{"id":125781,"date":"2015-01-01T11:16:57","date_gmt":"2015-01-01T19:16:57","guid":{"rendered":"http:\/\/customerthink.com\/?p=125781"},"modified":"2017-12-14T00:07:28","modified_gmt":"2017-12-14T08:07:28","slug":"6-customer-experience-practices-that-separate-loyalty-leaders-from-laggards","status":"publish","type":"post","link":"https:\/\/customerthink.com\/6-customer-experience-practices-that-separate-loyalty-leaders-from-laggards\/","title":{"rendered":"6 Customer Experience Practices Separate Loyalty Leaders from Laggards"},"content":{"rendered":"

\r\n \r\n In this post, I study what loyalty-leading companies do differently than loyalty-lagging companies in their customer experience management (CEM)\r\n efforts. The research helps identify best practices that companies can adopt in their CEM efforts to increase customer loyalty.\r\n <\/em>\r\n<\/p>\r\n

\r\n Customer satisfaction is important for business success. Satisfied customers recommend your brand to their friends, stay with your longer and expand their\r\nbuying relationship with you over time. In fact, researchers<\/a>\r\n found that companies that have customers who are more satisfied with the customer experience (CX) have a better 6-year stock performance compared to\r\n companies that have customers who are less satisfied with their experience (see Figure 1). <\/p>\r\n\r\n

\"Figure
Figure 1. Customer Experience Leaders Outperform Customer Experience Laggards<\/figcaption><\/figure>\r\n\r\n

But what makes CX leaders different than CX laggards? Do they\r\n adopt different practices in their formal CX improvement efforts? Formally known as customer experience management (CEM), these CX improvement efforts vary\r\n across companies. They differ on a variety of things like the level of program support at the executive level, the metrics used and the way customer data\r\n are analyzed, too name a few. In this study, I’ll examine how CEM programs differ for loyalty leading companies and loyalty lagging companies.\r\n<\/p>\r\n

\r\n Business Activities in Customer Experience Management Programs\r\n<\/h2>\r\n\r\n\r\n\r\n

\r\n All CEM programs are not the same. Companies have the option of adopting certain CEM-related activities. Some companies might adopt the practice of sharing\r\n customer feedback results company-wide, other companies might limit sharing to the executive team. Some companies might use customer feedback to set\r\n company strategy while other companies might rely strictly on financial metrics to guide their strategy. The sum of the adopted activities essentially\r\n defines the company’s CEM program. These various activities can be grouped into six areas or components (see Figure 2):\r\n<\/p>\r\n\r\n\r\n\r\n