What Is Consumer Experience Management (CXM)?
February 5, 2020
We keep hearing the words customer experience management these days. Marketers are obsessed with it. Businesses are adapting to it.
Wait – what does it mean?
What is consumer experience management?
Before we dive into customer experience management, we have to first understand what consumer experience is.
Consumer experience, also known as customer experience, can be defined as,
“The sum of all the interactions that a customer has with a company over the course of the relationship lifecycle. It also the customer’s feelings, emotions, and perceptions of the brand over the course of those interactions,”– Annette Franz, Founder and CEO at CX Journeys
Customers are becoming more omnichannel in 2020. They can interact with brands via various channels like emails, social media, phones, and physical stores. What they take away from each interaction is customer experience.
Customer experience management is the management of customer interactions at each of these touchpoints.
This is important if you’re trying to acquire new customers or retain your existing customers.
You get to assess, plan, and decide what kind of experience customers will have when they interact with your brand at each touchpoint.
This can help you deliver a more personalised experience for your customers, and hence fostering long-term brand loyalty and increasing your revenue.
Why does CXM matter?
According to Hubspot, good customer experience management reflects that you’re invested in customer needs. It is also a fundamental component in the customer-first strategy.
Without customer experience management, you won’t be able to deliver high quality experience for your customers. This will result in you losing customers and declining revenue.
Customers are people who are spending their time and money on your brand and business.
Aside from getting their money’s worth, they also expect you to add value to their purchase.
If you don’t do it, they will turn to other brands and businesses that are willing to go the extra mile for them.
Customer experience management helps you provide the best possible customer experience so your brand stands out in a sea of competitors.
According to SAS, here are some reasons why CXM is important for your brand:
➡️Brand preference can be strengthened because of the differentiated experience receive by customers
➡️Recurring sales from new and existing customers due to word-of-mouth marketing
➡️Strong customer loyalty fostered through providing memorable customer interactions
87% of consumers believe that companies need to provide a more consistent customer experience – Zendesk
Consumers may not be aware of the jargon – but they know how they should be treated and they want value for their money.
They notice when you’re slow in replying messages and when you’re sending out mixed messages. They want you to be prompt and consistent. They want answers.
Likewise, they also notice when you care about them and go the extra mile to ensure that they have a pleasant experience with you.
67 % of customers say their standard for good experiences are higher than they have ever been – Salesforce
In order to come up with a strong CXM strategy, you need to understand your customers. In order to understand your customers, you need to collect customers’ data and analyse them.
From there, you will be able to track, manage, and personalise your interactions with your customers.
One of the ways to do it is by using a CXM platform or software.
CXM softwares can easily collect, manage and analyse customers’ data for you. This makes it easier for you to design and execute your CXM plans.
Make sure that the CXM software you choose has key features like CRM and customer data analytics. It’s also better if it can automate mobile marketing and email marketing for you.
By taking proactive steps to manage customer experience, you are able to deliver a better experience for your customers across all channels and touchpoints.
As a result, you will see an increase in returning customers, brand value, brand loyalty, and most importantly, increased revenue.
Ready to explore a comprehensive CXM digital platform?