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Bettering the Customer Experience . . .
Turning Unprofitable Customers into Profitable Relationships
At a workshop for a group of business executives from large corporations, participants agreed that companies need to be as targeted—or even surgical—in their approach as possible. Otherwise, customer experience management cannot reach its business potential and instead will drop off as the latest corporate fad. Discussions revolved around how to establish a profitable relationship with the problem child of the customer segments: the frequent and unprofitable customer. This customer is a major concern. Every call into the call center (or other type of interaction) costs companies money. Some companies say each call center call costs in excess of three dollars. The dollars add up quickly. If the profit generated by the customer does not outpace how much it costs to interact with that customer, or if such customers only purchase when motivated by deep discounts, something needs to be done. There are two basic options with customers like this: You can fire them (pretty much guaranteeing you will never have a profitable relationship with them), or you can attempt to move them up the customer value chain. . . . read more >>
Big Boxes Earn Visits on Price, But Lose on Experience
Empathica, a global provider of Customer Experience Management (CEM) solutions in food service, retail, banking, and hospitality sectors, announced that its Consumer Insights Panel survey of more than 6,500 U.S. consumers found that nearly all U.S. consumers (93%) visited a big box retailer in a one month period, with seven out of 10 consumers visiting more than three times. Survey results show that the most important factor in choosing a big box retailer is price (61%). Other important factors to U.S. consumers include location convenience (12%) and a wide selection of products (10%). Seventy-one percent of customers also indicated that they prefer to visit big box retailers that offer a “one-stop” shopping experience, with all essential products at one store. . . . read more >>
CXPA Announces 18 Finalists for CX Innovation Awards
The Customer Experience Professionals Association (CXPA), an organization created to guide and enhance the growing field of customer experience management, has released the names of the 18 finalists for its CX Innovation Awards. This award was created to recognize successful and innovative work in the customer experience space. The finalists were selected by a panel of five judges from the 98 award nominations that companies submitted to the CXPA. . . . read more >>
Using Social Media for Customer Service
There are so many misconceptions in the market about using social media for customer service, many of which are due to the newness of the solutions. We all have seen and read vendor claims that make their solutions sound too good to be true, and, more often than not, the promises don't match up with the actual performance. These solutions may one day help organizations efficiently deliver customer service using social media, but today, most are too immature. Just as important, the best practices that are essential to facilitate the process do not yet exist. . . . read more >>
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