Will Customer Experience Excellence Replace Traditional Marketing?
More on the Crowdsource Branding topic from a Customer Experience Management perspective. Check out the video on the other side of the link featuring at talk given by a multi-billion dollar tech company CEO who argues that managing Customer Experience in the age of social media IS your Branding opportunity or nemesis. It really starts to get interesting around the 6 minute mark. Of course, his company, RightNow, is selling sophisticated Customer Service technology, so his viewpoint is more than a little biased. But I am sharing this video due to its tight linkage with our ongoing thesis regarding Crowdsource Branding. It’s coming. Bigtime.
Here are some take-aways…
- Consumers now have more power than companies.
- Globalization has increased consumer choice. Global supply now exceeds demand.
- Now very difficult to sustain differentiation based on product features
- Global supply chains make it hard to differentiate on price
- Customer experience is one of the few things left to differentiate upon– which brings about rising consumer expectations
- 82% of consumers have stopped doing business with a company because of a single bad experience.
- Word of mouth is about the only successful marketing strategy today. Markets now too noisy for traditional print, TV or DM to really work. Social Media amplifies word of mouth, both for positive and negative messages.
- Channels will become invisible: Email, Phone, Chat and Social Media channels will morph due to always on, web connected devices we carry and throughout our homes and places of work.
- Devices will continue to proliferate and companies need to become “device-aware” as part of a competitive Cust Service offering
- CS Agents will be everywhere, not just in the contact centers… already happening
- CS will get much more personal