experience economy

EXPERIENCE ECONOMY

What is Customer Experience?

Customer Experience is the internal and subjective response customers have to any direct or indirect contact with a company.

Customer Satisfaction

•Customer Satisfaction is essentially the culmination of a series of customer Experience.•It occurs only when the gap between customer expectation and their subsequent experiences has been closed.

Patterns to collect Customer Experience Information• Persistent

Example: Rent-A-car

• PeriodicExample: Hewlett-Packard

• PulsedExample: Super Market

What is CEM?

Gartner defines customer experience management (CEM) as “the practice of designing and reacting to customer interactions to meet or exceed customer expectations and, thus, increase customer satisfaction, loyalty and advocacy.”

Customer experience management (CEM) is the collection of processes a company uses to track, oversee and organize every interaction between a customer and the organization throughout the customer lifecycle.(searchcrm.techtarget.com)

CEM Versus CRMCustomer Experience Management• It captures and distributes what a

customer thinks about the company.• It takes place at the point of

customer interaction: ”touch point”.• Monitored using surveys,

targeted studies, observational studies etc.

Customer Relationship Management• It captures and distributes what a

company knows about a customer.• It takes place after there is a

record of a customer interaction.• Monitored using Market

Research, point of sales data etc.

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