet simple customer service requests can all leave a bad taste in the mouths of the public and more importantly customers.

When customers trust a company to be there for them and with them, they are more likely to interact with that brand directly. Brands with effective CEM programs can better protect themselves from public outrage or humiliation. Even with short term setbacks, companies that own up to mistakes, enforce the trust their customers put in them and respond to complaints or negative experiences positively will come out on top in the end.

When companies have a customer-centric approach to marketing, they are eliminating a lot of the guesswork related to what customers want. Customer experience management requires CX teams to look at customers in their own light, determine what products they bought and what they will purchase next, learn lessons through the sales process and understand why customers are reaching out. Teams can use this data to be more proactive and potentially anticipate the needs of the customer.

A successful customer experience management program requires brands to take an omnichannel approach to customer engagement. CX teams should determine where customers are interacting, and then go to where they interact most frequently -- whether that is through social media, email or phone. Companies should be responsive and proactive by frequently checking in, understanding needs and rewarding loyalty. That will result in those return interactions from the customers.

To be the best driver for customer success by making them focus on their business while we take care of all of their IT worries.