What is Customer Experience Management (CEM)?

Customer experience management (CEM/ CXM) oversees and organizes every interaction between a customer and the organization throughout the customer journey.

The distinctions between customer experience and customer service are crucial for CX leaders to comprehend to attain precision in their conclusions and best practices. A narrow understanding of the customer journey is to focus on customer support at the expense of the entire customer journey.

What are the reasons why CEM is important to you?

The impact of customer experience on customer perceptions and sales is influenced by the quality of the customer experience with a brand. When executed effectively, it can have a positive impact, while when left unattended, it can have a negative impact.

Implementing a CEM strategy has several advantages.

• Client retention is cheaper than acquiring them. According to research, a 5% increase in client loyalty can result in a 25% increase in revenue. Customers who are retained avoid incurring the expenses of acquiring a new customer, and satisfied customers are more likely to place additional orders.

• Feedback from our customers is the driving force behind our improvement. The voice of the customer (VoC) data through web polls, mobile app reviews, and phone and chat conversations serves as a blueprint for enhancing customer encounters and retaining clients.

• A happy brand makes it better for its customers. According to research, there is a strong connection between the work environment and interactions with clients. Companies that have the best client experience focus on analyzing employee opinions to enhance their client experience and retain staff.

• Customers who are loyal to the company can voluntarily endorse it to their peers. Buying decisions can be influenced more by customer endorsement than by advertising or marketing efforts.

• The perception of customer sentiment can provide valuable insights regarding the competitors. Customers provide feedback when making decisions and comparing brands. Knowing this information can help a company establish itself against a competitor.

What’s the difference between CRM and CEM/ CXM?

The term Customer Experience Management (CEM/ CXM) is frequently misconstrued as a synonym for Customer Relationship Management (CRM) owing to its resemblance in fundamental functionalities. There is some overlap, but CXM is not simply a rebranding of the old CRM. The next step in managing customer relationships is customer experience management. Several ways in which CXM offers an even more customer-centric approach, such as with new technologies, processes, strategies, and customer-centric design.

The technology behind customer experience management differs from conventional customer relationship management, providing supplementary advantages and capabilities for establishing customer connections. The implementation of Customer Experience Management (CEM/ CXM) will facilitate a continuous flow of data, thereby enabling the provision of more comprehensive insights into customer preferences and behavior.

The CXM approach differs from the conventional lead generation approach in terms of approach and procedures. Putting in place processes to track, oversee, and orchestrate customer interactions and engagements is how a company wants to become more customer-focused.

The combined technologies and processes of CXM allow you to deliver a truly multichannel customer encounter.