CIOReview
CIOREVIEW >> Customer Experience Management >>

The Growing Importance of Customer Experience Management

By CIOReview | Monday, September 14, 2020

Customer experience is so much more than measuring the pulse of customers. But it is more about how the organization is set up to act on these experiences.

FREMONT, CA: Customers are more informed than ever and undoubtedly consider experience as part of any purchase they make. Customers are also becoming increasingly demanding and price-sensitive, which is why, more than ever, it is becoming vital to keep existing customers happy and satisfied. But how can organizations handle tremendous amounts of customer data and generate meaningful information to manage a complete, end-to-end customer journey and customer experience ecosystem? The answer is customer experience management. It is so much more than just measuring the pulse of the customers and experience across various touchpoints. It's also about how the organization is set up to act on these experiences. Read on to know more.

Customer experience has become a vital differentiator in today's hyper-competitive, increasingly connected business environment. There's significant business value in managing the customer experience effectively. Good customer experience management can even strengthen brand preference through differentiated experiences, boost revenue with incremental sales from existing customers and new sales from mouth publicity, improve customer loyalty through valued and memorable customer interactions, and lower costs by reducing customer churn. If customer experience management is done right, customers will enjoy the same experience every time they contact the brand: the warm reception due to a valued, returning customer.

Just because customer experience management is essential, it doesn't mean that managing customer experience easy. To pull off unified customer experience management, the organization's team will need to consider a complete digital transformation. There is a vast growth opportunity to take advantage of with the help of a customer experience management platform. To deliver an outstanding customer experience, brands have to know their customer better than previously.  That means creating complete customer profiles that help brands understand and measure their customers' journeys at every touchpoint. The more the brand knows the customers, the more effective they will be at offering relevant offers to them. The more relevant the offers are, the closer the relationship between the business and the customer becomes – driving metrics like loyalty and retention.