What is Customer Experience Management?
Customer Experience Management (CXM) can be defined as the practice of designing and reacting to Customer Experience Management (CXM) can be defined as the practice of designing and reacting to customer interactions to meet or surpass their expectations, resulting in greater customer satisfaction, loyalty, and advocacy. Brands achieve CXM programs through a combination of analytics, software, research, and data management systems. Good and effective customer experience management can strengthen brand preference through differentiated experiences, boost revenue with increased sales from existing customers and new sales from word-of-mouth marketing, lower costs by decreasing customer churn and improve customer loyalty via memorable and valued customer interactions. Remember there’s a tangible value involved in effectively managing the customer experience.
Business Benefits of Customer Experience Management
- Reduces customer churn rate
- Improves crisis management
- Drives customer loyalty
- Increases revenue
- Mitigates marketing costs