“Companies spend millions creating and advertising their brands,
yet the Customer’s experience is what drives Customer perception.”
CUSTOMER EXPERIENCE IS THE NEW BRANDING
Branding is no longer about building perception in your Customer’s mind. In the age of smartphones and social media, Customer Experience is the new branding. Every company is in the Customer perception business. Within minutes by googling, we can find out what a large percentage of Customers think about any brand. Businesses no longer tell the Customers what their brand is, Customers are defining the brand to the business and everyone else. As a result, the death of a company is trying to have the Customer Experience fix what the brand perception is. The experiences Customers receive dictates brand perception. “You can say what you want about who you are, but people believe what they experience,” says Customer service expert Jack Mackey.
Brands put billions into boosting awareness, satisfaction, and loyalty, but they often overlook the most powerful driver of Customer value—emotional connection. Research shows that consumers who are emotionally connected with a brand are anywhere from 25% to 100% more valuable in terms of revenue and profitability than those who are “merely” highly satisfied with it.
BUILD THE EXPERIENCE AND THE CUSTOMERS WILL COME
Marketing is no longer in control of the brand. The actual experience Customers are receiving is. Revolutionary companies are already moving towards the Marketing department falling under Customer Experience. Within five years, that will be the norm. Now if you are a Chief Marketing Officer or head of your Marketing department, don’t panic, you have time to acquire the knowledge and training you need so you can make the transition smoothly as the Chief Xperience Officer that oversees Marketing.
Traditional “branding” is an old paradigm. Companies spending an absorbent amount of money on advertising and marketing are now reallocating those dollars towards Customer Experience training. The experience better meet or exceed what the brand promises. The top Customer Service companies typically spend less in advertising and marketing than their competitors.
CUSTOMER EXPERIENCE MANAGEMENT MARKET TO TRIPLE IN THE NEXT 5 YEARS
According to the report “Customer Experience Management Market” by Touch Point, the Customer Experience Management (CEM) market is estimated to grow from $5 Billion today to $13.18 Billion by 2021. The major factors driving the CEM market include an increasing need to manage Customer Experience throughout the Customer journey, the need of retaining Customers, and competitive differentiation. The biggest investment is seen in the call center experience.
It is no longer acceptable to allow Customer Experience and Marketing to act as separate silos. Both departments need to be on the same page, under one roof, otherwise the Customer loses, which means ultimately the company loses. Figuring out who owns Voice of the Customer, Customer Satisfaction surveys, soft skill experiential training, and who will hold all departments/locations accountable for key KPI’s (Key Performance Indicators) is a major step in merging Marketing into the Customer Experience hierarchy.
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