As we celebrate CX Day and National Customer Service Week (NCSW), I thought it would be a good time to share some secrets of the trade and build on the great insights from Ryan Hollenbeck’s blog yesterday.

First, let’s talk about the definition of Customer Experience Management. According to Paul Greenberg, Managing Principal, The 56 Group, LLC, Customer Experience Management is a business science that has the purpose of determining the strategy and programs that can make the customer feel good enough about the company to want to continue to do business with the company.iStock_75115445_LARGE_girl_with_shopping_bags_resized.png

Paul says it can be phrased even simpler: If a customer likes you and continues to like you, they will do business with you. If they don’t, they won’t.

Doesn’t sound so hard, does it?

Evidently, it’s harder than it looks.

80% of companies say they deliver “superior” customer service—but only 8% of people think these same companies deliver “superior” customer service!

Still wondering if a great customer experience is worth it? We at Verint think it is. Here are 3 things you may not have known about Customer Experience—and what they mean to the Verint CX team as we help develop loyal customers for life.

  1. By 2020, customer experience will overtake price and product as the key brand differentiator. (Customers 2020 Report)

Takeaway: While customers are demanding more and more when it comes to doing business with a company, they value the experience above everything else. In fact, most customers will pay more for a product when the company has a strong reputation for great customer experience. The trick is to anticipate customer needs and meet those needs with each interaction.

Action: At Verint, we’ve been gathering customer feedback for 3 years and sharing insights to improve interactions. While we are still striving to improve, we’ve been making steady improvement in customer satisfaction—and have received awards for our CX program!

  1. For every customer who bothers to complain, 26 other dissatisfied customers stay silent.(Esteban Kolsky)

Takeaway: Customer feedback is gold!

Action: We have internal processes to follow up on survey feedback—whether it has to do with a single customer or changing a process that affects many customers. Also, we do everything in our power to make it really easy for customers to give feedback and tell us about problems they are having.

  1. 98% agree with the statement “Customer experience is a great profession to be in.” (Temkin Group: State of CX Profession)

We agree that this is a great profession! When customers share their story, they’re not just sharing pain points—they’re actually teaching us how to make our products, services and businesses better. The impact that this can have on an organization is what makes us excited to be part of this discipline!

Happy CX Day to all the CX professionals out there!