The majority of organizations have long ignored customer knowledge management. The enterprises often consider seeing customer responses and projecting the next best steps.
Feedback forms are usually either MCQ or extensive. A customer who has just made a hectic ‘compare & save’ purchase is surely too exhausted to honestly fill up the feedback form.
Customer knowledge management thus seeks to meet the customers and the organizations mid-way into an open-hearted conversation about the customers’ expectations and the firm’s capacity to deliver the same.
Table of contents
- What is Customer Knowledge Management?
- Customer Knowledge Management & KM-CRM Relationship
- Customer Knowledge Management Via Social Media
- Customer Knowledge Management & E-commerce
- How CKM adds value to brands?
- Implications of Customer Knowledge Management That Add Value To Brands
- Data Used To Compile Knowledge For Customer Knowledge Management
- Importance of customer knowledge management
What is Customer Knowledge Management?
Customer knowledge management is thus the art and the science of procuring, filtering, organizing, and analyzing quantitative and qualitative data to gain customer perspective.
It is largely observed that customers are considered the foundation of the business operations but consideration of their feedback being similar to their opinion leads to a rift in planning a successful customer service strategy.
Customer Knowledge Management & KM-CRM Relationship
Knowledge management is an umbrella term that includes customer relationship management under its direct purview. For years now, it has become a hierarchical structure being followed.
However, the inclusion of customer knowledge management places CKM above the entire knowledge management cycle in an organization’s operational cycle.
Customer Knowledge Management Via Social Media
Customer Knowledge Management via social media is much more widespread and complicated. The customers have various platforms to interact through; all of it might not be observed by the concerned organization.
Customer KM helps in not just scanning thoroughly all such conversations and posts; it also helps in determining the pattern of engagement with other customers or the brand concerning time, occasion, taste, etc.
Customer Knowledge Management & E-commerce
Customer knowledge management for e-commerce sites does not just mean collecting their database, purchase records, and support summaries. It involves taking into consideration each time direct or indirect communication occurs between the platform and the customer.
Creating a customer community, too, is a healthy way of collecting the data, filtering, and streamlining it into actionable insights that could be later used to derive customer behavior theories and work out a strategy.
How CKM adds value to brands?
Customer knowledge management is a mirror for the organization to grow out of the knowledge base that is associated purely with the organization and statistics and start to diversify the focus to know what the customers know. Customer knowledge management is a multi-fold step that involves:
- Information retrieval
- Content cataloging
- Cultural identification
- Socialization concept
Implications of Customer Knowledge Management That Add Value To Brands
1. Knowledge management
With the introduction of customer knowledge management, knowledge management has become a subcategory under CKM.
With customers’ database, common choices, expectations, and preferences laid out, CX heads can easily use such detailed information for policy introduction while the marketing heads crack nothing less than a jackpot for guided advertising.
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2. Resource view
The resources of every organization are limited, and the best utilization happens only when the allocators are fully aware of the available options and possible outcomes in each case. A trial and error method is good in theories, but real life demands statistical and situational analysis, which is made feasible through the insights received from CKM.
3. Strategy process
The customer is the king and to serve them requires a lot of strategy and planning. Participation from the customers and employees at the same time is important for a fair and square brainstorming session. The strategy process helps build an understanding between different teams and departments within an organization, syncing communication and actions.
Data Used To Compile Knowledge For Customer Knowledge Management
- Customer history
- Demographic details
- Order history
- Taste & preferences expressed
- Customer service interaction
- Social media interaction
Importance of customer knowledge management
1. Personalized experience
A personalized experience for customers helps them connect with the team and feel valued in the organization. When a call opens with “Good morning Mr. David, how may I help you?” instead of “Welcome to XYZ, may I know who am I speaking to?” the customers feel relaxed and taken care of instead of the anxious person who is unable to handle their own purchase.
2. Self-service platform
Self-service platforms deviate petty queries that are solvable by the customers independently from getting on an agent’s list of pending tickets, channeling expert skills for complicated queries ensuring quick and prompt solutions. Self-service acts as a direct indulgence between the customer and the organization.
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3. Artificial Intelligence, Mixed Reality aid to agents
The world of technology is evolving quickly, and it is essential to move forward with time. The agents might be trained over and over to adjust the services against not so updated techniques, but a customer expects the best against the investment made. This makes it essential for the support staff to be trained, familiar, and equipped with the latest evolutions like AI and MR.
4. Live analytics and stats
The statistics are extracted from time to time, creating a pattern for department heads to read and analyze future plans and strategies. Live stats are more required in remote servicing where the problem and the source are to be zeroed down.
5. Omnichannel support
A query from the customer’s side can arrive at any platform and in any form. Missing out the attendance on any query is difficult as it also tends to lose a customer probably permanently. This also adds up to negative publicity tarnishing the firm’s image in the eyes of the outside world. 360° support is always a great way for enterprises to find loopholes in their servicing system and repair the same.
6. Direct communication
Customer knowledge management helps establish a direct connection between clients and organizations. All the data so extracted can be integrated and used as VOC information. A lot of resources go into scanning each platform for relative words and compiling them into productive conversations requires continuity in the effort and increasingly better outputs.
Customer knowledge management software collects knowledge from each source possible, from feedback to telephonic conversations, social media platforms, public listings, platforms, product reviews, etc.
Such a wide range of platforms to collect raw data clearly portrays the extensive availability of unsorted data and haphazard requirements for the same in day to day operations. While one department might require an “A” line of information, others might require a “B” line of information, all immediately and combed out.
A comprehensive collection, curation, presentation, and distribution of customer database, knowledge base, and insights, successfully obtained and executed as and when needed, thus precisely defining good customer knowledge management software.