The B2B market has been experiencing a dramatic growth in recent times, with the COVID-19 outbreak. In fact, the pandemic has moved everybody to a digital transformation perspective for consumerism, including B2B consumerism. “At this time, along with implementing top technology trends, it is equally important to obtain insights on what your customers are doing, what channels they are using, and understand where you can meet in the middle,” says Jackie Palmer, VP of Product Marketing, Demandbase. This is where Demandbase One—a comprehensive ABX (Account-Based Experience) software comes in.
Based in San Francisco, CA, Demandbase is a leader in ABX (Account-Based Experience) in today’s changing B2B landscape. Their flagship platform, Demandbase One, surfaces customer insights at the right time to the people that are responsible for those customer relationships, such as salespeople, whether they are account executives, growth account directors, technical account managers, or whether they are CSMs. Regardless of who it is, Demandbase One reveals insights for those end users at all times. This gives the ability to understand competitive intent being pursued as well as additional opportunities.
In a highly digitized economy, personalized and speedy customer service is a must. Companies are now heavily investing in the technology and systems to advance the efficacy of personalization and eventually increase their business value. “It is integral to give high-quality individual attention to every client and understand their needs. Moreover, customers need to feel accompanied when working with a company’s product,” says Carles Bonfill, Co-founder & CEO of Easypromos—a complete self-service platform with highly personalized customer support, providing gamified and interactive marketing solutions.
A SaaS company, Easypromos is keen on providing superior customer service at all times. “We talk with our clients, we see and analyze their campaigns, and help them with anything they need. This form of active listening has enabled us to identify aspects that needed improving in order to meet the needs of our customers as well as solve any difficulties they may encounter.”
The Customer Experience Management (CEM) plays a critical role in any company’s sustained growth index. With this market expected to grow from USD 8.5 billion in 2020 to USD 14.9 billion by 2025, companies are looking to enhance their CEM strategies, while providing a holistic customer experience. Emmersion is one such rapidly growing SaaS company that specializes in AI-powered language assessments technology. Based in Lehi, Utah, USA, the company aims to bridge the global communication gap for the nearly two billion English language learners and speakers in the world.
The Journey : Brigham Tomco, CEO and Co-founder of Emmersion is a serial entrepreneur, with an undying passion for education, mentorship and economic development. He traverses his journey in building Emmersion. He says he was constantly looking for an edge in recruiting and enhancing customer satisfaction indexes as he built an offshore Business Process Outsourcing (BPO), focused on staffing software developers and a 500-plus-seat market research contact center.
The blend of innovation and execution, as being his key success factor, drives Peter Relan to design and deliver the best for his customers at all times. Through Got It AI, Peter and his team focus on making users and knowledge workers super productive, leveraging AI+Human-In-The-Loop approaches. The company offers Conversational Intelligence AI-driven self-managing virtual agents and assistive bots, enabling a breakthrough in automation for “digital first” CX.
Customer Experience Management (CEM) is undoubtedly an ever-evolving industry. However, today’s, consumers have become used to chat messaging apps in their personal lives, and are now “digital first” users. They want to use any channel of their choice to communicate and they don’t see silos. Thus, businesses have to evolve to enable digital conversations with their customers in addition to voice with a CEM 360 approach. “Unfortunately, chatbots and conversational technologies are still unwieldy and silo-based. So the challenge is to bring CEM, technology, and new digital and conversational solutions to match consumers’ choices,” Relan points out.
Inability to convert consumer data into actionable insights is as big as problem as data flooding. Oftentimes, businesses wonder what to do with the tons of raw data that is created and captured daily. It’s like a whale shark that collects plankton and eats all it can get, both the plankton of value and the rest. Consequently, most consumer data that is collected will be only used for menial business-centric benefits like an eCRM or push marketing, losing its true purpose. This is where Vista comes in. It is an opt-in data platform that powers the connection between people and brands through data-driven concierge. “We empower customers to own their data and share it with businesses on their terms. This approach leads to a much more tangible, authentic experience for both people and brands,” says Rupert Runewitsch, Founder, Vista.
Born to bridge the gap
Consumers are always more likely to make purchases with companies that personalize brand experiences. However, there is a huge market gap open because of the the lack of personalization in the “real-world”.
A few years ago, Greg Lim was working with Spiritual Gangster, a pioneer in the yoga clothing industry that is popular with yogis and celebrities. He was looking for an easy-to-implement solution to create personalized customer experiences on their website as they were releasing new men’s and children’s clothing lines. With their current homepage being designed for a female audience, he feared they would lose the potential men’s and children’s customers. The search and lack of solutions led him to co-found Persosa to solve his clients exact needs. “Since then, we developed a personalization platform, Persosa, and continued to develop additional functionality to meet the demands of the industry,” says Greg, CEO and Co-founder, Persosa.
With digitization and changing consumer expectations, companies have been facing a consumer experience gap between how well they think their consumer experience is and how the consumers really feel about their interactions. It’s now imperative that companies better understand what their consumer wants, while finding more effective ways to own and use the customer data. This data allows them to deliver personalized experiences that will keep consumers coming back to their brand in the future.
It is the era of digitization. From business processes and models to solutions and technologies, companies are now moving digital to inherently drive a unified customer experience. Dana, the global leader in drivetrain and e-propulsion systems, wanted to deliver the best customer-focused experience for its aftermarket business. They approached PhaseZero Ventures to accelerate digital transformation to build a consumer-centric enterprise. Dana also needed to adopt cloud technologies to integrate multiple catalog, inventory, and order systems to deliver a modern customer experience.
