What is Customer Experience Management (CXM)?

Chances are, you may have some questions about customer experience management. Namely, what really is CXM? How can it bring an invincible change to your customer services landscape, and why should it be at the heart of your business strategy? Let's dive into these nitty-gritty details and shed light on some of the fascinating aspects of CXM.

What is customer experience management?

The concept of CXM, in a nutshell, is creating and managing those personalized interactions — the customer experiences — that are in alignment with your customer's needs and behaviors across various channels.

The goal is to construct experiences that appear tailored exclusively for your customers. You hit the bull's eye when you successfully incorporate CXM, as it's key to strengthening your customer relationships and, consequently, building brand loyalty.

Let's say you're at the helm of a multinational corporation with branches all across the globe or perhaps a booming online retail store where your sales representatives won't necessarily interact face-to-face with your customers. How do you efficiently manage the customer's experience? This is where a Customer Experience Management Platform comes into play.  

Think of a CXM platform as a sherpa guiding your customer through the journey with your business: all of their interactions — be it a phone call to the support team, a ping-pong series of sales emails, or a social media spat — are monitored, managed, and improved upon.

This platform serves as a kindling point for the seamless flow of customer information from one department to the other, facilitating not just improved marketing but also lead qualification, quality of support, and blanketing customer retention. Look at it this way, the platform should act like a one-stop-shop for your access to any vital customer information.

CRM vs. CXM

Now you might be rubbing your chin and wondering, "But isn't that what my CRM system is doing?" Well, yes and no. Yes, in the sense that both are designed to improve your relationship with the customer and no, because a CRM or Customer Relationship Management System is fundamentally focused on your sales teams.

Let's break it down. A CRM system started off as a simple database to store prospect and contact information. Over time, CRMs have evolved into tools for acquiring prospects for your business, nurturing them through automation processes, and, finally, enhancing customer relationships.  

However, a CXM platform goes a step beyond and broadens the horizon. Where a CRM might focus primarily on sales, a CXM platform encompasses sales, marketing, support, social media, and operations, pitching its tent over your entire organization.

The crux of a CXM platform is that it promotes collaboration by ensuring a smooth flow of data across multiple communication channels, which provides a comprehensive view of your customers.  

Advantages of Choosing CXM Software

Consider this: Do you know the exact moment your customer clicked “buy now” button? Are you aware of how often a potential client peruses your website? Do you have insights into what your customers are tweeting about? If the answer is a head-scratching no, then it's time for an upgrade.

When you revolve around your customers, first and foremost, you need a system that can assimilate and make use of various sources of customer information. In the days gone by, customer information was dispersed across various applications for sales, marketing, customer support, and operations. However, this scattered approach can often lead to miscommunication and confusion, affecting the overall customer experience.  

Contrastingly, a CXM platform unites all your customer-facing teams, equipping them with high-grade data and tools to provide top-quality customer service and amplify retention rates. The end result? A happier customer and a prosperous business.

The Significance of Customer Experience Management

Today's customer expects to have choice, and with the blossoming digital economy, they crave personalized experiences. This holds true, especially for retailers where customers flip between the physical outlet and digital platforms such as websites and social media.  

However, merely throwing some ads about a gadget that the customer was browsing online isn't enough. Successful CXM is understanding your customers so well that you can anticipate their needs and meet them where they are, delivering a personal experience that transmutes them into lifelong fans.

Let's take a glance at some of the magical ways CXM benefits your business:

1. Profound Understanding of Customers

By having a panoramic view of your customer's needs and preferences, you can provide superlative, personalized experiences across their favorite platforms.

2. Fortify Your Brand

Consistent and relevant experiences at every touchpoint of the customer's journey help cement your brand in their memory and enhance the customer's affinity toward it.

3. Enhances Customer Loyalty

Features such as intelligent search, product recommendations, and various loyalty perks can further personalize experiences and deepen your bond with customers.

4. Uplifts Revenue

Every time the customer encounters an experience tailored for them, they are more likely to make a purchase. Additionally, recurrent experiences that hit the mark make them keep coming back for more.  

Getting Started with CXM

With an impressive CXM strategy in place, you can supercharge customer engagement and in turn, boost loyalty to your brand. Begin by collating every shred of data about your customers. After all, you can't truly personalize without understanding them first. Finally, gear up with the right tools to bring it all together.

At the end of the day, it's about building a stronger relationship with those who matter most — your customers. So hop onboard the customer experience management express, and get ready for a journey of a lifetime!