Emerging Business Requirement
With products becoming commoditized, price differentiation no longer sustainable and customers demanding more, companies – and communication service providers (wireline, wireless, broadband cable, satellite) in particular – are focusing on delivering superior customer experiences. A 2009 study of over 860 corporate executives revealed that companies that have increased their investment in customer experience management over the past three years report higher customer referral rates and customer satisfaction (Strativity Group, 2009). This finding is also supported by research completed by software company Chordiant in 2008 into the customer experience management performance of large organisations across Europe. The research surveyed 450 large organisations to create a maturity model and the results showed that over ¾ of the organisations surveyed achieved level 3 (of 5) or less for CEM performance (5 being best possible result). The results also showed that performance in four key business areas (market share, retention, profitability, and customer satisfaction) was directly related to CEM performance.
The customer experience has emerged as the single most important aspect in achieving success for companies across all industries (Peppers and Rogers 2005). For example, Starbucks spent less than $10MM on advertising from 1987 to 1998 yet added over 2,000 new stores to accommodate growing sales. Starbucks popularity is based on the experience that drove its customers to highly recommend their store to friends and family.
Read more about this topic: Customer Experience
Famous quotes containing the words emerging, business and/or requirement:
“That which is given to see
At any moment is the residue, shadowed
In gold or emerging into the clear bluish haze
Of uncertainty. We come back to ourselves
Through the rubbish of cloud and tree-spattered pavement.
These days stand like vapor under the trees.”
—John Ashbery (b. 1927)
“O that a man might know
The end of this day’s business ere it come!”
—William Shakespeare (1564–1616)
“Reporters for tabloid newspapers beat a path to the park entrance each summer when the national convention of nudists is held, but the cult’s requirement that visitors disrobe is an obstacle to complete coverage of nudist news. Local residents interested in the nudist movement but as yet unwilling to affiliate make observations from rowboats in Great Egg Harbor River.”
—For the State of New Jersey, U.S. public relief program (1935-1943)