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It is commonly acknowledged that it between 4 and 10 times more expensive to acquire a new customer than to keep your existing one. Therefore it goes without saying that companies need to do everything they can to keep the ones they’ve got by giving them what they want and engaging with them. So how well do you really know your customers?

Topics covered include:

• Enhancing the online experience
• Engagement
• Does your brand have a personality disorder?
• Where's the business benefit?

In this research summary, we have compiled the key findings from our latest survey conducted with the attendees for our upcoming event, The CEM Interactive 2016. This research will provide you with insights into the most common challenges, the hottest topics and investment priorities for some of the biggest companies operating in Asia.

To find out how companies in Southeast Asia are using closed loop feedback, Chris Dann, Director for Customer Experience at Nielsen, ran a live polling session at the CEM Interactive 2016, which featured the customer experience business leaders from over 300 of Asia’s biggest companies. Read on to see their responses and an analysis from Chris Dann himself.

Asia's leading companies are becoming increasingly aware that enhancing the customer experience is a business priority, but making this a reality is easier said than done. In an effort to understand exactly what Asia's leading companies are struggling with, IQPC has been conducting research with the heads of customer experience management from industries including banking, hospitality, telecoms, retail, IT and many more. Download to read our insights and discover what's really happening in Asia.

Creating amazing customer experiences has never been more important in Asia, but why? In this exclusive infographic, the CEM Asia team examines the differences between customer behaviour in Asia compared to the rest of the world and what companies must do to enhance heir customer experience management and drive revenue.

In a recent “quick hits” interview with Customer Management IQ, Mercy Potts-Noah, MSHRM, Regional Director of Human Resources with Starbucks, explained how her organization assures an adaptive customer experience.

Customer service is the victim of one of the biggest—and most unfortunate—misconceptions in the business world.

Contrary to common belief and practice, it is not about addressing an issue affecting a customer.  It is about resolving an issue affecting a customer.

Information regarding what went wrong and why it went wrong is important insofar as it can help the agent diagnose and remedy the situation.  It should not, however, play any role in transforming or defining an agent’s commitment to providing resolution.

With $41 billion of revenue being transferred between companies in the US every year and £12 billion in the UK, our research emphasizes just how much influence customers have on a business’s success. On average, nearly half of consumers (48%) are taking their business elsewhere because they’re not satisfied with the service they’re experiencing. Even more worryingly, many believe that the process of resolving issues is so cumbersome that they will switch without even attempting to make contact.

This complimentary report reveals why customers are switching providers – and what you must do to keep them engaged, satisfied and loyal.  Other topics include:

• Call center vs. Social Media - Which channel do customers really prefer?
• Why do callers hate telephone support?  Why do they love it?
• Are customers of a certain age more likely to switch?  What about those from a certain country?
• What determines whether a customer leaves a support interaction with happiness or anger?

How a Seamless, Interconnected, Multi-Channel Experience is the Key to Engaging Today's Customer

Even the slowest of adopters have realized that multi-channel customer management is here to stay. While most organizations have multiple channels of communication, and almost every organization aspires to true multi-channel service, very few are doing so effectively. Instead of a seamless experience, these organizations are providing a disconnected experience.

Creating great customer experiences — what leaders like Disney, Zappos and Nordstrom do on a consistent basis — is one of the few areas left for companies to differentiate and generate good margins. Making it happen, however, is easier said than done; fundamentally, it is a people issue.  How do you get employees to go beyond the call of duty to regularly exceed customer expectations? By empowering them to develop emotional connections with each customer.

The customer management community likes to focus on the negative.

If businesses are not customer-centric, they will lose customers.  If agents are not properly trained and empowered, they will ruin customer service interactions.  If customer service policies are not flexible and versatile, they will anger customers.

While a negative approach helps articulate the stakes of poor customer service interactions, it does not emphasize the benefit of customer-centric ones.

The good thing about customer centricity? 

Customers do not simply have to take you at your word.  Each interaction is an opportunity to vividly demonstrate your commitment to the customer.  Each interaction is an opportunity to prove that your rhetoric is not a hollow attempt at brand marketing but an honest articulation of corporate philosophy.

There is measuring and there is managing.

Given the ease with which today’s businesses can collect, store and analyze performance metrics, organizations have little reason to refrain from measuring as many as possible.  Because business environments change, data that seems unimportant in the short term can prove critical in the future.  If cost and operational efficiency are not at stake, why choose to be sorry when you can be safe?