Why Customer Experience Management For Successful Business

Customer Experience Management (CEM):

Customer experience management (CEM or CXM) is the process that companies use to oversee and track all interactions with a customer during their relationship. According to Bernd Schmitt the term “CEM” represents the discipline, methodology and/or process used to comprehensively manage a customer's cross-channel exposure, interaction and transaction with a company, product, brand or service. It is a concept that describes how a company takes control of how it interacts with its customers. The goal of CEM is to optimize interactions from the customer's perspective and, as a result, foster customer loyalty.

Customer experience management (CEM) is the practice of managing and improving an organization’s customer touch points and interactions. By combining technology, strategies, and resources, companies can significantly improve customer satisfaction and loyalty, ultimately leading to increased revenue.

Why is customer experience management important?

The concept of customer experience may sound idealistic or touchy-feely, but anyone who dismisses it as such is woefully out of touch. In fact, customer experience has become a critical differentiator in today’s hyper-competitive, hyper-connected global marketplace. Good customer experience management can:

·         Strengthen brand preference through differentiated experiences.

·         Boost revenue with incremental sales from existing customers and new sales from word of mouth.

·         Improve customer loyalty through valued and memorable customer interactions.

·         Lower costs by reducing customer churn.

Customer experience is truly a differentiator in today’s marketplace and has a profound impact on business success. 55% of consumers would pay more for a better experience, and, according to Forrester, the revenue impact from a 10% improvement in customer experience can translate to over $1 billion. To keep pace, companies must listen to and accurately interpret the voice of their customers.

 

CEM Benefits:

It is the process of creating and responding to customer interactions in order to satisfy customer needs and ultimately result in customer satisfaction with services and loyalty to the company.  The research firm then looked at the percentage of loyal customers at 100-plus businesses and determined that "customer experience leaders" had an advantage of more than 14% over "customer experience laggards" in all three areas," wrote Bruce Temkin, who now is managing partner of Temkin Group.

 

Best Customer Experience Solution:

 

The best solution is CXMnow that optimize your front and back office, improve customer loyalty, increase sales and collections, and align your customer care with strategic business goals. CXMnow is a popular core system market standard for measuring customer experiences and quantify them in a CXM Index. Your business can get started immediately. It is free to create a profile on CXMnow.com. CXMnow market standards and tools to proactively deal with the difference between the customer expected in a given transaction and the customer actually saw.

It is the collection of processes a company uses to track, oversee and organize every interaction between a customer and the organization throughout the customer lifecycle. The goal of CXMnow is to optimize interactions from the customer's perspective and, as a result, foster customer loyalty.