CXM
Customer Experience Management
Customer Experience Management (CXM) is the set of processes a business uses to assess, track, and optimize every interaction between a customer and the organization throughout the customer lifecycle. CXM’s foundation is a comprehensive view of the customer made possible through accurate data on your customers/users and their perceptions about interacting with your business.
Foundational Data: Voice-of-the-Customer
Accurately understanding the perspective of every customer is of paramount importance to a customer experience team and its insight into preferences, issues, concerns, and complaints. Companies use VoC data to assess their current experiences and understand how to improve future interactions and relationships.
- Purpose-built VoC collection tools and methodologies help ensure companies get an accurate view
- Sentiment analysis codifies the feelings people have about a brand and its products
- Organic text analysis helps to identify the true perceptions of each customer
- Continuous tracking illustrates the directional change in customer ratings and perceptions
How VoC Informs CXM
VoC helps clarify current customer perceptions. CXM is all about turning insights from VoC into an action plan that can enhance those brand feelings. Great CXM leaders focus their companies on proactively improving customer perceptions.
- Objectives-based clarification of a company’s customer experience management plan
- Goal-setting for CXM in immediate, medium-term, and long-term time frames
- Strategy development is used for effective customer experience management
- Defining metrics ensures companies use correct data to measure perceptions and track progress
Components of Effective Customer Experience Management
Sound strategy and governance are paramount elements of any effective CXM program. Each is critical for setting and maintaining objectives and goals for CXM program. Additional key implements include
- Business Process Development to embed CXM principles into company operations
- Data Collection Method outlines how customer feelings and sentiment are tracked
- Reporting outlines how we reveal CXM insights to stakeholders in the organization
- Research explains how the company gleans insights and value from customer sentiment data
Customer Experience Management (CXM) v. Customer Relationship Management (CRM)
It can be challenging to understand the difference between CXM and CRM. Both relate to experiences, sentiments, and preferences. The critical difference comes back to whose perspective is the focus. CRM relates to how companies see customers. CXM concentrates on how customers perceive companies.
- CRM focuses on what customers do. CXM on how customers feel
- CRM focuses on how companies interact with customers. CXM focuses on how customers feel about those interactions
- CRM data relates to actions and attributes. CXM data assesses attitudes and feelings
- CRM often focuses on individual interactions, whereas CXM focuses on the overall customer perceptions
Most Common Challenges for Effective CXM
The most common CXM challenges relate to the quality of the data available and the level of internal support for customer experience management initiatives. Customer experience leaders often cite these four issues as their key barriers to additional progress for their product teams.
- Not enough voice of the customer data to accurately assess customer experiences.
- Lack of omnichannel support so that the view of the customer is partial/biased
- Lack of genuine sentiment insight to uncover customer feelings
- Lack of company buy-in to the need for robust CXM programs or ongoing efforts
FICX and Customer Experience Management
Digital Self-Service is an essential component of any strategy to please and satisfy customers. The FICX CX Automation Platform enhances your CX work by empowering you to develop and deliver digital self-service experiences 10X faster, and at 90+% lower cost, than custom development. It is an end-to-end solution offering everything you need to provide outstanding CX through self-service channels at every customer touchpoint.
- Design and implement customer-facing experience apps without a single line of code
- Leverage pre-built customer service workflows, templates, and data integrations
- Include form logic, customer data form fill, dynamic pdf builder, e-sign, and more
- Easy-to-use integration builder for dynamic forms and digital customer experiences