If CX is the perception that consumers have of your organization, Customer Experience Management (CXM) is your strategy to control it.
What is Customer Experience?
Do you remember how you felt during the last purchase you made? That’s what customer experience is all about.
In other words, customer experience or CX, is the impression that your consumer will form based on their interactions with your brand, which can be positive or negative. Customer Experience solutions or strategies are actions and facilitators that help make your customers’ experience the best possible, even before the purchase.
Customer Experience, or CX, is built through various elements ranging from the voice of the customer (VoC), through the mapping of the customer journey (Customer Journey Map) and the user experience (UX).
What is Customer Experience Management?
CEM is a strategy that places business customers at the center of marketing, sales and customer service to drive brand loyalty
Customer Experience Management (CEM or CXM) is the set of processes a business uses to track, monitor, and organize every interaction between a customer and the organization throughout the customer lifecycle.
CXM is in charge of managing interactions with the customer throughout its Customer Journey Map, making sure to increase customer loyalty with the brand.
To a large extent, CXM programs rely on voice of the customer, which is a means of rating customer sentiment about their experiences with a company. But it is not the only means. Customer experience management collects information from any interaction to convert it into data and then analyze it. Over time, a CX management program will adjust the elements of the customer experience that generate negative feedback to improve those perceptions.
Why is CXM important?
Neglecting the management of the customer experience directly affects sales, customer loyalty and attracting new consumers.
On the other hand, some benefits of implementing a CXM strategy are:
Retaining customers costs less than acquiring them. A 5% increase in customer retention can result in a 25% increase in profits. Among other reasons, because satisfied customers tend to consume more.
Customer feedback drives improvement. All this data from the voice of the customer, whether in web surveys, comments from mobile applications, telephone conversations and in chat, are the raw material to develop a plan to improve the customer experience that manages to retain them.
The strong link between the employee experience and the customer experience. Happy employees project a better brand experience to customers. So it’s no surprise that companies with the best CX focus on measuring employee voice data to improve employee experience and retention.
Loyal and satisfied customers will support your brand against that of your competitors. Don’t underestimate this point – customer endorsement can weigh more in purchasing decisions than advertising or marketing efforts.
Information about the competition. Before buying, customers compare brands and provide feedback on their experience. Knowing this information can help you position your brand favorably against a rival.
What is CRM?
While CXM defines how a company looks to the customer, CRM (Customer Relationship Management) shows how a customer looks to the company. This solution organizes the information related to your contacts.
CRM is the combination of practices, strategies and technologies that companies use to manage and analyze customer data and interactions throughout the customer life cycle. Strategically store customer personal information, purchase history, preferences, and concerns. The goal is to improve customer service relationships, aid in customer retention, and drive sales growth.
The CRM strategy focuses on sales and customer outreach from a higher revenue perspective. If this sales-oriented system is properly integrated into a CXM program, it is possible to maximize the benefits of both tools.
Given the above, what is the level of your company in terms of customer experience? Where would you like to improve? What indicators do you need to raise and how to achieve it?
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