{"id":10228,"date":"2021-02-16T15:31:36","date_gmt":"2021-02-16T15:31:36","guid":{"rendered":"https:\/\/www.revuze.it\/?p=10228"},"modified":"2021-02-16T15:31:36","modified_gmt":"2021-02-16T15:31:36","slug":"how-to-conquer-customer-experience-management-the-smart-way-2021","status":"publish","type":"post","link":"https:\/\/www.revuze.it\/blog\/how-to-conquer-customer-experience-management-the-smart-way-2021\/","title":{"rendered":"How To Conquer Customer Experience Management The Smart Way (2021)"},"content":{"rendered":"
In the age of digitalization, the best opportunity for businesses lies in how they can delight customers both online and offline.<\/span><\/p>\n Customer experience management seeks to provide a holistic brand experience across all customer channels. It goes beyond traditional measures of customer satisfaction.<\/span><\/p>\n As per the Grand View Research report, the global customer experience management market is worth <\/span>$7.6 billion in 2020<\/span><\/a>.\u00a0<\/span><\/p>\n Over the coming years, the market is set to continue growing and sustain an impressive growth rate. The same report also shows that the compound annual growth rate is expected at 17.7 percent from 2020 through to 2027.<\/span><\/p>\n Hence, customer experience is something that brands should not ignore because customer loyalty and retention is directly related to experience.\u00a0<\/span><\/p>\n This article explains customer experience management (CXM) and details the purpose, strategy, methodology, and importance of CXM. It also explains how to set-up CXM operations in depth.\u00a0<\/span><\/p>\n <\/p>\n Gartner defines<\/span><\/a> CXM as the practice of reacting to customer interactions to meet or exceed customer expectations, increasing customer satisfaction, loyalty, and advocacy.<\/span><\/p>\n Hence, CXM is the effective management of customer interactions at each <\/span>stage of the buyer journey<\/span><\/a> to retain customers and increase revenue.\u00a0<\/span><\/p>\n The primary purpose of CXM is to improve the overall experience of a customer with a brand.\u00a0<\/span><\/p>\n More than <\/span>75% of customer<\/span><\/a> management executives consider customer experience highly important to the business.\u00a0<\/span><\/p>\n The Consumer Intelligence report by PwC shows that <\/span>73% of consumers<\/span><\/a> consider customer experience as an important factor in their purchasing decision.\u00a0<\/span><\/p>\n Therefore, to achieve <\/span>excellent customer experience<\/span><\/a>, potential objectives include a focus on the following:\u00a0<\/span><\/p>\n A CXM strategy guides you to take actions that deliver a remarkable customer experience across all customer touchpoints.<\/span><\/p>\n CXM requires brands to have a 360-degree view of customers, with integrated, up-to-date data on customer accounts.<\/span><\/p>\n A successful CXM strategy considers several factors, including competitive insight, consumer research, marketplace data, and mission.\u00a0<\/span><\/p>\n According to Salesforce, <\/span>52% of marketers<\/span><\/a> adapt their marketing strategy and tactics based on customer interactions and feedback.<\/span><\/p>\n These are the key steps involved in an effective customer experience management strategy:<\/span><\/p>\n The first step is to understand your customers’ needs, motivations, and behaviors.\u00a0<\/span><\/p>\n Two ways to understand your customers better are:<\/span><\/p>\n The customer journey mapping research report shows that nearly <\/span>67% of the participants<\/span><\/a> use a customer journey map. As per the same study, around 90% of the surveyed customer journey mapping practitioners said that their program is delivering a positive impact.<\/span><\/p>\n Create a <\/span>customer journey map<\/span><\/a>. It helps you to identify customer touchpoints and anticipate how customers will interact with your product or service.\u00a0<\/span><\/p>\n It outlines customer needs, pain points, opportunities and gives you a view of the end-to-end customer experience. Below is an example of a customer journey map.<\/span><\/p>\n As per <\/span>a report by Deloitte<\/span><\/a>, Trustworthiness (83%), integrity (79%), and honesty (77%) are the emotional factors that consumers feel most align with their favorite brands.<\/span><\/p>\n Create a brand personality that evokes emotions and connections for a customer. It helps establish a relationship between the customer and the company.<\/span><\/p>\n Use consumer insight tools like Revuze to understand customer emotions. Here are the top features offered by Revuze:<\/span><\/p>\n Research by Bain & Company shows that <\/span>80% of companies<\/span><\/a> believe they are providing great customer service, but only 8% of customers agree with them.\u00a0<\/span><\/p>\n Measure customer satisfaction in real-time by using post-interaction and real-time feedback surveys. Tools such as Revuze are highly useful. It collects and turns unstructured data into market insights so that anyone can make decisions based on consumer opinion data. It allows you to scan millions of opinions in real-time and get the deep insights you need to respond to issues as they arise.<\/span><\/p>\n Customer feedback helps you to track customer perceptions. It enables quality monitoring and measures the success of the customer experience strategy.<\/span><\/p>\n As per the McKinsey report<\/span><\/a>, maximizing satisfaction with customer journeys has the potential to increase customer satisfaction by 20% while lowering the cost of serving customers by 20%.