If you view the Customer Equity Management Blog, they have an interesting slide that shows the difference between CRM and CEM (Customer Equity Management). It got me to thinking about where companies are failing in terms of thinking like their customer.
Many know that the left side of your brain is analytical and the right side of your brain is creative. It is important to translate that concept to customer experience, because if you do not move to the same side as your customer (the right), they will eventually move to your side (the left).
The Left Side of the Brain in Business Speak:
I want to model past transactions that allows me to determine the Net Present Value of each customer so I can plug in concrete values into P&L models that I know. I want to reduce costs by migrating my customer to self-service and make my call centers as efficient as possible. I want to increase the value of each customer to my company.
The Right Side of the Brain in Customer Speak:
I want to invest in valuable experiences that make me feel better about who I am. If I can find a company that can do this consistently, I will appreciate it and they will have my loyalty. I act based on what I believe. I want to have a low-effort, no-hassle relationship. I expect company's to offer value to me....both tangible and intangible.
If companies are unable to get this customer view with their products, policies, processes, and people, then customers will shift to their Left Brain:
I don't want to spend my money on something that feels like a transaction that has led to past disappointments and inconsistencies. I have concrete evidence and know it will happen again, it's just when, not if. I do not want to have to put in un-necessary effort. It's probably not as bad as I am making it sound, but my eyes and ears are open for a better value.
www.customeranalyticsconsulting.com
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