HOW ANALYTICS
BOOSTS A COMPANY’S
CXM INITIATIVES
AMIT SANYAL
There’s no escaping it-customer experience management
(CXM) is what makes or breaks a brand. This is especially
true today, since telecom operators live in precarious
times, with falling average revenue per user and wafer-thin
profit margins. To top it all, customers are just itching to
jump ship at the first sight of trouble-i.e.-bad customer
service. Let’s look at a few analyst statistics in this regard:
By 2020, customer experience
will overtake price and product as
the key brand differentiator
- WALKER
68 per cent of customers say that
they’ve switched service providers
owing to poor customer experience
- ACCENTURE
95 per cent of dissatisfied
customers tell others about their
bad experience
- ZENDESK
Customers who experience a
positive social customer care
experiences are nearly three times
more likely to recommend a brand
- HARVARD BUSINESS REVIEW
In other words, operators, please sit up and take notice! A
sound CXM roadmap is the secret ingredient that gives
your business extra bite. And here are a few more
statistics to prove it:
• According to American Express,
one happy customer can equal
as many as nine referrals for
your business.
• Maximizing satisfaction with
customer journeys has the
potential not only to increase
customer satisfaction by 20 per
cent but also to lift revenue by up
to 15 per cent while lowering the
cost of serving customers by as
much as 20 per cent -McKinsey
• Customer experience leaders
have more than a 16 per cent
advantage over competitors in
willingness to buy, reluctance to
switch brands, and likelihood to
recommend –Temkin Group
Now the tricky bit-where do operators start? Well, it’s
a two-fold step, really, that begins with proactively
tracking down what customers (actually) want. This, in
turn, will (hopefully) throw up actionable insights into
the challenges related to ensuring customer
satisfaction. Chalking out a CXM strategy is merely
the most obvious result of the above plan.
So, what makes a customer tick? While there is no
single appropriate response to this question, I would
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