Why Customer Experience Management is the Future of Marketing
Branding started out as a concept or a thought to build in a customer’s head. But, along with technological advancements, that has changed. We live in an age of social media and advanced technology where customer experience has turned into branding. So, it is no longer about building perception about customer’s mind. Almost every company has delved deep into the customer experience business. We can easily find out what a large percentage of customers are thinking about any brand within seconds with the help of Google. Customers have taken up the job of defining a business, and as a result, businesses no longer tell what the brand is. As a direct result to this, the companies and the organizations are trying to have a fix on defining what the brand perception is.
Almost all the brands invest millions of dollars to boost awareness, to bring customer satisfaction, loyalty, but they almost miss out on the most important thing most of the times. Emotional connection— it has been described as the most important driving factor behind customer satisfaction and it is often overlooked by the businesses. Research has shown that the consumers that feel an emotional connection with the brand are more valuable in terms of revenue and profitability than those who are just satisfied with it. Marketing has lost its control from the brand and companies are already moving towards marketing department that falls under Customer Experience Management (CEM).
According to a report by Touch Point, “CEM market will probably grow from $5 billion today, to $13.5 billion by 2021”. The major factors that drive the CEM market are increasing the need to retain customers throughout the customer journey. The biggest investment is seen in the call center experience.