The customer experience management (CEM) market has been forecast to increase at a compound annual growth rate of 20.79% through to 2016, driven by the increasing number of customer touch points, and the growth in demand for demand for mobile analytics.
According to Bernd Schmitt, "the term 'Customer Experience Management' represents the discipline, methodology and/or process used to comprehensively manage a customer's cross-channel exposure, interaction and transaction with a company, product, brand or service."
Customer experience is the sum of all experiences a customer has with a supplier of goods and/or services, over the duration of their relationship with that supplier. From awareness, discovery, attraction, interaction, purchase, use, cultivation and advocacy. It can also be used to mean an individual experience over one transaction; the distinction is usually clear in context.
CEM is a strategy that focuses the operations and processes of a business around the needs of the individual customer. Companies are focusing on the importance of the experience.
CEM is a solution through which many organisations interact with their customers to understand their experiences related to specific products and services. CEM is done through different tools and techniques such as EFM, web analytics, text analysis, and speech analytics.
One of the major drivers is the increase in the number of customer touch points. In the current business environment, the number of touch points between a customer and an organisation has increased. Enterprises are analysing various responses collected from customer interaction at these touch points. This helps enterprises assess their business condition and develop competitive strategies.
It is the revolution step to connect the organisations with their customers. CEM blends customer satisfaction, loyalty, retention, relationship management, user experience, experiential marketing, and customer centricity.
CEM metrics are performance indicators which help to understand how the company is adopting different tools to accomplish customer needs. Companies rely on delighted customers to accomplish market growth while unhappy customers defect brand names and negatively impact business.
Key players currently dominating the customer experience management market include Adobe Systems Inc., Hewlett-Packard Co., IBM Corp., OpenText Corp., and Oracle Corp.
For more information on the Customer experience management market, see the latest research: Customer Experience Management Market
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