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Trends and Opportunities in Customer Experience Management
This document discusses trends and opportunities in customer experience management (CEM). It notes that CEM has become a strategic imperative for businesses as digital disruptions, empowered consumers, and shifts in business environments require superior customer experiences. However, most companies still have a "dissonance gap" between their current practices and what is needed. The document recommends that companies partner with third-party service providers to help navigate this gap and implement effective CEM, as CEM requires ongoing adaptation and cannot be achieved through implementation alone. It emphasizes that the business reality has fundamentally and forever changed, so resistance is futile and companies must act now to meet constantly evolving customer expectations.
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Similar to Trends and Opportunities in Customer Experience Management
Trends and Opportunities in Customer Experience Management
- 1. Trends and Opportunitiesin Customer Experience Management EPiServer Benelux | 26 June 2014 Tim Walters, Ph.D. | Partner, Principal Analyst twitter: tim_walters [email protected] www.digitalclaritygroup.com
- 2. DCG helps businessleaders navigate the digital transformation and create competitive advantage from disruption. 2 About Digital Clarity Group @$m_walters @just_clarity
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- 4. 4 Yearning tokill the messenger
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- 8. 8 The compressionof time and space
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- 12. § Accelerated flowof information § Democratized production of information § Dissolved monopoly over information “As the industrial revolution was defined by radical efficiency in production, the digital revolution is defined by radical efficiency in information transmission” -- Mike Aruz (e.g., Uber, Airbnb) 12 The deformation of information
- 13. 13 What doconsumers think of us? @$m_walters
- 14. Twitter trumps condiments 14 Source: h@p://www.newmediaandmarke$ng.com/brands-‐have-‐to-‐master-‐complaint-‐management/customer-‐complaints-‐561
- 15. Only 15 1% feel their expecta$ons for good customer service are always met Source: Haaris Interac$ve survey of North American consumers, 2011. Commissioned by RightNow. @$m_walters
- 16. 16 Say theyhave switched business to a competitor due to poor customer experience Source: Haaris Interac$ve survey of North American consumers, 2011. Commissioned by RightNow. @$m_walters
- 17. 17 Say theywill pay a premium for great customer experience Source: Haaris Interac$ve survey of North American consumers, 2011. Commissioned by RightNow. @$m_walters
- 18. 18 Source: Okeeffe & Company survey of 1,342 senior execu$ves, 2012. Commissioned by Oracle. Global executives say the cost of not providing “positive, consistent, and brand relevant experiences” is 20% of total revenue @$m_walters
- 19. 19 $1.25 million per year @$m_walters Source: h@p://www.weirdworldfacts.com/smart-‐dogs-‐with-‐amazing-‐jobs/
- 20. How much isat stake? $5,900,000,000,000 ($5.9 trillion) 20 Source: Accenture, 2013 Global Consumer Pulse Research. Photo: h@p://www.t-‐na$on.com/free_online_ar$cle/most_recent/ train_like_a_man_5_the_real_paleo_exercise
- 21. #CEM isn’t theNext Big Thing. It is the Next Only Thing. #provocation 21
- 22. 22 What doconsumers want from us? @$m_walters
- 23. 79% Companies “asking same ques$ons or marke$ng same offer” across channels Sources of consumer frustration 65% Inconsistent offers or content 79% Companies “se^ng false promises” Source: Accenture Global Consumer Pulse Report, 2014. @$m_walters
- 24. of consumers arefrustrated by site content that has nothing to do with their interests 24 Source: Harris Interac$ve survey of 2,091 U.S. consumers, 2013. @$m_walters
- 25. of consumers saythat personalization influences what they purchase – 25% say the influence is “significant” 25 Source: Vanson Bourne survey of US consumers, 2013. @$m_walters
- 26. 26 Consumers expectinsight Source: Dynamic Markets study for Experian, January 2012. “Understanding” means, e.g., “taking account of preferences, purchase history, and other provided information.” 84% said they would no longer buy from a company that failed to “understand.” @$m_walters
- 27. We are anxiousabout privacy . . . but we want companies to offer relevant experiences based on our wants, needs, and tasks. 27 Source: h@p://sapinsider.wispubs.com/Assets/Ar$cles/2014/January/SPI_Feature_From-‐CRM-‐to-‐the-‐Customer-‐Managed-‐Rela$onship
- 28. #CEM means: Embracing theshift from #CRM to #CMR – customer managed relationshps. (Thanks to @collsdad) 28 Source: h@p://sapinsider.wispubs.com/Assets/Ar$cles/2014/January/SPI_Feature_From-‐CRM-‐to-‐the-‐Customer-‐Managed-‐Rela$onship
- 29. 29 A strategicinflection point Source: Based on Andy Grove, Only the Paranoid Survive, 1996 @$m_walters
- 30. “Strategic inflections cancome from anywhere: new technologies, new competition, new regulations, new customer values and habits, etc. – anything that has a significant impact on the business itself or the industry as a whole.” – Andy Grove 30
- 31. 31 CEM istoday’s “fundamental” SI Business success STATUS QUO Business failure § Digital disruptions § Era of empowered consumers § Basic shift in the business environment § Impacts every firm, regardless of industry Impact: Failure to provide superior customer experiences leads to irrelevance and business decline @$m_walters
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- 33. § In Forrester’s2014 CX Index, 11% of companies received a top grade § Accenture surveyed over 13,000 consumers in 33 countries about 10 industries – Despite investments and initiatives, no CX metric “has improved consistently in the past five years.” – All metrics “lost ground in 2013” – Companies “have been playing not to lose” 33 Answer: You suck Source: Accenture Global Consumer Pulse Report, 2014. h@p://blogs.hbr.org/2013/06/new-‐research-‐youre-‐doing-‐custo/
- 34. 34 The “dissonancegap” STATUS QUO Marks the divergence between “business as usual” and what you should be doing to accommodate and leverage the new paradigm. @$m_walters
- 35. 35 The “dissonancegap trap” The business challenge is to correct course before the gap becomes too large to cross.
- 36. #CEM means: Navigating the“dissonance gap.” Time is running out.. 36
- 37. 37 You can’tdo it alone. Source: h@p://silence-‐without.blogspot.de/2010_12_01_archive.html
- 38. “CEM is sonew, hard, and complex that nearly all organizations must draw on third-party service providers to provide or supplement skills in research, strategy, design, technology, operations, and much more. In short, service provider partners increasingly provide an indispensable ingredient in any CEM endeavor.” 38 @$m_walters
- 39. It’s more thanimplementation The “Three I’s” turn software into a solution § Implementation § Integration § Incorporation into ongoing CEM processes
- 40. Supporting #CEM means: themore software you need, the less important it becomes to your overall success. 40
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- 42. The #CEM Imperative: Acceptingthat business reality has changed. (And acting like it.) 42 fundamentally > forever >
- 43. What it means § Firms must act now: Consumers expect rich experiences today, and they are growing ever less tolerant of deficient engagement – and of disengaged brands. § Resistance is futile – but pervasive . . . and fatal: If you wait for best practice to emerge, you won’t need them. New ways of working – among clients, vendors, and other service providers – are unavoidable and advantageous. § CEM is not design-build-deliver. Consumer expectations are insatiable. Change is the only constant. Unpredictability is the only reliable forecast. Adaptability is the only sensible five year plan. 43 @$m_walters
- 44. 44 “You mayhate gravity, but gravity does not care.” -- Clayton Christensen
- 45. Tim Walters |Partner, Principal Analyst @tim_walters [email protected] www.digitalclaritygroup.com