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You may have 95 CEO problems, but not these 5!
CloudCherry | Featured | August 9, 2016
A corner office, chauffeur driven limos, bespoke suits & a 20-year-old scotch – Words that spring to mind when we talk about a ‘CEO’. To quote a cliché “With great power comes great responsibility”. (Unless you are Deadpool of course! If you are deadpool, then Hey! Deadpool’s reading my blog). But as a complementary offer to all the perks comes a healthy dollop of worry. While there is a laundry list of things that might give CEOs a migraine, having a comprehensive customer experience management platform to understand their customers – deep dive into their behavior and connect with their needs – will help eliminate at least 5 of them.
And here in this post, we run through these 5 problems or roadblocks CEOs can do away with if they invest wisely in customer experience management.
Every customer who has a less than stellar experience with your brand is a potential flight risk. Even the most ardent of loyalists can be put off by a single bad experience. The only way to promote stickiness is to isolate and address any aberration in your brand promise in real-time. A comprehensive CEM program centered around an anchor metric like NPS is paramount in recovering potentially lost customers.
Something like an NPS program or similar will not only help you isolate the peer group of customers who are passively walking away from your brand, but will also help you close the loop with them and win them back.
Marketing campaigns, discount wars, SEM, the power of 9 pricing – all tried and tested methods to woo new customers. However, if there is one method that not only reduces customer acquisition costs by 10X times, but also creates an avalanche effect, it’s Customer Evangelism Marketing.
A good CEM program will not only help you identify who your evangelists are, but also help you leverage the power of your promoters. Companies like Harley Davidson have been tremendously successful in this regard by simply identifying their evangelists and creating communities around them.
Want to create your own group of Loyal Evangelists?
Are you willing to change the way your organization is being run? Organizational silos are seldom as benign as grain silos. Siloing of customer information is caustic and results in misalignment of the different teams to the organizational CEM vision. As a CEO, it is imperative that your leadership is working towards one common CEM objective.
An expansive CEM program will make sure that a consistent picture of your customer is delivered across to all your stakeholders enabling them to make better sense of the customer data and leverage the insights to create a great customer experience.
One of the thoughts that every CEO wakes up with will definitely be “How do I differentiate myself from all the brands out there?” Making your brand stand out in today’s market requires a quantum shift from the price, place & promotion arena to offering an Aha! Experience for your customers. Just ask any Apple evangelist or Starbucks aficionado. A CEM program will tell you exactly what is the one differentiating factor that your customers love about you and how you can play it up!
Market intelligence – A concept that until recently gave vague ideas of espionage, huge tomes in the library of big MR firms & God forbid even page 2 of google search results. Gaining market intelligence required detective skills that rivaled that of Sherlock Holmes. However, implementing an omni-channel customer experience strategy makes it “Elementary! My dear Watson”.
Brands can get vital market Intelligence right from the horse’s mouth. As a CEO you can get a snapshot of what exactly is your brand perception out there when you are present at each touch point throughout the customer journey.
CEO – the final frontier, ‘the buck stops here’ guy, quite simply the force majeure in any organization. A man who has to wear so many hats. I once had a sneak peek into my CEO’s calendar and wondered how he manages to do it all. Maybe he has a time turner . Investing in a CEM platform & empowering his organization to deliver a great experience, will ensure that he can be rest assured that his customers are happy. An effective customer experience management strategy will be kitchen where he wears his chef’s hat to serve up a Cordon Bleu experience for his customers!
Never worry about Customer Retention or Customer Acquisition again!