News & Information for Technology Purchasers NewsFactor Sites:       NewsFactor.com     Enterprise Security Today     CRM Daily     Business Report     Sci-Tech Today  
   
Home Enterprise I.T. Cloud Computing Applications Hardware More Topics...
You are here: Home / Business Intelligence / Dig Deeper into Customer Experience
Is your endpoint data protected?
Digging Deeper into Customer Experience Management
Digging Deeper into Customer Experience Management
By Jennifer LeClaire / NewsFactor Network Like this on Facebook Tweet this Link thison Linkedin Link this on Google Plus
PUBLISHED:
APRIL
24
2013



When it comes to customer experience management, some stay in the shallow end while others go deep. But one of the keys to customer loyalty is managing the customer experience.

Before we go any further, let's define CEM. Laura Bassett, director of marketing for Customer Experience Management and Emerging Technologies groups at Avaya, defines CEM this way:

"The discipline of managing and treating customer relationships as assets, with the goal of moving satisfied customers to loyal customers, and loyal customers to advocates of your brand. In doing so, CEM is ultimately about improving the lifetime value of a single customer or segment of customers, and increasing the duration of the customer relationship as it affects a customer's lifetime value."

The CLV Model

In a blog post called "Digging Deeper Into Customer Experience Management," Bassett discusses why organizations should invest in CEM. Her answer is simple: to improve profitability and duration of relationship. Both can be measured and ultimately drive top line impact as these dimensions increase. Then she introduced a model to manage CEM economics that she calls the customer lifetime value (CLV) framework, using key performance indicators (KPIs).

"This model links technical KPIs (percent application availability as an example), operational KPIs (average hold time, first call resolution, transfers, as examples) and strategic KPIs (net promoter score, retention rate as examples) to CLV. The model illustrates how making subtle improvements in technical, operational and strategic KPIs affect customer profitability," Bassett said.

"It also provides a means for linking CEM investment to CLV improvement. The model is valuable for many reasons. Probably the most understated value is that it provides people in the organization an understanding of how what they do every day, the things they are measured on, affect customer profitability and growth. It brings everyone along on the CEM journey."

Voice of the Customer

We asked Nancy Porte, vice president of Customer Experience at Verint Systems, a company focused on providing actionable intelligence to help companies improve the customer experience, for her take on Bassett's model. She told us she supports the idea of linking technical and operational KPIs, but it is important that an organization take the time to have a formal voice-of-the-customer program in place to listen to the customers actively, by using Enterprise Feedback Management and text and speech analytics to better understand which metrics truly drive customer loyalty.

"Focusing on three to five loyalty drivers enables organizations to better understand which KPIs to link together rather than relying on data from all of the operational metrics," Porte said. "With the right tools in place, the contact center can play a strategic role in the collection of customer experience data because of its functional operations that can optimize both the effectiveness and efficiency of the customer relationship, protecting it as a corporate asset."

Tell Us What You Think
Comment:

Name:

Like Us on FacebookFollow Us on Twitter
TOP STORIES NOW
MAY BE OF INTEREST
IT departments are embracing cloud backup, but there's a lot you need to know before choosing a service provider. Learn all the critical things you need to know by accessing the white paper, "5 Things You Didn't Know About Cloud Backup". Access the White Paper now.
MORE IN BUSINESS INTELLIGENCE
Product Information and Resources for Technology You Can Use To Boost Your Business

Network Security Spotlight
Dairy Queen Latest Retailer To Report Hack
Known for its hot fries and soft-serve ice cream, Dairy Queen just made cyber history as the latest victim of a hack attack. The fast food chain said that customer data at some stores may be at risk.
 
Lessons from the JPMorgan Chase Cyberattack
JPMorgan Chase is investigating a likely cyberattack. The banking giant is cooperating with law enforcement, including the FBI, to understand what data hackers may have obtained.
 
Who Is the Hacker Group Lizard Squad?
Are they dangerous or just obnoxious? That’s what many are wondering about the hacker group Lizard Squad, which tweeted out a bomb threat that grounded a flight with a Sony exec aboard.
 

Enterprise Hardware Spotlight
Intel Intros Lightning-Fast PC Processors
Call it extreme. Intel just took the covers off its first-ever eight-core desktop processor, which is aimed at hardcore power users who expect more than the status quo from their computers.
 
HP Previews ProLiant Gen9 Data Center Servers
Because traditional data center and server architectures are “constraints” on businesses, HP is releasing new servers aimed at faster, simpler and more cost-effective delivery of computing services.
 
Apple Set To Release Largest iPad Ever
Tech giant Apple seems to have adopted the mantra “go big or go home.” The company is planning to introduce its largest iPad ever: a 12.9-inch behemoth that will dwarf its largest existing models.
 

Mobile Technology Spotlight
iWatch Watch: What Will Apple Ask Us To Wear?
There are still more questions than answers when it comes to details about the smart watch Apple seems poised to debut on Sept. 9. In fact, nobody seems completely sure that it will be a smart watch at all.
 
Samsung Maps Its Way with Nokia's 'Here' App for Galaxy Phones
Korean electronics giant Samsung has opted to license Here, Nokia’s mapping app -- formerly known as Nokia Maps -- for its Tizen-powered smart devices and Samsung Gear S wearable.
 
Google Successfully Tests Its Own Delivery Drone
While top technology companies are engaged in an "arms race" to develop drones that can quickly deliver goods to anyone anywhere, Google has revealed it successfully tested its own version.
 

Navigation
NewsFactor Network
Home/Top News | Enterprise I.T. | Cloud Computing | Applications | Hardware | Mobile Tech | Big Data | Communications
World Wide Web | Network Security | Data Storage | CRM Systems | Microsoft/Windows | Apple/Mac | Linux/Open Source | Personal Tech
Press Releases
NewsFactor Network Enterprise I.T. Sites
NewsFactor Technology News | Enterprise Security Today | CRM Daily

NewsFactor Business and Innovation Sites
Sci-Tech Today | NewsFactor Business Report

NewsFactor Services
FreeNewsFeed | Free Newsletters

About NewsFactor Network | How To Contact Us | Article Reprints | Careers @ NewsFactor | Services for PR Pros | Top Tech Wire | How To Advertise

Privacy Policy | Terms of Service
© Copyright 2000-2014 NewsFactor Network. All rights reserved. Article rating technology by Blogowogo. Member of Accuserve Ad Network.