A mantra, though old but live, for the success of organizations in this competitive world is “Don’t do different things, do the things differently”. This will be possible by understanding the behavioral patterns of customers on the products/ services and brands. Understanding the customer analytics will help organizations improve the quality of products/ services and develop a product or cost differentiation strategy thereby customer satisfaction will be met.

Customer Experience (CX) is an approach to recognize the customer’s interests and helps organizations design, develop, and implement customer-centric strategic plans to improve satisfaction, loyalty and advocacy. In simple words, CX is to know what perception the customer has on your products/ services or brand. CX emphasizes on the association merely between organizations and customers.

Customer Experience can be achieved through a CRM, AI driven Solutions, Chatbots, Real-time Analytics, and other advanced Cloud-based ERP solutions and many more. However, while developing a Customer Experience strategy, it will be a struggle to leaders to design the projects which leads to rise in customer loyalty and gain results.

As said, CX focuses on voice of the customer, personas and journeys, and customer insights towards businesses and their services/ brands, which results in competitive advantage to the businesses, building of brand loyalty, brand reputation, increase in customer retention, and customer lifetime value with SAP Brim.

Five ways to develop Customer Experience Strategy
From the Marketing theories, we all know that “Bargaining power of Buyers” is a key arm of Porter’s Five Forces. In this competitive world, bargaining power of buyers i.e. customers, is paramount and Customers, if not satisfied, can easily switch to another service provider in the market, which ultimately turns businesses lose their customers. Periodic surveys to know the customer’s perceptions are vital for organizations to upgrade and improve their brand value, service portfolio, competitive strategies, and customer retention mechanisms. Below are the five (5) keyways to develop successful Customer Experience strategies:

Understand the customers and maintain the customer profiles: The first and foremost step of businesses to realize the customers and maintain the customer profiles. Knowing more about the customers will help you deliver the right and relevant services with more effectiveness. Organizations categorize customer profiles based on demographics, country of operations, industry, and other various factors to identify their preferences and serve the need.