1. Employing Artificial Intelligence (AI) & Machine Learning (ML) to Understand Your Customers:Artificial Intelligence (AI) is an enabler of customer experience management (CXM) strategies. AI along with machine learning can influence every aspect of any organization. We have already seen the impact of AI on every aspect of an organization including customer interaction management. Micro-targeting & customer segmentation strategies are already being enhanced by Machine Learning Algorithms. As the segments of customers are refined to suit niche marketing by leveraging ML algorithms such as k-means clustering, the right messages can be sent to the right customers at the right time which helps in elevating the CXM index. Improvement in AI & the ML algorithms has largely made the search results on the search engines intent-based rather than being keyword centric, a process which continues in 2020 with the evolution of the Google’s core search algorithm after the January 2020 core update. Businesses can apply data cleansing, analysis, interpretation & learning algorithms to get a sneak-peek of customers’ behaviors & research methodologies across omnichannel, their desires, as well as their expectations. According to a report by IDC, 65% of the customers are expected to extend the pursuit of their physical & digital experiences using voice search, images & implying augmented reality to interact with brands on their mobile devices by the year 2023. The same research predicted that by the end of the year 2020, 25% of international brands will contract with AI & human translation platforms to provide a multichannel localization and contextually relevant personalized experiences. The IDC analysts have also predicted the customer experience technology market to total over $600 billion by 2022. Thus, artificial intelligence (AI), backed by groundbreaking technologies lies at the core of revolutionizing Customer Experience Management.
2. People-centricity will take Centre Stage in driving Customer Experience Management (CXM) & Silos Marketing Endeavors will be a thing of the past:According to Gartner, 70% of enterprises will experiment with immersive technologies to be used by the customers as well as enterprises & 25% will deploy them for production by the year 2022. Leveraging the intelligence of the integrated technologies the customers will be able to develop holistic customer experience management (CXM) platforms. The multi-touchpoint aspect of experience will connect people across an array of devices – be they traditional computing devices, wearables, automobiles or environmental sensors. Brands can try prioritizing CSR (corporate social responsibility) activities. This assures that brands reflect on their pledge to contribute to society. This, in turn, enhances customers’ experiences. Equally important for brands is prioritizing employee experience. According to Harvard Business Review, companies that invest in employee experience are 4.2x more profitable than those that don’t. The social, environmental or political factors within a company influence the realm of Customer Experience Management (CXM). Companies can perform market analysis such as SWOT & PERT to statistically infer where they are placed in the market in terms of capturing the sentiments of their customers. The concept of departments working in silos will be a thing of past & agility & integration will take over.
3. Assimilate Internet of Things (IoT) in Your Marketing Strategy:IoT has revolutionized the B2B marketing world. To scale up their marketing game, marketers need to be proactive with their data analysis & reporting strategies. The data needs to be collected & analyzed in real-time. Customers’ expectations & their methodologies of research continue to evolve. As this happens, customers will expect to be served with the pieces of information on their preferred digitized platforms. Marketers not only need to have omnipresence but also need to have an efficient multi-attribution modeling system in place to optimize their customers’ experiences.
4. Augmented Reality Will Help Elevate the CX Index:Businesses across the globe have started to realize that AR offers more practical applications for customer experience. According to a report by Irishtechnews.ie, the market size for AR is predicted to reach $108 billion by 2021. The applications working on the principles of Augmented Reality use the camera & screen of smartphones to operate its applications. The breakthrough of AR will eventually lead to the disappearance of smartphones & the development of exclusive apps that will revolutionize the marketing world. B2B AR tech solutions at present include Microsoft Hololens & Meta Vision glasses which are AR hardware solutions. Inculcating the AR perspective in B2B marketing means revolutionizing both the online as well as the offline pursuit of digitization. AR-based apps will drive creative imagination in marketing, optimizing customer experience & making the deliverance of customer experience faster, more personal & user-friendly.
5. Articulating Omnichannel Reputation Management will More Important than Ever Before:Customers value brand experience only if they trust you. According to a prediction by Gartner, digitally trustworthy companies will generate 20% more online profit than those who don’t inspire enough trust. Another study by Forbes deduced that the next-gen customer experience endeavors driven by Augmented Reality (AR) or Virtual Reality (VR) could backfire if there aren’t accompanied by strong risk & reward management programs. Building an omnichannel presence & working on an omnichannel brand reputation can be the actual game changer for brands in the highly competitive arena of customer experience management (CXM). With CX being a priority for most of the brands in 2020, companies will increasingly be aware of their customers’ expectations & will leverage resources & invest in the latest marketing tools so that they can value the customers the experiences that they value most. Whether or not the customers choose to carousal those experiences will depend on their trust in a particular brand – its vision & deliverance. Wrapping Things Up Customer conversion is vital but it doesn’t stop then & there. Customer retention & client advocacy are things than can help skyrocket your revenue several times more than the actual sale. Client acquisition is easier but client retention requires B2B brands to infuse trust in their customers by optimizing the scales of their Customer Experience Management (CXM). Customer loyalty is a branding currency you need to venture into & earn. It’s the ultimate reward that requires optimizing your marketing efforts beyond selling to reflect on the value proposition of the products or services, primarily from the purpose of helping the customers. CXM is not a result of the multi-channel orchestration of marketing efforts. It’s not a result of working in silos but opting for an integrated & technologically sound approach to understand your customers, tap into their behavioral insights & figuring out ways to help them in a manner that optimizes their experiences across omnichannel, calling for brand advocacy. The year 2020 will be a year of experimental marketing & CXM will be a core ingredient of excelling at the game. Your prospects, existing customers & employees all count. Keep into consideration the above-enlisted reasons to bone up your CXM strategy to engage customers & scale up your revenue goals. Valasys Media is a top-notch B2B service provider & a trusted name to help marketers redesign their B2B marketing endeavors. Our services include lead-generation, account-based marketing, lead nurturing, event promotion services, list building services & content syndication services to help marketers foster their marketing aspirations.