What is Customer Experience Management (CxM) and why is it important?
In this era of big data and analytics, Customer Experience Management (CxM) is emerging as a powerful tool, allowing service providers to compile comprehensive metrics at various customer touchpoints, enabling them to fine tune their offerings and elevate their customer experience.
Customer service leaders including Southwest Airlines, Zappos, Amazon and Apple have been early adopters of CxM as a cornerstone in their quest for service excellence and have garnered strong brand loyalty and profitability as a result. The advent of cloud computing and Software as a Service business models have now drastically lowered the implementation and operational costs of CxM, which means that anyone can afford to realize a CxM program.
Customer experience is essential to both the survival and success of your company, and today it is widely accepted that a thriving business to a large extent must be grounded in the continuous maintenance of customer experience. CxM is the essential process to win back defecting customers, cultivate loyalty, enhance your company’s profitability and deliver a sustainable competitive advantage.
Every business is different, and it is important to design your CxM program to suit the needs of your specific business, the resources you have available, and the goals you aim to achieve.
While the expressed goal of CxM is to generate economic growth, in a pleasant twist growth is actually just a fortunate side effect of satisfied customers - focus on your customers and the bottom line will naturally follow.