Understanding Customer Relationship & Customer Experience Management
A Customers’ recommendation, ambivalence, or opinion can effect your brand and propagate word-of-mouth influence.
What is Customer Relationship Management (CRM)?
Customer Relationship Management (CRM) is the operational mechanics of maximising a positive rapport with customers in any business that has a high service component and the customer is identifiable. Hence, it is likely that CRM is even more critical in a B2B application.
What is Customer Experience Management (CEM or CX)?
Customer Experience Management (CEM) is the operational mechanics of maximising a positive rapport with customers any business and is equally relevant to both B2B and B2C marketing. Businesses values CRM because it is a means to improve CEM.
With many products becoming more homogeneous, due to the decrease in advertisers’ ability to establish or maintain perceptual positioning, CX (Customer Experience) is becoming the key differentiator for product/service value perceptions & customer preference.
How to successfully implement CRM and CEM?
Practical and commercial use of Customer Relationship Management and Customer Experience Management is intuitively mandatory to great business leaders.
- Virgin’s Sir Richard Branson said “Everyone’s job is customer service.”
- Retired GE CEO, Jack Welch, coined a phrase for middle managers to embrace, “Marketing is not anyone’s responsibility, it is everyone’s responsibility!”
- Airline CEO, John Calzon, calculated that there were 50 million “moments of truth” in relationship management for his airline … every single interaction with every single member of his airline’s workforce – baggage handler to flight attendant. He identified thousands of “chances to impress” throughout the customer experience set for his business.
If you alerady know you NEED to ramp up you CX, CEM, CRM…, click this button to email, dial 02 8011 4355 to call, or fill out the webmail form, below.
Why must every business embrace CRM & CEM?
Lifetime Value of a Customer
CRM is about extending the lifetime value of a customer, minimising customer attrition and maximising new business acquisition. CEM is about richening the exchange to provide optimal value to the customer to deepen and cement the bond of loyalty and trust, at the very least meeting and ideally exceeding their expectations… building your brand equity and reinforcing their straight-rebuy behaviour.
Customer Relationship Management and Customer Experience Strategy
If the objective is to build a relationship with profitable customers, then it is vital to start by analysing customer experience and developing real customer insight. Managing that relationship means striving for greater understanding and more comprehensive knowledge of customers. Find difficulties your customers encounter and solving them will improve bottom line results.
Using CRM data to measure the lifetime value of a customer enables you to better allocate marketing resources.
Strong relationships come from intimate knowledge of likes, dislikes, behaviours preferences, attitudes and values… more than what customers say, but what they actually do.
Understand customers better than they do
Contact management is great for client relationship management, key account management and personal selling but key clients and accounts are often also high maintenance… the question has to be asked “Where does our profit really come from?”
Using tools such as Customer Value Management you are empowered with such rich information you’ll have all the facts and figures available to easily minimise customer attrition, maximise customer loyalty, increase customer usage, and decrease customer acquisition costs.
To review your CRM CEM & CVM, call 02 8011 4355 NOW.
Customer expectations of quality, service, and various other variables differ between segments and so the basis of great CRM is great market segmentation.
In fact, whole product portfolios can be built with very little variance in the core product.
Customer Experience Management
Customer Experience Management is more than pursuing good customer service. The customer service experience is a vital component of the “total product” as is the fulfilment of customers’ expectations and how closely their needs are met and satisfied. Environmental ambience, product portfolio selection, geographical location, other customers… the list can be exhaustive!
The key is to understand your customers, the segments that make up the market, you competitors and your industry and other dynamics that effect your business. CLICK HERE for a Marketing Audit and get an objective context for profitable experience management, call +612 8011 4355…