<\/span><\/p>\n Here are the best ways to improve customer experience management:<\/span><\/p>\n Measure customer experience and collect data on their satisfaction levels across key points of interaction with the company.\u00a0<\/span><\/p>\n Customer satisfaction metrics are the numerical scores that indicate the health of your brand\u2019s offerings and relationships with the customer.<\/span><\/p>\n The top three surveys and their scoring are:<\/span><\/p>\n Personalizing means designing your services and products to meet customer\u2019s individual requirements.<\/span><\/p>\n Nearly <\/span>56% of customer experience<\/span><\/a> professionals aim to improve and personalize the customer experience.<\/span><\/p>\n A customer personalization strategy allows you to identify customers with specific needs, helping you to create a unique and targeted experience for them.<\/span><\/p>\n Here are the key ways to personalize your content:<\/span><\/p>\n <\/p>\n Investing in both CRM and CXM helps your business to deliver a positive and meaningful experience.<\/span><\/p>\n CRM and CXM have their own operational strengths that enable you to capture and manage valuable data.<\/span><\/p>\n A CRM system captures a wide range of information about your customers and how they interact with your business. It informs you about how best to implement future campaigns and business strategies.<\/span><\/p>\n 74% of businesses using CRM claimed that their customer relationships are stronger through good customer experiences.\u00a0<\/span><\/p>\n Whereas CXM helps you identify how your customers think and feel when engaging with your brand.\u00a0<\/span><\/p>\n Here is how you can integrate and use CXM and CRM together:<\/span><\/p>\n As per Statista, <\/span>48% of consumers<\/span><\/a> expect a response to social media questions and complaints within 24 hours.<\/span><\/p>\n Also, <\/span>71% of consumers<\/span><\/a> with a good social media service experience with a brand are more likely to recommend it to others.<\/span><\/p>\n There are several avenues within social media platforms. From visual platforms, such as Instagram and YouTube to network-based platforms like LinkedIn and Facebook.\u00a0<\/span><\/p>\n Here are the best ways to boost your customer experience management on social media:<\/span><\/p>\n You can use tools such as Sprout\u2019s Group Report, Sparkcentral, or Hootsuite to supplement your social media insights.<\/span><\/p>\n As per Gartner, the use of AI grew by 270% over the past four years.<\/span><\/p>\n As per Forbes, <\/span>95% of all customer interactions<\/span><\/a> will be supported by artificial intelligence by 2025.\u00a0<\/span><\/p>\n Here are how AI customer support can be used to better serve your customers and enhance growth:<\/span><\/p>\n Research by Gartner shows that <\/span>89% of companies<\/span><\/a> compete primarily based on their customer\u2019s experience.\u00a0<\/span><\/p>\n Here are the advantages of using a customer experience management system:<\/span><\/p>\n <\/p>\n CXM allows you to get feedback from customers. Analyzing and using this feedback, you can improve or fill up crucial gaps in customer experience processes.\u00a0<\/span><\/p>\n A CXM system leverages insights to enable you to act swiftly on customer issues and concerns, thereby further reinforcing customer satisfaction and loyalty.<\/span><\/p>\n A report by McKinsey & Company shows that a great customer experience increases <\/span>customer satisfaction by 20%.<\/span><\/a> It increases revenue by 15% and even lowers customer care spending by 20%.<\/span><\/p>\n CXM helps businesses to optimize operations and utilize new business digital models to fuel growth through a sustainable differentiation.<\/span><\/p>\n Approximately <\/span>60% of consumers<\/span><\/a> visit a brand\u2019s website after reading positive reviews, and over 70% trust a brand more after seeing such reviews.\u00a0<\/span><\/p>\n Customers who are fully connected with a brand are <\/span>52% more valuable<\/span><\/a> than customers who are just satisfied.\u00a0<\/span><\/p>\nWhat Does Customer Experience Management Mean?<\/b><\/h2>\n
What is the Purpose of Customer Experience Management?<\/b><\/h2>\n
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What is a Customer Experience Management Strategy?<\/b><\/h2>\n
1- Understand Your Customer<\/b><\/h3>\n
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2- Create a Customer Journey Map<\/b><\/h3>\n
3- Develop an Emotional Connection<\/b><\/h3>\n
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4- Capture Customer Feedback<\/b><\/h3>\n
How to Improve Customer Experience Management?<\/b><\/h2>\n
1- Leverage The Power of Data<\/b><\/h3>\n
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2- Make Personalization A Priority<\/b><\/h3>\n
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3- Make the Best Use of Your CRM System<\/b><\/h3>\n
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4- Take Control of Social Media<\/b><\/h3>\n
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5- Leverage Artificial Intelligence\u00a0<\/b><\/h3>\n
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Why Should Brands Use A Customer Experience Management System?<\/b><\/h2>\n
1- Analyze Customer Feedback and Leverage Insights<\/b><\/h3>\n
2- Improved Customer Experience<\/b><\/h3>\n
3- Positive Sentiment\u00a0<\/b><\/h3>\n