Customer experience management (CXM) is one of those buzzwords that gets thrown around a lot, but it’s still unclear to most people what it means. Customers are more connected and discerning than ever, leading to increased brand and business expectations. As a result, it’s important for businesses to understand their customers’ needs to succeed in today’s ever-changing marketplace. This article asks the question who needs a Customer Experience Management Solution?
Basics of CXM
Customer experience management (CXM) is the process of managing a customer’s experience with your brand or business. You could think of it as a way to create a great customer journey that starts with the first moment someone interacts with you and continues until they no longer do. A CXM system will support you in leveraging interactions for each stage in your customer’s journey, from initial contact to post-purchase follow-up and beyond. It’s an important part of every business, and not just about customer service. The best way to see what it’s all about is to take a look at some real-world examples.
A stunning example comes from a new health insurance company out of New York called Oscar. The company uses technology and “speaks human,” making it simpler for customers to understand what services they offer as they tailor their message to the average person. In only one year after starting out, they were able to draw in 16,000 customers.
Virgin Trains in the UK recently leveraged social media to provide personal customer service that blew many people out of the water. A 16-year-old was on a trip to Glasgow on a Virgin Trains service when he ran out of toilet paper. As a joke, he tweeted Virgin Trains – who responded within two minutes with an offer to help. Within 20 minutes, Adam had his toilet paper, and Virgin Trains had a customer service story spread all over the internet.
Successful Implementation of CXM.
Customer experience management is one of the most critical areas in your business. If you can deliver a great customer experience, it will help you retain customers and attract new ones.
A business’ success has everything to do with how well the customer interacts with a product or service. To ensure that all their needs are met, it is important for businesses to focus on improving their customer experience management strategy by using a CRM solution. It allows businesses to track every interaction between them and their customers so they can analyse trends and make necessary improvements based on those findings. Implementing a CXM is so important for businesses to focus on if they want to improve the scale of their business model and for it to be a beneficial ROI.
What to Consider for a CXM?
So now we’ve considered who needs a CXM solution. If you’re thinking about investing in customer experience management, a few factors should be considered. Do any of these statements resonate with you?
- I want my business to improve customer satisfaction, but I don’t know where to start
- I want my business revenue to increase
- I’m losing customers and need to increase my customer retention and limit customer churn
After identifying that you would like to implement a CXM solution, you will also need to consider the following:
- Does your team have enough capacity to manage the implementation? If not, who will do it?
- Do you have enough resources and budget for this project?
- Are any large projects at work taking up your employee’s attention and time?
- When does your team have the capacity to implement a solution?
A Customer-Centric Approach For Your Business
A customer-centric approach can benefit your business. Fact. By focusing on the customer, you can engage with them, build loyalty and strive for customer advocacy.
CXM is a process that ensures your customers are always happy with their interaction with your company because you have created an ideal customer experience from the very first contact. Customer experience management is a way for your company to ensure you meet your customer’s needs. This will garner loyalty, and they will return to purchase more products or services. CXM also helps reduce costs by reducing attrition rates, improving the efficiency of sales teams, reducing excessive inventory levels and more.
CXM is not just about customer service; it’s thinking about the entire experience from a customer’s perspective and ensuring that your brand does what it says and meets customers’ expectations or surpasses them at every interaction.
When is it time to implement a CRM?
Reaping the vast fields of customer data, a business could become overwhelmed if not equipped. Implementing a customer data management system will quickly alleviate the tsunami of data into a more manageable and quantifiable asset, making that lucrative commodity of data work for you while not being overwhelmed and handling the data responsibly.
Customer experience management is not just about being friendly to your customers. It’s about creating an environment for them that aligns with their needs and expectations. It’s about ensuring that every interaction with your business is as good as possible, from the first contact through to repeat purchases and referrals. Your success depends on it!
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