Customer experience is becoming the new currency of business success. If you make quality of experience the centerpiece of your customer relationship management (CRM) strategy, you will be creating a sustainable business asset of substantial value.
Customer experience has qualitative and quantitative returns, as I will discuss next month at Forrester’s Business Process (BP) Forum. For a detailed discussion of customer experience optimization, also take a look at this recent Forrester report that I authored. You can measure the qualitative business return on customer experience in, dare I say it, love. Hopefully, your customers love the multichannel experience you provide, and, as a consequence, seek to deepen and extend the relationship. The concomitant of that is the quantitative return, summed up by a single word: money. If you’re making customers happy, hopefully that translates into sales, profits, renewals, referrals, and other bottom-line boosts.
That’s all well and good, but how can you directly translate love — i.e., quality of experience — into money, measure the impact, and calculate the return on your investment in experience-boosting technologies?
CRM next best action platforms are the key to realizing this promise. CRM next best action environments shape experience through embedded analytics that guide all interactions and offers across all customer-facing channels, processes, and roles. In addition to predictive analytics and business rules management systems, enterprises often incorporate into their next best action initiatives such experience-boosting investments in decision automation, sentiment analysis, conversation management, dynamic case management, knowledge management, and social networking.
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