The goal of CEM
CEM’s goal is to foster customer loyalty and their referrals to other potential customers. A well executed CEM could make each of your customers your brand ambassador. Easier said than done. It takes efforts and patience for a company to reach that level with their customers but the returns could be exceptional.
What is CEM
Customer Experience Management is the process of building customer loyalty and referrals through a collective of customer relevant IT systems, customer centric business policy and content management targeting the customers those are all together integrated for a unified view across the organization.
A fully integrated CEM is painstakingly complex to implement but if done well enough, is bound to bring exceptional business results for the organization.
Our CEM solution assists in positive customer journey.
Why do you need CEM
1) Maximize Profit Per Customer: Profit per cusotmer is an important criteria to assess the health of the overall business. You need CEM to maximize your profits per customers. Without CEM the business yield per customer remains unoptimized. Your customers can write you off quickly and can be brutal as well in case you are not handling them well.
2) Build Customer Loyalty & Referrals: CEM helps to build customer loyalty which is an essential roadmap to business excellence. The more loyal customers you will have, the better business growth you will realize.
3) Revive lost & unhappy customers It is unwise for businesses to de-focus from their historical customer base or let their unhappy customers swing away. Every cusotmer a business lose, that many potential dollars their competition gets and they grow stronger.
4) Rapidly expand your customer base A well executed CEM could help in rapidly expanding the customer base as it enables your business to take 360 degree care of your customes which then translates into customer satisfaction.
5) Stay ahead in the competition curve You might be taking many strategic steps to stay ahead of your competition and one of them is certainly implementing CEM. You lead your customers and your business with CEM to always outsmart competition. This could very well give your leverage to command premium in the market, if not atleast not sell purely on the basis of discounts and low prices.
How challenging is it to implement
CEM requires companies have a 360-degree view of customers, with integrated, up-to-date data on their detailed activity. This database integration is challenging to achieve, however elements of CEM could be implemented in stages to inch towards being a CEM enabled company.
For a company interested to implement CEM, there needs to be an IT study done of the various customer centric databases and platforms that would then enable to prepare a CEM implementation plan.
It is recommended to start with modules of customer grievance management system, enable a call center, social media listening or customer analytics.
What ROI benefits could you expect from CEM ?
1) Increased Revenues: CEM helps in enhancing customer satisfaction that definitely results in increased revenues via wallet penetration of new customer accruals.
2) Increased profits per customer: Profit per customer is becoming an important criteria to measure the effectiveness of a business. with CEM, you are bound to accumulate more profits per customer as with successfull CEM execution the customer segment start getting skewed towards you.
3) Reduced cost of customer acquisition: It becomes a lot more easier to acquire new customers with your CEM implementation starts giving results. The resistance to become your customer substantially dilutes and the business gets into the exponential cycle of customer acquisition. Your marketing spend substantially reduces with a successful CEM implementation.
4) Reduced employee turnover Happy customers empower a happy company. You stand to gain a from a whole lot of happy employees who then take pride in working in your company because you lead customer engagement in the market.
5) Profitable business decisions You stand to gain from insights from your customers about your products and services. This gives you tremendous advantage of making the right business decisions to steer your company into the next phases of growth. You reduce risks and increase effective returns on your business strategy.