Development of an effective CX strategy is key to keeping pace with customers and meeting your brand promise, says Frost & Sullivan's Customer Experience Management team
MOUNTAIN VIEW, California, June 29, 2016 /PRNewswire/ -- Business leaders in today's competitive environment recognize that the market has become a level playing field, as all companies have their people, processes and products in place. Furthermore, few actions can differentiate a product or price to stop customers from switching to competitors. Thus, business leaders must understand the importance of customer experience. In the next five years, customer experience will drive loyalty and become the key to deciding a business's fate.
Frost & Sullivan tackles this dilemma with its latest program, Customer Experience Management. The program aims to address business challenges by identifying growth roadmaps, while also supporting businesses to stay focused and aligned to customers and ever changing market dynamics.
For more information on Frost & Sullivan's Customer Experience Management program, please visit: http://frost.ly/j0
As customer experience becomes a major growth driver, companies can truly depend on it to drive customer loyalty and surpass competition. Consumers prefer to do business with a customer-centric company, eventually becoming brand ambassadors. However, customers also maintain a readiness to switch companies as a result of poor customer experience, thus showcasing the impact of rising customer satisfaction and its significance on bottom-line improvement and top-line growth.
"Customer experience plays a pivotal role in business sustenance in a competitive world, as it can address three key business objectives; acquiring new customers, retaining existing customer and regaining lost customers," said Frost & Sullivan Principal Consultant Bijuraj Sarangi. "The more differentiated your customer experience is, the more you are going to gain on these three objectives."
Although customer experience holds an immense amount of weight, digital innovation and Mega Trends in the space are currently altering the customer engagement equation like never before. Other challenges include:
- Revenue growth
- Operational excellence
- Customer experience culture
- Differentiation through innovation
- Providing consistent customer engagement
"Transforming customer experience is not an easy task. Taking customer relationship to the next level and driving superior customer experience requires sound understanding of the external drivers shaping customer preferences, innovation and differentiation in customer engagement, as well as internal capabilities to meet customer demands," stated Sarangi. "A CX strategy linking both external market understanding and internal capability enablement can help businesses address strategic as well as operational challenges and enable right experience for the end customers."
Learn more about Frost & Sullivan's Customer Experience Management offerings here (http://ww2.frost.com/consulting/customer-experience/customer-experience-management/).
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About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
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SOURCE Frost & Sullivan