Customer experience management is at the top of the CEO’s agenda. CEOs, CIOs and chief marketing officers have become interested in this topic because low-cost and ubiquitous access to information for customers, the rise of globalization, and the “death of distance” mean that customers are more empowered than ever. While this isn’t true of every industry and geography, it’s the case in more sectors every day.
Customers can compare experiences across industries and force regulators and governments to be more accountable. At the same time, competitive differentiation — achieved through a strategic decision to invent better products that are hard to imitate, or by being the most efficient producer of a service — has diminished over time. What remains the same is how challenging it is to create a superior customer experience that will serve as a sustainable differentiator.