Skip to main content

Cloud Customer Experience Management system (CEM) to be first-mover of Big Data for 2014


- Saurabh Sharma, Country Manager, Spire Research and Consulting 




"Customer Experience Management (CEM) is seen as a priority in most service-based businesses, such as companies in telecommunications, financial services and retail industries". 

According to a research, the global CEM market is expected to grow from USD2.68 billion in 2012 to USD6.61 billion by 2017. Stemming from this prediction, it is vital for companies to recognize the importance of retaining customers through repeat purchases, as this customer segment is too important to be left unattended or left to chance. Nowadays, not only do customers want to enjoy good products and services; they also wish to experience good customer service. Should all these attributes be in place, customers would be more likely to recommend their friends and family the products and services they are satisfied with; leading to increased product and service sale for the companies. 

As such, companies must plan and develop a continuous holistic CEM program and communicate at all levels (i.e. sales, marketing, operation, customer services). Companies today are starting to adopt a two-prong approach – top-down customer research and bottom-up customer research. 

The top-down approach refers to conducting interactive surveys to ascertain the customers’ experience, whereas the bottom-up approach refers to deriving insights on customer experience through observation. 

A top-down approach is mainly adopted in companies which want to gain more insights on new product usage through engaging customers and garnering their feedback. This would allow the companies to better understand the level of market acceptance, which would aid in product improvement prior to actual launch. 

On the other hand, with a bottom-up approach, the advancement of cloud technologies would allow the CEM tool offered by cloud CEM providers to provide automated customer insights. Companies can obtain valuable customer experience insights through text analytics and voice analytics, via social media and customer service IVR respectively; which would lead to actionable strategies. 

According to a source, tablet sales in India has grown from 360,000 to 1.9 million units from 2012 to 2013; registering a growth of 400%. Besides, smartphone sales in India have also crossed 15 million units in 2013, as compared to last year’s figure of 9.5 million units. With such a high penetration rate of mobile devices in India, it is predicted that 1 out of 4 people would be shopping through a mobile device by 2013. As such, marketers can also gather CEM insights via mobile devices. 

With the large volume of data that would be generated through this holistic automated CEM program, it calls for a need for reliable analytical tools to put them into good use. 

In the near future, with the use of facial analytics jumping into the bandwagon, it is evident that CEM would be the first-mover in Big Data.

Links to coverage: 



Labels:

Comments

Post a Comment

Popular posts from this blog

FIFA World Cup 2018 holds lessons for successful team building

The FIFA World Cup 2018 is widely seen as one of the best World Cups in recent memory, with many surprises and goals aplenty. One talking point was the role of teamwork as opposed to just superstar talent. What lessons can businesses learn from the beautiful game? Leon Perera, CEO of Spire Research and Consulting, shared his thoughts in The Business Times – Views from the Top section on 23 July 2018. As World Cup fever draws to an end, the game lived up to its hype with breath-taking goals and outstanding performances. Perera highlighted the role of 'team effort' over mere individual talent, which was evident in the early failure of teams with world-class superstars like Argentina and Portugal. Perera also pointed out the importance of investing in new talent pipeline development, which paid rich dividends for France, the winning team and also one of the youngest teams in the World Cup. The game also highlighted the role of risk-taking. A relentless approach t...
Post a Comment
Read more

Side Click: Are you under the surveillance camera?

Identifying VIPs with strong purchasing power is crucial to retail success. More often than not, retail staff fail to do this in time. Facial recognition technology can help prevent this. But does it put our privacy at risk? With high-spending customers making out-sized contributions to retail profitability, it is increasingly crucial for retailers to provide personalized customer service the minute a VIP customer sets foot in the store. For instance, Katie Holmes reportedly spent USD100,000 on a fashion makeover and USD14,200 on lingerie alone in 2012! This is where identification technology can play a role. NEC, a Japan-based ICT vendor, has developed an identification application based on a facial recognition system – comparing the individual’s facial features against its database, and sending prompts when a match is identified. The initial purpose of the application was to help identify terrorists and criminals , but it was subsequently adapted to the retail setting....
Post a Comment
Read more

The race to invest in Vietnam – How FDI is changing Vietnam’s economy and society

Vietnam’s economy has been among the fastest growing in Southeast Asia. Today, it is a key destination for Foreign Direct Investment (FDI) in the region. In 2016, FDI climbed to USD24.4 billion, a 9 per cent growth compared to 2015. This is despite Vietnam suffering an epic drought in 2016 and a third of its vast population of 93 million people living in poverty. Vietnam has won a reputation as a cheaper manufacturing hub compared to China. Could FDI propel Vietnam to become Asia’s next Tiger economy? A growing economy With a USD200 billion Gross Domestic Product (GDP), Vietnam’s economy is tracking well since the start of deep economic reforms – known as Doi Moi – in 1986. Since 1990, its GDP per capita growth has been one of the fastest among emerging economies, at an average 6.4 per cent (yearly) growth in the 2000s. Vietnam has improved provision of basic services. In 2014, the part of the population living below poverty line fell to 13.5 per cent – down from approxim...
Post a Comment
Read more

Raising a glass to India’s wine market

India is not famous for its wine, but the nation does have a viticultural industry that has been producing wine for centuries. This industry suffered a major setback only in the 19th century when phylloxera – a wild pest – destroyed countless vineyards. Nonetheless, a few entrepreneurs in India are now taking great pains to restore the Indian wine industry, setting their sights on the massive vineyard spreads across Nashik, Maharashtra. This is where Rajeev Samant founded Sula Vineyards in 2002 – making a noteworthy entry into the global wine market. Amongst the first in India to be featured in Wine Spectator – a renowned industry magazine – his company currently holds 65% of the country’s wine market, making him the top wine producer in India. Will India’s entrepreneurs succeed in placing India on the world wine map? https://www.spireresearch.com/newsroom/spirethoughts/raising-a-glass-to-indias-wine-market/
Post a Comment
Read more

The Indonesian Elections – Will it change the business landscape?

Since 1998, Indonesia has become one of the most dynamic and successful democracies in Southeast Asia today. Though it has navigated the global financial crises of the past five years relatively unscathed, infrastructure bottlenecks and regulatory hurdles have held back the country’s economic potential. How will the upcoming parliamentary and presidential elections impact the Indonesian economy and the companies operating in it? Indonesia may become the world’s 7th largest economy by 2030. A growing young population, bountiful natural resources along with an expanding consumer base will help sustain growth. Indonesia’s 2014 elections have been touted by some observers as the country’s most important since 1955. What is at stake? 1. Economic growth Elections do have the ability to kick-start growth by boosting business and consumer confidence in ways that defy normal economic calculations. Witness the surge in confidence that accompanied the election victory of Japan...
Post a Comment
Read more