In CX, You Compete Against Other Experiences
By Wendy Eichenbaum
In a world when customer experience is becoming the key differentiator, it is critical that you understand the best-of-class experiences to determine how your experience measures up against your competitors.
A competitive analysis is an assessment of the strengths and weaknesses of current and potential competitors. Marketing and business development groups have performed these analyses for decades.
But it’s not enough to compile a checklist of features to see which company provides the most functionality. Instead, the key to conversion and retention is to understand how easily and intuitively customers acquire, use, and maintain your product or service.
In the world of Customer Experience (CX), you perform a competitive analysis to understand the strengths and weaknesses of competing experiences. And this is critical because by 2020, customer experience will overtake price and product as the key brand differentiator.
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