Customer experience management (CXM) is the collection of processes a company uses to track, oversee and organize every interaction between a customer and the organization throughout the customer life-cycle (reach, acquisition, conversion, retention, and loyalty). The goal of CXM is to optimize interactions from the customer’s perspective and, as a result, foster customer loyalty.
Customer Interactions: Increasingly, customer experiences include not only interactions through traditional channels, such as website purchases, phone calls and live chat, but also social media, text and other burgeoning communication mediums through which customers can engage with companies. To manage the customer experience, companies need to create a strategy that encompasses all customer interactions.
Ecosystem: The ability to combine customer relationship management (CRM) system data with financials, ERP and inventory management, as well as real-time data on social platforms, can prove challenging.
Roadmap Visualization: CXM requires several tools, from customer journey mapping to customer analytics. Customer journey mapping, for example, helps companies visualize where customers are in the buying journey and market to them appropriately based on their buying stage. CXM can then target the most appropriate marketing and sales strategy based on their buying stage.
Analytics: Companies are also enlisting business intelligence and customer data analytics to learn more about how to market and sell to customers in a more personalized, one-to-one fashion. Personalization strategies include new technologies, such as mobile marketing, location-based services and beacons, which help companies identify where customers are and market to them in real time.
Emotional Analytics: Emerging technologies such as emotional analytics can be used to gauge whether customers benefit from their interactions with companies. It can help analyze the success of a variety of operations that are related — but potentially tangential to – customer service, such as inventory management or supply chain management.
Knowledge Management: “Knowledge is the only tool of production which is not the subject to diminishing returns.” Gathering information, making it knowledge, quantifying it and then sharing it with relevant stakeholders has become extremely important to build a strong experience management for your customers. For e.g. Organizations can also combine customer interaction history, buying patterns with customer data, inventory information and so forth to provide customers with information on their account, product education and inventory, and more.
Net to Net, 57% of customers are already through the Sales cycle before you approach them. Hence there is a dire need to move towards transformation journey from traditional approach.