siliconindia | | December 20198CUSTOMER EXPERIENCE & LOYALTY IN MEDIA & ENTERTAINMENT INDUSTRY In her career spanning over two decades, Arunima has held key positions across an array of companies such as Acme Healthcare, ICICI Bank, Eureka OSPL, Social Wavelength, and AdFactors PR, prior to joining Wunderman Thompson in 2018.ustomer Experience' and therefore `Customer Sat-isfaction' leading to `Cus-tomer Loyalty' has be-come the topmost priority for businesses, and year 2019 will be no different. Customers are no longer looking at their satisfac-tion basis the price or product being offered. Instead, they stay loyal with the companies due to the experience they receive.Today, most markets are shrinking; companies are struggling to increase customer experience and retain their current customers. The claim that it takes seven times as much to get new customers than to hold-on to old ones is key to understanding the importance of building custom-er loyalty. This can only be done through measuring and managing customer satisfaction by cultivating premium customer experience.Measuring customer satisfaction is a must have con-cept in companies. Companies in the past have focused exclusively on profitability, reading balance sheets and income statements. Today, companies recognize that the new global economy has turned things around. Increased competition, crowded markets with little product differen-tiation and years of continual sales growth have mooted greater focus on existing customer retention.Companies that are prospering in the new global econ-omy recognize that measuring customer satisfaction by enriching customer experience is the key to their busi-ness growth. Customer satisfaction is a critical strate-gic weapon that can bring increased market share and increased profits.Customer Experience means a journey which makes the customer feel happy, satisfied, justified, with a sense of being respected, served and cared, according to his/her ex-pectation, start from first contact and through the whole relationship. Digital services and operations are raising the competitive bar in every sector includ-ing Media & Entertainment Industry. Four success factors that are key to delivering superior digital customer experiences are:· Designing and digitizing customer journeys· Increasing speed and agility in insight generation· Achieving customer adoption of digital customer journeys· Developing agility in delivering journey transformations`Satisfaction' itself can refer to a number of different facts of the relationship with a customer. For example, it can refer to any or all of the following:· Satisfaction with the quality of a particular product or service· Satisfaction with an on-going business relationship· Satisfaction with the price-performance ratio of a product or service· Satisfaction because a product/service met or ex-ceeded the customer's expectations Each industry could add to this list according to the nature of the business and the specific relationship with the customer. Clearly defining and understanding cus-tomer satisfaction can help any company identify oppor-tunities for product and service innovation and serve as By Arunima Singh, Business Director, Wunderman ThompsonIN MY OPINION'CArunima Singh, Business Director
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