Customer relationships are more complicated and more important than ever as businesses interact with customers across a wide variety of physical and digital touchpoints. Customer experience management (CXM) is essential for organizations to monitor those relationships, evolve along with their customers' changing needs and preferences, and incorporate customer insights and feedback into their decision-making.
With CXM, brands can continue to provide the products, services, support, and experiences that customers expect.
CXM delivers real, undeniable business value across four key pillars:
1. Accelerated Innovation
Gathering customer insights from all channels empowers businesses to continually refine their offerings and stay ahead of the competition.
Imagine being able to directly interact with thousands of customers to accelerate innovation and co-create personalized experiences with deep customer feedback to attract and retain users. Co-create and test product concepts and content investments with highly engaged, well understood customers.
2. Increased Revenue
Optimizing the customer journey at every touchpoint will improve satisfaction and retention rates, producing greater long-term value.
When brands have a laser sharp focus on CXM, the benefits far exceed those just for their customers. Customers know when a brand really cares, and industry studies have shown that brands who get CXM right thrive where others don’t.
In fact, highly satisfied customers generate 2.6x more revenue than those who are just slightly satisfied.
With the right approach, CXM delivers true business value for your organization.
3. Improved Customer Experience
Enhance the customer experience by measuring and acting on customer feedback and valuable metrics like CSAT, CLV, and NPS to deliver differentiated experiences that delight customers.
With CXM, companies gather feedback throughout the entire lifecycle of the customer experience. Every insight—whether it’s direct or indirect input—sheds more light on customer sentiment and the best way to improve the brand experience.
Don’t underestimate the value of experiential enhancements: According to PwC, 65% of consumers believe good experiences influence their purchase decisions more than even the most effective advertising campaigns.
The Alida CXM & Insights Platform allows you to measure experiences across physical and digital channels to completely map out the customer journey. Understand what your customers need and when they want it, and why, to deliver precisely what they expect from your brand.
4. Mitigated Risk of Decisions
Segmenting and managing customer relationships across all demographics enables companies to better understand exactly what customers want—and avoid making decisions that might undercut the customer relationship.
Every strategic decision a business makes—from which marketing campaign to use for each market segment to which product concepts to place in market—should be driven by customer insights. Without that deep understanding of the customer experience, businesses run the risk of making decisions that don’t align with what customers care most about. Any shifts in business strategy, product development, or customer engagement will be inherently flawed and put revenue at risk.
CXM solutions effectively de-risk your decision-making by assessing the marketplace, analyzing the competition, and showing you what customers really want.
Alida's CXM & Insights Platform provides every step businesses need to build a strong relationship with their most valuable customers so they consistently deliver the very best offerings and experiences. When brands look at CXM through the lens of these four pillars, both individually and holistically, they can maximize the potential of CXM for their customers and their businesses.
