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Customer Experience Management: What It Is & Why It Matters

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. There’s tangible business value in managing the customer experience effectively. 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 (and create advocates) through valued and memorable customer interactions.
  • Lower costs by reducing customer churn.

With the purpose of optimizing customer interaction and fostering loyal bonds with the purchaser, companies often adopt the process of maintaining database that contains all the information about the customer interactions with the company including purchasing details to the feedback provided by them. The concept involves keeping a track, overseeing and organizing all interactions in a customer life cycle. This process is known as Customer Experience Management (CEM or CXM).

Companies use various tools to organize and maintain customer interactions for future purposes. Apart from the traditional phone calls, online purchase, web chats and live chats companies also use texts and social media amongst other forms of communication. The basic reason to do this is to create a lucid customer database to strengthen the Business to Consumer (B to C) relationship. Companies create 360 degree comprehensive strategies to encompass all customer interactions and with updated data on their accounts.

This departmentalization of customer database helps a salesperson or a company representative in addressing the customer, doing sales and interacting with the customer as he would have all the customer history and past records with queries and concerns recorded.

The interaction between an organization and a customer over the duration of their relationship is how we can define online customer experience and to maintain and manage a correct and updated documentation of the customer services provided and the feedback received at all the different times is the process of Customer Experience Management. This is exactly why it is important also, as it helps the companies generate better business and other opportunities with the purchaser and help them understand the company as well.

This is an interaction between two parties in action, the customer and the company. This happens throughout a journey, the customer’s journey from assessing a product or a service to buying the same. If it sounds productive, the customer purchases else the journey ends there. However, in this process company representatives or salespersons help bridge the gap between the buyer and seller. The process of communication is the real asset here. Any information to be maintained by the salesperson under the customer experience column should reflect upon the impression the customer has of the company, its products and it’s services. The process of communication is the main asset here.

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