“To satisfy the customer is the mission and purpose of every business.” Peter Drucker’s words are as true today as they were in 1973, when he published Management: Tasks, Responsibilities and Practices.
But recently the gap between big companies and the customers who bought their products and services has grown only wider. The customer might be king, but often as a platitude supported by legacy technology.
Now, mobile technologies, cloud computing and real-time information are emerging that give firms an opportunity to rebuild an intimate sense of connection with customers—to really know them.
Yet those same technologies—big data, social media, cloud computing and the “Internet of things”— have empowered customers, too. They can share their brand disappointments and their stories of subpar service at an unprecedented scale. Likewise, they are able and willing to tell their friends and family about companies that have made them go “wow.”
This is new customer-driven engagement economy, a world of bewildering strategic options for corporations. Customer engagement, customer experience, or CX, how are you engaging with your customers?