The importance of customer experience management

Customers satisfaction and loyalty are vital factors to a company's success, but new information is surfacing that demonstrates brands need to also develop strategies surrounding customer experience management.

Customers satisfaction and loyalty are vital factors to a company's success, but new information is surfacing that demonstrates brands need to also develop strategies surrounding customer experience management. In fact, a study by Peppers and Rodgers found 81 percent of businesses that master this new service arena are gaining a significant edge on their competitors.

Companies that fail to realize every aspect of their operation is a customer touchpoint are missing out on valuable opportunities, according to Baseline Magazine. From the website and business cards to packing, employees and customer service representatives have excellent chances of creating a positive buying experience. 

Similarly, if they fail to meet (and exceed) customers' expectations at any of those points, they are also losing out on opportunities to generate brand awareness. In the age of tech-savvy consumers who regularly engage in social media, a positive experience could yield dozens of word-of-mouth reviews that attract new customers.

Businesses that haven't mastered customer experience management are by no means in the minority. Only 20 percent of companies have developed robust strategies for managing customers' experiences, the Peppers and Rogers study found.

"We're still in the early stages of evolution for the entire field of customer experience management. Companies are ambitious to improve and we are seeing some companies build up the professional discipline to succeed," states Bruce Temkin, managing partner of Temkin Group.

A recent Customer Experience Management study by Temkin found the majority of businesses (59 percent) said they planned to be an industry leader in customer experience by 2015 and had incorporated the status into the company's values to achieve these goals.

To build a customer-centric approach, companies need to evaluate employee engagements, customer connections clear leadership and compelling brand values, the Temkin group found.