Customer Experience Management (CEM) and its Importance for Your Business

Customer Experience Management (CEM) and its Importance for Your Business
Customer Experience Management (CEM) and its Importance for Your Business

With the ever increasing competition in this hyper-connected world, businesses are constantly trying to get smarter and develop new strategies to attract new customers and retain old ones. This is why Customer Experience Management (CEM or CXM) has grown in prominence across the world in different segments: marketing, customer care, operations, etc.

According to research firm Gartner, “CEM is the practice of designing and reacting to customer interactions to meet or exceed customer expectations and, thus, increase customer satisfaction, loyalty and advocacy.”

Other experts in the field agree that Customer Experience Management(CEM) is a set of processes that tracks and monitors every interaction of the customer with the company through different touch points and aims to improve customer loyalty by an in-depth understanding of the customer that helps in brand advocacy.

CEM begins with a prospective customer and solidifies with a purchase. But new age Customer Experience Management(CEM) does not stop at making a log of his or her address, contact details and other personal details, but goes ahead and tracks his or her behavior and preferences through a host of online activities such as emails, calls to customer care, and social media activity (different touch-points).

To track this entire customer journey, companies use professional Customer Experience Management(CEM) tools and services. Such tools are managed in a centralized operation which makes available crucial customer data to several departments at one go.

Today, customers demand a positive experience in all interactions with a business and organizations are keen to achieve customer value, loyalty and satisfaction. CEM helps in all the three.

Additionally, CEM is important for your business for several other reasons as well, which are described below.

Importance of Effective Customer Experience Management (CEM)

  1. Actionable Data: 

    CEM provides insights about customer behavior and the measures required to retain customers or acquire new ones, two crucial aspects in increasing business.CEM provides an edge over competition and opens up new channels in customer service and marketing that are both measurable and actionable. CEM is not merely data collection and analytics, but pointers that can be acted upon quickly and in accordance with the vision of the company.

  1. Proactive Customer Service:

    Great customer service begins by putting oneself in the customer’s shoes. An efficient CEM system helps you to understand and track customer behavior by helping you go through the same places as your patron. Customer Experience Management(CEM) can improve a company’s customer service and help to resolve customer queries quickly and effectively. Customer Experience Management(CEM) not only helps in providing customized communication for customers, but also in preempting customer dissatisfaction more efficiently. These steps go a long way in establishing company culture and brand personality.

  1. Competitive Edge: 

    CEM is often the differentiating factor among companies offering similar products or services. CEM starts where price war ends and provides the crucial product and brand differentiation for businesses.Customer Experience Management(CEM) also helps segregate customers at an individual level or group level based on different factors such as location, age, gender, income, etc. This helps in focusing on individual customers or a group of customers, a crucial factor that provides a competitive advantage.

  1. Targeted Marketing:

    Behind every good sales performance is a good sales strategy, and Customer Experience Management(CEM) helps build robust sale strategies. CEM helps in targeted advertising, retaining existing customers and acquiring new ones.

  1. Improves Customer Satisfaction:

    CEM helps in building transparency and ensuring a consistent visible customer experience across all touch points.Customers are increasingly seeking a better experience and reward companies if provided with it over a long term. Happier customers mean loyal customers, which in turn mean an expanding customer base and growing bottom-line. On the other hand, most of customer attrition occurs due to poor customer service, which can be reduced with the help of Customer Experience Management(CEM).

    Moreover, CEM tools and processes help reduce costs by saving man-hours required to collect and analyze enormous data.

    CEM drives different departments such as customer service, marketing, product management, operations, sales, advertising, retailers, and all other touch-points. It is also the prism that converges customer satisfaction, brand loyalty, customer retention, targeted marketing and stellar after-sales support.

To put in place a streamlined CEM system, it is important for businesses to run a transparent business, establish open processes, place customer service as a top priority, design personalized experiences, measure customer feedback and improve on it, and ensure consistency and continuity in customer relationships.

For more information on how Invensis Technologies will deliver value to your business through our Call Center Outsourcing Services, please contact our team on US +1-302-261-9036; UK +44-203-411-0183; AUS +61-3-8820-5183; IND +91-80-4115-5233; or write to us at sales {at} invensis {dot} net

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