Challenges Of Customer Experience Management (CVM)

Customer experience is defined as customer perception about the organization, its services, products, and process. The customer perception is made of both conscious and unconscious encounters with the relationship with organization and brand during the customer lifecycle. Customer lifecycle starts with the moments he signs the dotted line for the products purchased and/or utilization of services. As far as customer experience management is concerned, the Gartner (world's leading information technology research and advisory company) sum up by saying that the customer experience management is a practice of designing and reacting to customer interactions to meet/exceed customers’ expectations and thus enhances customer satisfaction, loyalty,

Create branding in the market; strengthen brand preference through differentiated customer experience.

2. Lower the cost of acquisition ( less churning)

3. Deepen the existing relationship ( Deepening)

4. Improve customer loyalty through Customer Value Management (CVM)

5. Boost revenue

6. Opportunity for cross-selling of products

7. Create stickiness, customer has many product relations, tough to break the relationship

Challenges

Customer experience management involves knowing what customers want and when they want. The complexity of customer experience management requires more professional approach than what is a norm. The banks come across many challenges while maintaining customer delighted experience;

1. Delivering a consistent customer experience across all relations and service encounters

2. Choosing the appropriate technology to create better experience and measure experience

3. Customer first culture

4. Feedback process alignment

5. Understanding and meeting/exceeding customer expectations

6. Skilled professionals

7. Customer base and data management

Road Ahead: Managing Customer

Step 2-Building the experiential platform

3. Step 3-Designing brand experience

4. Step 4--Structuring customer interface

5. Step 5-Engaging in continuous experiential innovation

Getting Customer Experience Management Right

The customer experience should be managed on a continuous basis without any intervention; it needs to be innovated, upgraded and updated. Ideally, experience philosophy needs to be institutionalized and hence this requires the alignment of organizational structures and processes and most importantly, of people and systems (Labovitz and Rosansky, 1997). Nowadays, banks and organization providing incentives to the employees so that they can take care of the customer experience (Heska, 2009). There are some steps which can take care of the customer experience management;

1. Create and maintain customer profile

2. Personalize all customer encounters.

3. Collate information about customer-Right information, right time and the right place.

Measurement of Customer Satisfaction and