PhaseZero’s CxCommerce platform streamlined their operations and created a seamless and straightforward experience for Dana’s customers. From easy parts searching to painless return management, CxCommerce provides everything that is needed to create a world-class customer experience. The platform solved Dana’s key digital commerce needs with many intuitive features, which helped them to achieve greater digital sales, increased customer adoption, faster searches and transactions, and improved customer satisfaction.
The luxury fashion house, Burberry, wanted to provide its customers with a safe and engaging experience that would encourage them to visit their stores or to book a service such as style advice with a consultant. Moreover, they wanted to enable virtual appointments so that customers can receive the same high level of support online as they would in a store. The team approached Qudini. Their retail solutions helped Burberry to increase its customer retention, strengthened customer relationships, which resulted in greater sales. Today, Burberry is using Qudini across UK, North America, and Korea to enable its customers to wait virtually for service within its main category stores and to enter its extremely busy outlet stores. They also offer customers the ability to book appointments with sales associates both in stores and virtually.
The concept of retail choreography
Based in London, England, Qudini provides retail choreography solutions to allow retailers and banks to offer engaging customer experiences that increase sales and brand loyalty, ensuring lasting profitability and brand relevance.
In today’s world, almost every business is approaching an enhancement in the customer experience and hence they are inducing the latest technology to create industry-driven solutions. The business landscapes are changing at a fast pace and the experiences of customers have taken a radical change with the technology change. The thought of reshaping the customer experience was snuggling by the business sectors but the budget has remained the biggest issue, now with the emergence of the new era and latest technologies, the budget constraints are reducing the gaps with the businesses. Here are the best technologies which have continuously worked for the enhancement of customer experience.
The major technologies accepted by the insurance sector are predictive analytics, voice-of-x programs, artificial intelligence, machine learning, voice assistance, augmented reality, IoT, cybersecurity, and many more. The very initial channel that worked to embrace the potential of customer engagement is artificial intelligence and big data.
The market of CEM (customer experience management) is expected to expand from 8.5 billion of USD in 2020 to 14.9 billion USD in 2025, at 11.8% of CAGR (Compound Annual Growth Rate). The driving forces of this market includes the requirement for improving the customer engagement as well as minimise the churn rates of customer, other factors being stronger understanding of customers, using scores given by customers for planning the strategies of customer experience management.
How global CEM is being impacted by COVID outbreak?
The COVID-19 has resulted in extended lockdowns, being attentive about health and pervasive uncertainty. All these situations are remoulding customer’s behaviours. It is challenging for product/ service providers to comprehend behaviour and lay a plan that is fruitful in long run. Overall growth of global CEM market has medium impact because of outbreak, and significant impact on core sectors like logistics, transportation and manufacturing, and moderate impact on non-core sectors, like IT, e-commerce and telecom.
Businesses are started with distinct objectives aiming different types of customers. In present technological era, you have top customer experience management tools available to track, record, and use for future business development. Customer experience management tools come with various specifications, based on their utilities and types of customer handling. Are you an entrepreneur and looking for the best tool which can help you to connect with your customers better and understand their requirements related to your business? Here we have listed down few basic types of customer experience management tool from which you can choose the best relevant to your requirement.
Either a product based company or service based, knowing the conversion rate helps them better to improve their online presence and provide much relevant services. A/B testing helps you to understand the deep insight of your website and giving you information about the likes and dislikes of your targeted customers.
To stay ahead of the existing competition you must be well-aware of rapidly changing marketing trends. All type of businesses, regardless of their size and domain has one thing in common that is their customers. Customer retention is one of the major aspects that impacts overall performance and revenue generation of a business. Now, with the frequent technological transformations, most of the businesses have incorporated latest technologies such as customer experience management to streamline their business operations with respect to the customers. This approach helps them to personalize the interaction with the customers.
Marketing leaders and the top brands have already recognized the importance of incorporating customer experience management system with a future objective. Are you also willing to enhance the customer’s experience by using a proper management strategy? Then you must first consider the challenges which may bother your business operations before incorporating it.
The word customers are not just an aspect of your business, but a potential asset that can help you scaling your business up in the sky. In present days, managing your customer has become a priority for every business and managing their experiences can make a great change to your business and can help you to ramp up quickly. Most of the businesses wishes to manage their customer’s experiences but fails to strategize it properly and hence not getting a proper output. Either you are dealing in B2B or B2C, customer experience management plays an important role in your business development. If you are also an entrepreneur and willing to strategies your customer’s experience but finding it a hectic job, then here are few tips that make the task easier.
Top priorities in next five years: Just taking a survey on your existing customers is not sufficient for your imperative business growth. You need a potential client base that can be loyal with your brand in the upcoming years accepting your future products and services. Hence, you must first list down your business priorities for next five years and then must take a survey on the existing customers placing your future ideas in front of them.
Customer is the backbone for every business regardless of the industry it belongs to. Knowing your customer is very crucial for a business to serve in a better way. Customer’s perception is becoming a major input for most of the businesses. It can be done by building a better relationship between the brands and the customers by knowing their life cycle. With the growing technological trends, brands are able to incorporate customer’s experience management tools that build a bridge between you and your customers. The designing of customer’s experience management has been done in a way that brands get to know the customer’s reactions and requirements. This will help the companies to increase customer satisfaction, and loyalty.
How to use customer’s experience management effectively?
Customer’s experience management is a potential tool only if it is used effectively. Here are few tips to use this tool for your business development.