Five Things You Must Know About The Future Of Customer Experience Management

5 Things CX Managers Must Know About

Today we are excited to share with you a guest post from Peter Lavers.

In my 35-year career of both client-side and consultancy experience I have learned a lot about customer experience and loyalty management. The most important thing I’ve learned is to KEEP LEARNING!

I have long argued that the customer experience should be seen and managed as a business system. The critical point about the customer experience is that it happens anyway! In fact, it has been happening for about 5,000 years since trading was first recorded. Only for a fraction of this time, however, have marketing, sales, and service professionals tried to manage customers and their experience for increased loyalty and value. I like to summarise this evolution as follows:

5 things CX mgrs must know about blog_Peter Lavers-Image

I could spend this blog explaining CX history, which you might find interesting, but ultimately won’t be very useful. There are a couple of key messages that I always leave my audiences with when I present this graphic:

  1. Ignore Customer Experience at your peril. Traditional marketing and CRM are fundamentally about what you do to acquire, retain, and grow the value of customers. Customer Experience Management is fundamentally about what they do; understanding their journey and needs and then adjusting your operating model to meet customers in the channels they choose at just the right stages in their journeys to offer solutions to their need at an acceptable price. I am convinced that the days are numbered for product-centric and customer-blind operating models (i.e. “just make a good product and somebody will buy it; we don’t care who”)!
  2. You need to make a positive decision about what to “manage”. Power has shifted. Companies used to have control of all their channels and much of the messaging related to their brands and products. Levels of trust were high and loyalty was assured if you could keep customers ‘satisfied’ (this was also helped by the fact that choice was limited). All of this has been blown out of the water! Customers now decide who they trust, which message to receive via whichever medium, and which channel to use to access what appears to be an unlimited choice. There is no place for the control freak in today’s business! You have to replace ‘control’ with ‘influence’, and decide where your limited resources will be best utilized to maximise acquisition, retention, and value growth of customers (yes – that bit hasn’t changed)

For a successful future, here’s my list of the top 5 things that you must be up to speed with in order to positively engage with your peers and drive strategy/innovation in your company’s customer experience:

  1. Trust. Why do companies only prioritize trust after they’ve lost it?! Are you tired of reading about company executives promising to “regain trust” after they’ve messed up because of short-termism or corporate greed? I believe that trust is the biggest element of value in business that is NOT being managed. All large companies have risk management. I don’t know any that have a Head of Trust . . . I’d recommend reading Mark Hollyoake’s articles on trust. It’s B2B focused but full of leading thinking.
  2. Omni-channel. Taking an omni-channel approach to customer experience will demand seismic changes of businesses in the next ten years. You can read my take on this on IBM’s THINK Marketing site.
  3. Design Thinking. This is increasingly being applied in the digital/UX world, which is integral with Customer Experience. It’s a useful approach to making quick progress, and there’s a great article “Design Thinking 101” that I’d recommend reading.
  4. Data Science, Big Data, Artificial Intelligence (AI) and Cognitive Marketing. Wow, that’s a lot to cover! I’m not going to try and explain it all here, but you mustn’t ignore the giant leaps that are being made in customer insight. There are masses of great free resources available to you to become well informed such as these published by IBM and Customer Insight Leader which talks about using customer data to increase/improve upon value.
  5. Internet of Everything and Super Connectivity. Having just come to terms with the Internet of Things (IoT), we now find that it has been supplanted by the Internet of Everything (IoE)! Here’s a useful explanation of both terms. The crucial point for CX professionals is that customers will soon be ‘super connected’ and this will open up new opportunities to engage. For example, what is currently ‘dead time’ whilst driving or commuting will very much become productive time to work, shop and play whilst sitting in an autonomous vehicle or on super-fast-connected public transport. You need to be planning now for this new world or risk losing out to more agile competitors

There are exciting times ahead in the world of customer experience and loyalty management, and I hope that this blog helps you be prepared for leadership and success in your business.

**********************************************************

Peter-LaversPeter is an IBM Futurist and expert in CRM and customer experience management.

He is one of the world’s top influencers in the subject e.g. Satmetrix Top 50, SAP Top 60 & CustomerGauge Top 20 Customer Experience influencer; GetApp Top 20 CRM expert; Vcare Top 50 Customer Care influencer; Huffington Post Top 100 Customer Service professional; and MindTouch Top 50 Customer Success influencer.

Peter spent 18 years at Rolls-Royce & Bentley in engineering, commercial, analysis, customer satisfaction, regional marketing and relationship marketing (CRM) roles. He has complemented this with over 17 years’ consulting experience, working with businesses around the world in diverse sectors including banking, insurance, engineering, automotive, retailing, industrials, outsourced IT, technology, telcos, wholesale food, manufacturing, luxury, public, education and utilities.

He is currently a Director of Customer Attuned Ltd (B2B-focused) and MD of WCL Customer Management Ltd (B2C and Public Sector focused).

The insights he has derived from these engagements give him a unique perspective on what does and doesn’t work in the fields of B2B and B2C customer management. He vigorously keeps abreast with the latest trends in the insight, strategy & planning of CRM, customer experience and digital engagement, whilst assuring a clear focus on practical improvements for business benefit.

LinkedIn: https://uk.linkedin.com/in/peter-lavers-611b79

Twitter: @peterlavers

Tags: , ,