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The Loyalty Summit Channel Experience Management (CXM) March 2023 was held on 15-17 March. If you missed it, then don’t worry. Here you will get the crux of the event. It will help you to know the latest trends and future capability of the b2b channel marketing.
Before that, let’s know what it is.
Loyalty Summit 2023 brought together industry leaders, experts, and professionals from different fields to discuss the latest trends, strategies, and technologies in customer experience management (CXM). The summit was a platform for sharing insights, experiences, and ideas on creating and sustaining customer loyalty in a competitive b2b channel marketing.
This blog post will discuss some of the stories and key learning from the Loyalty Summit CXM March 2023.
| “Customer experience is how customers feel about all of the interactions they have with your company.” Michael Killeen |
Now, let’s dive into the keynotes and the learning of the summit:
Power of Personalization
One of the critical learning and biggest highlights from the summit was the importance of personalization in channel partner engagement management. Personalization is the process of tailoring products, services, and experiences to meet customers’ individual needs and preferences. Personalization helps create a deeper connection between customers and brands, and it can also lead to higher customer loyalty.
| “To create a personalized CXM strategy, companies need to collect and analyze customer data, use the insights to tailor their products and services, and continuously measure and refine their approach.” |
A brand that uses data analytics to identify customer preferences and behavior patterns has a more significant opportunity to tailor its product recommendations and marketing messages accordingly. Personalization can result in a significant increase in loyal customer engagement and satisfaction among channel partners.
Role of Emotional Intelligence in Loyalty Platform
Another critical aspect that emerged from the summit is the importance of emotional intelligence in b2b channel marketing. Emotional intelligence is the ability to understand and manage one’s own emotions, as well as the emotions of others. Emotional intelligence helps create a more empathetic and customer-centric approach to CXM, leading to better customer experiences and stronger relationships.
| “Emotional intelligence is a critical component of CXM, and companies can develop this skill set in their employees through training and development programs.” |
Some representatives from leading hospitality companies shared their success stories of implementing emotional intelligence training programs for their employees. Every program mentioned in the summit focused on developing active listening, empathy, and conflict-resolution skills.
As everyone adopted it, they saw similar results: a more positive and empathetic customer service experience, which led to higher levels of customer satisfaction and loyalty.
Digital Transformation to Increase Channel Partner Engagement
A third key point to adapt for b2b channel marketing that appeared from the summit was the importance of digital transformation in CXM. Digital transformation is integrating digital technologies into all aspects of a business, including customer experience. Digital transformation helps create a more seamless and convenient customer experience, leading to more efficient and cost-effective operations.
| “Digital transformation is essential for companies to stay competitive in today’s business environment, and companies need to invest in digital technologies to create a more seamless and convenient customer experience.” |
Few representatives from leading financial services brands shared their victorious journeys of implementing a digital transformation strategy. The brands used digital technologies such as artificial intelligence, chatbots, and mobile apps to enhance customer experience. The result was a more convenient and streamlined customer experience, leading to higher customer satisfaction and loyalty.
The Loyalty Summit CXM March 2023 was a valuable platform for sharing insights, experiences, and ideas on creating and sustaining loyal customers in a competitive business environment. The stories and critical learnings shared at the summit highlighted the importance of personalization, emotional intelligence, and digital transformation in CXM.
To create a successful customer loyalty program, brands must focus on these critical areas and continuously measure and refine their approach. If brands follow these strategies, they will gain higher engagement and profit in the next year.