Peter S. Whalen and Charles Patti, (2012). Singapore Management Review, 34(1), 12-16.
Delivering quality experiences to consumers has never been more important. Customer experience management (CEM) is a critical source of competitive advantage and introduces three keys to successfully turning an organization into an experience-focused company. In order to successfully implement a CEM strategy, managers must not only understand the concept, they must understand the right balance of CEM’s four dimensions. This requires a deeper understanding of customer needs based on emotional connection. It also requires a bottom line approach. Customer experience (CE) is an investment and metrics should be put in place to deliver a measure of return on marketing investment (ROMI). And finally, managers need to act like entrepreneurs in order to successful implement a CE strategy. By using a means-driven approach, consistent with expert entrepreneurs, marketing managers can use experiential learning and affordable loss strategies to better manipulate their marketing mix and eventually become leaders of customer experience management.