CLM Best Practices 2014 in US

The voice of the customer has never been louder, and the demands never higher. In 2014,

Customer Lifecycle Management (CLM)enjoys an improved status, and companies in the US

know that paying due attention to this aspect of their business structure could bring in

astonishing results.

Why are CLM best practices so important?

Attribute it to reading the pulse of the US market or simply following what raw data and

statistics have been telling the business world, instilling the CLM best practicesfor 2014 into

your business structure is certainly a big deal.

Consider these interesting factsabout CLM

1. The Accenture 2013 Global Consumer Pulse Survey found that in 2013, 62% consumers

switched service providers. The reason was poor customer experience levels, and the

number was up by 4% when compared to 2012.

2. A LivePerson infographic highlighted the fact that 71%of online customers expected to

receive help within 5 minutes to improve their online experience.

3. A report from eConsultancy concluded that 83% of online customers required customer

support to complete a purchase.

5 key CLM best practices for 2014 you can put to work

As customer experience evolves, their demands get higher and contributing to this is the high

levels of competition.Business today need to treat their customers well because they know

more than ever how expensive even a single loophole could prove.

1. Studying your customer segment is of course the first step. With this data in hand, the

follow-up processes can be set up accordingly.

2. ‘Customer delight’ is a wonderful concept and this concept should essentially form the

basis of every strategy. Get this into the mix and every customer experience goal can be

met.

3. Making the customer feel special helps build a special relationship and this is what being

customer-centric is about - listening, understanding and then acting promptly.

4. Integrate CLM into your core business strategy, as this will ensure that every

component of your business is in on it.

5. Choosing the right CLM partner is clearly the most important decision you will make.

Get this right and your customer experience graph is bound to surge!

Even simpler customer experience management tipshelp, like how it helps if the CLM

enhancement strategy starts from the top, using the power of empathy while interacting with

customers, or simply picking up the phone! Read the interesting blog post on 5 Key customer

relationship management trends for 2014

Following these best practicesallows abusiness to gain on several fronts - increased chances of

recommendation, enhanced chances of repeat business and in the long run, the invaluable

rewards of customer loyalty.

How are business readying themselves?

A positive customer experience is what every business wishes to provide and while they follow

some of the CLM best practices for 2014, these statistics give you an idea of the momentum in

this area.

1. The 2014 Call Center Executive Priorities Report states that 68% of businesses are all set

to increase their customer service spending for 2014, and then states the disturbing

factor that even this may not be enough.

2. A Temkin Group survey reveals that more than half of the companies (51%) surveyed

were planning to fortify further the staffing for their centralized customer experience

team.

3. The same Temkin Group survey also reveals that 78% of these companies were also

aiming at improving the web experience of their customers by dedicating more

resources.

What’s in it for you?

The rewards are many and can replenish your business in as many ways too. Improving your

CLM configuration for 2014 firstly ensures that your customer stays your own and does not

move on to a competitor.

Here are some statistics that lay down the rewards

1. A McKinsey statistic showed that a whopping 70% of buying experiences are hinging on

how the customer feels he is being treated by the business he is planning to buy from,

surely a majority. Now wouldn’t you want this number on your side?

2. A CEI survey suggests that 86% of buyers will pay more for an enhanced customer

experience, surely a chance for increased profits.

3. Controlling the customer defection rate has its rewards too – According to the book

‘Leading on the Edge of Chaos’, a 5% decrease translates into an increase in profitability

from 25% to a whopping 125%.

These rewards and more could be yours if your business delivers extraordinary levels of

customer delight through outstanding service. Learn more about how to incorporate the best

CRM practices in your business bydownloading this whitepaper oninnovative ways to help your

business offer premium customer experience.

Author Bio:

As India’s premium business process, customer lifecycle management company Tata Business Support

Services is a wholly owned subsidiary of Tata Sons, the holding company of the 142 years old Tata

Group – India’s most reputed brand. Inspiring trust and un-complicating business transformations since

2004, Tata BSS is driven by the value of simplicity and serve companies that want to increase their

customer base, retain high value customers, protect their brand reputation and become more efficient.