Through novel business optimization techniques that leverage experience management, company leaders can better serve customers, retain top talent and favorably position their organization in a rapidly evolving market.
However, doing the above requires such business leaders to acquaint themselves with the concept of experience management – a process that differs starkly from the more narrowly focused varieties that take only customers and employees into account.
Read on to learn more about experience management and how you can make the process work for your business:
Experience Management in a Nutshell
Experience management is a holistic approach to business optimization that takes into account both operational information and experiential information to better inform company decision-making.
Machine learning techniques are applied to data obtained from customers, prospects and employees to discover behavioral trends and potentialities. These can then be acted on by businesses to preemptively improve performance across multiple core company operations at once.
The Four Facets of Experience Management
Experience management tools function at the juncture between operational information and four different types of experiences. Most business leaders are likely familiar with the two most common of these (customer experience and employee experience), but the remaining two may be new to you.
Here’s a look at the four experiential facets accounted for in the experience management process.
The clearest way to define customer experience is as the overall impression people have of a company after interacting with it as customers.
The quality of the product and services rendered to customers by a given company directly influences how they will describe the customer experience when asked. A positive experience can improve a customer’s overall perception of a company, but a negative experience can disproportionately harm that same company’s standing in a customer’s eyes. In fact, a survey conducted by PwC found that one in three customers (32%) would walk away from a brand they love after a single negative experience overall, and nearly half of customers in Latin America (49%) would cease doing business with a previously favored brand after one poor experience.
Improving the customer experience comes down to consistently meeting service expectations. However, this can only be done by first asking customers what their expectations are and assessing current service levels within your company. Comparing your company’s service levels to industry benchmarks provides insights on whether customer experience is a strategic advantage for your company or if you need to improve CX to keep up with the competition.
Requesting opinions from customers or leveraging AI to identify improvement potential hidden in customer interaction data can get you the information you need to begin making decisions in this area. To take your efforts further, you’ll need information on brand experience, as well.
Brand experience is similar to customer experience in that it centers on consumers of a company’s products and services. However, brand experience veers off into entirely new territory by tackling the multifaceted concerns of a brand’s overall image across all channels, product and service lines, and interactions.
In other words, brand experience applies not only to how users perceive the company’s products and services, but also the bulk of their values, aesthetic qualities, connections to other brands, and more throughout the entirety of a customer’s relationship with your company.
Emotional takeaways matter most in this area and can be combined with information from the customer experience side of your experience management system to piece together a broader picture of your business’s public perception. This information can then be further improved by incorporating insights yielded from tracking the product experience.
The product experience is confined to the ways in which users interact with your organization’s products. How users use your products, the issues they have with them and the things that matter most to them all tie in with this type of experience.
A great product experience builds loyalty among your company’s customer base, encouraging them to continue doing business with you and potentially inspiring them to engage in brand advocacy, earning you greater market share over time.
The employee experience brings the entire experience management process full circle, to focus on the people that power your brand’s products, services and delivery.
Tracking the employee experience involves charting each employee’s journey through your company’s internal landscape – from onboarding to departure. Getting the first few experiences right by assessing what went wrong with previous hires helps to build a sturdy foundation for additional talent retention efforts.
Once this information is combined with the other experiences above, companies can engineer their experience management strategies from the inside out, allowing genuine enthusiasm on the part of satisfied employees to positively influence customers on all levels.
By leveraging experience management as a transformative process, companies can orchestrate growth throughout turbulent times and retain valuable customers through intelligent optimization.