Customer experience management (CXM) proactively initiates contact, delivers content, preemptively solves problems and understands customer preferences, often before the customer requests it or knows they need it.
In addition, CXM seeks to address the experience customers have with companies over time, with the aim of making each interaction a positive one, so that there is a cumulative effect on satisfaction and on loyalty.
Benefits of CXM
Any organization that cares about delivering value to its customers should care about CXM. Organizations that will benefit most are those that operate in spaces where consumers have a lot of choices and where switching costs are low.
Similarly, enterprises that thrive on strong customer relationships and want to empower their business users to make the most of every customer touch point throughout each state of the customer life cycle will benefit by embracing CXM.
Considering it costs six to seven times more to gain a new customer than to keep an existing one … enterprises that deliver context-aware customer experiences in the preferred delivery channel, such as the Web, SMS, mobile apps and email, will find increased customer satisfaction and retention, improved response rates and higher revenues.
Effect of Customer Experience on the bottom Line
Customers not only have more choices than ever before with whom they do business with, they also have a direct voice through social media and other channels. If the customers do not receive the level of service they expect from a business, not only will they potentially take their business elsewhere, but they will tell others.