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CXM management is similar in some ways to customer relationship management (CRM), but the focus in CXM is on the customer’s feelings and opinions, and not as much on your organizational knowledge of your customers. CXM puts the customer’s experience as the focal point, and a company using customer experience management works to make that experience positive.

A customer relationship management system is a tool that companies use to track and optimize important customer data that helps them build relationships and improve sales. Common types include on-premise and cloud CRM programs.

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Why is customer experience management important?

Customer experience management is important because happy customers return to your business later, refer their friends to your business and publicly say positive things about your company. It usually costs less time and effort to maintain existing customer relationships than it does to create new ones.

Prioritizing CXM creates win-win scenarios for businesses and consumers alike. Customer experience management helps to:

• Gather and interpret much larger volumes of data with advanced marketing automation software

• Help to more informed, customer-centric business decisions

• Lower costs by reducing customer churn

• Boost revenue with sales from existing customers and new sales from word of mouth

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  How CXM software helps

  Effective CXM software programs help businesses constantly manage and analyze huge quantities of customer information and quickly turn these interactions into profitable actions like intelligent service, product recommendations and loyalty incentives. CXM software often incorporates CRM data, customer feedback, web content management systems, personalization engines and web analytics.

  Here’s what to look for when choosing a CXM platform:

  • Multichannel data collection: The software should be able to gather customer feedback through various methods from web and text surveys to live chats and interactive voice response systems.

  • Centralized data storage: The platform stores all customer information in one place, with real-time updates that are easy to share with various teams.

  • Customizable dashboards: These helpful dashboards quickly show relevant metrics to people in different roles.

  • Analysis tools: Analytics capabilities to look for include statistical, text and key driver analysis.

  • Automated actions: Ticketing, alerts and other automated actions enable businesses to respond to customers directly from within the system.

  • Ability to integrate with current ecosystem: Many CXM software programs have application programming interfaces (APIs) that allow businesses to send and gather data to and from other systems.