Customer Experience Management: Why It Matters
January 27, 2016
I recently stepped into the CEO role at Clarabridge because I believe in the mission of putting customer feedback to work. This is a crucial undertaking because one of the most significant challenges facing businesses today is fully understanding and improving the customer experience. A 1-point improvement in Forrester’s Customer Experience Index score has a revenue impact of as much as $175M. As such, many businesses are building strategic, enterprise-wide Customer Experience Management (CEM) programs to make outside-in, data-driven decisions that build loyal, profitable customer relationships.
Clarabridge addresses this challenge head-on. Not only does our technology help large enterprises interpret the vast universe of customer feedback—from social media, the call center, blogs, review sites, surveys, and more—but we also help these businesses easily share these insights across the enterprise, making it immediately actionable. Our most successful clients are those who are nimble and who can quickly act on customer feedback—wherever it may live.
As I mentioned earlier, the universe of customer feedback is growing exponentially. Customers are reaching out to businesses through their website, by email, through the call center, on social media, and in many other channels. It’s impossible to analyze all of these interactions manually, and automation is no longer a luxury—it’s a necessity. Our customers tell us that in order for them to manually process all the information that the Clarabridge platform analyzes, it would literally require thousands of analysts.
It is in this way that Clarabridge drives best-in-class CEM programs. Early stage programs typically start with one feedback channel—the customer survey. As they mature, they may even develop an omni-channel feedback program, with surveys at each customer touch point, like a post-call survey, a receipt-tape survey at checkout, and an online survey about the web experience.
Best-in-class businesses, however, go beyond surveys and listen for unsolicited feedback. Unsolicited feedback extends to sources such as social media comments, third party review sites, inbound calls, online chat, blogs, forums, internal business data, and more. Because businesses aren’t specifically requesting that customers provide this data at a particular point in the journey, this data can reveal much richer insights than solicited feedback data alone. Furthermore, survey response rates are rapidly declining and therefore the results are not always statistically significant.
And even the most successful survey can’t build loyal customer relationships. While a survey may be able to answer questions about a specific area of the customer experience, that’s really all it’s accomplishing—answering questions. Strong, lasting relationships are built on a two-way dialogue. If businesses simply ask a string of questions, they will not uncover customers’ true needs, wants and emotions. And as Forrester Research has found, emotion is a key driver in customer experience.
As Clarabridge’s new CEO, my promise is to empower businesses to build loyal, lasting customer relationships. To do this, Clarabridge will continue to deliver:
- Best-in-class text analytics and Natural Language Processing to accurately interpret every nuance of customer feedback, built specifically for Customer Experience Management
- The ability to interpret feedback from all sources as described above, whether it is solicited (via survey) or unsolicited
- Tools for real-time, streamlined customer engagement, specifically optimized for social customer care
As always, I welcome your feedback. How is your business tackling CEM? What do you think is the future of CEM? Tweet to me at @lee_yuchun.
Clarabridge’s blog, Sentiments, helps businesses incorporate customer sentiment and feedback into their business strategy. Published by Clarabridge, Sentiments speaks to customer experience professionals, marketers, customer care leaders and anyone who wants to make informed, strategic decisions that delight customers. Follow Sentiments on Twitter @Clarabridge.