April 15, 2021 8:05 PM

What is Customer Experience Management and Why it Matters

Riversand

To understand the importance of Customer Experience Management (CXM), consider the following parable:

In an old, pitch-black cave, a group of four explorers lost the flickering flame in their lantern, rendering them unable to see. Soon, they came upon an elephant, an animal they’d never seen or heard of before. Curious, they decided to inspect this new creature by touch.

The first explorer, whose hand landed on the trunk, declared that the creature is a thick snake. The second, whose hand reached the elephant’s ear, said it’s some sort of fan. The third, whose hand felt the animal’s leg, said the animal was like a tree trunk.

Discovering each other’s disagreements, the explorers suspect each other of lying and start arguing.

Then, the fourth explorer in the party was able to revive the lantern. She repeated each of the first three’s descriptions and perspectives as they all stared at the elephant. The first three explorers learned that each of them was partially correct – but not wholly correct.

What the explorers lacked, due to their limited perception, was complete context.

In essence, complete context is what Customer Experience Management (CXM or CEM) is all about. When context comes first, businesses can make more informed decisions to enhance their customer experience.

But what is CXM? Why would you need it? And how does it improve your CX strategy? We’ll answer all these questions and more.

What is Customer Experience Management (CXM)?

Customer Experience Management is the discipline of understanding customers and creating policies and processes that enable customer-centric culture. High-level CXM efforts include technology purchases and strategic plans that allocate and deploy cross-functional resources.

CXM aims to improve customer loyalty, satisfaction, and advocacy.

The Importance of a Seamless Customer Digital Experience

Today, setting up new digital sales channels is, in theory, as easy as opening a new social media account.

In fact, a 2017 survey found that 51% of companies used at least eight channels to communicate with customers. That was up from 2015, when, in the same survey, 58% of companies used at least four channels.

With the proliferation of sales channels comes a new challenge: Enabling a seamless, omnichannel digital customer experience.

The companies who’ve tackled this challenge—Amazon, Apple, Zappos, and more—have outperformed their peers. In an Aberdeen Group survey, companies with the best CXM retained 57% more of their customers than companies with average or below average CXM.

When companies can expand their sales channels, it’s the few who can cost-effectively facilitate a superior customer experience across these channels who will lead the pack.

Tools You Need to Improve the Customer Experience Strategy

Given the importance of CXM, the question is clear: How do you improve your customer experience strategy?

A big part of the answer is using a solution like Riversand CX360 to enhance customer experience management. With Riversand CX360, you gain access to intelligent customer data with the situational context of where and when you need it.

By unifying data behind every customer touchpoint, Riversand CX360 enables a single point of access to the entire network of encyclopediac information as a starting point to streamlining your customer experience. CX360 eliminates information silos that naturally prop up among disparate sources and departments.

In the following sections, we’ll summarize six critical tools (all made available by CX360) for improving your CX strategy.

1. 360 View of the Customer

To improve your customer experience strategy, first, you have to improve your information.

Most companies stitch together disparate data sources, which results in a disjointed, incomplete view of the customer. Properly unified data creates a single view through a single source, making for consistent, reliable customer profiles.

Riversand CX360 provides this complete view with a combination of AI-powered data processing and flexible system architecture.

2. Roles and Permissions

Good CX isn’t just about getting the right data to the right person. It’s also about not allowing data to get into—or manipulated by—the wrong hands.

A customer experience strategy includes getting the right data to the right person at the right time. Accomplishing that requires a solution with a robust roles and permissions tool. That way, you have the power to delineate roles and permission to keep data access specific to the most relevant roles.

3. Automated Actions

Cost-effective personalization at scale is impossible without automation. The sources of service, marketing, commerce, and social data are all great in their respective silos, but they’re not always connected.

So when we reconcile customer profiles and interactions through a thoughtful platform interface, you end up knowing the customer regardless of the touchpoint.

Automation tools, like those found in CX360, leverage unified data to intelligently automate as much of the customer experience as possible.

For example, using rich and accurate customer data, companies can reduce the average call-handling time, the manual input of data, duplication and errors, and the back-office processing burden on call center agents.

This saves the business in costs, and it creates a more efficient, enjoyable experience for customers.

4. Multi-domain Platform

You can think of a multi-domain platform enabling cross‐domain orchestration of services over multiple locations, technologies, or over multi‐domain functions in the context of emerging customer experience strategy. The platform combines and de-duplicates data about your customers, products, vendors, and more. By doing this, it lays the foundation for everything from customer analytics to automation.

5. Hyper-personalization at Scale

As we’ve written about previously, personalization at scale is a key growth driver in e-commerce.

A multi-domain platform sets the vision for typing together siloed customer data to give your teams the ability to gain a 360-degree view of your customers.

This rich and accurate data, along with contextual insights, and automation drives hyper-personalization at scale.

As in the explorers and the elephant’s parable, this small shift in perspective reveals the full picture and reality of your customer experience strategy. And only when you can see reality is it possible to make good decisions.

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