The most important factor that brings you more business and also makes it grow is your Customer Experience Management System. The customer experience is what defines their brand loyalty and trust towards your business. This is why it is important for you to have efficiency in your CXM Customer Experience Management. This is also why you need a strong Customer Experience Management System.
Customer Experience Management is the key to unlocking extraordinary customer experiences and increased brand loyalty. It is a way to make the customer feel special at every touchpoint digitally. Now, you must be confused between CRM, CXM or even CDP. Let us explore the difference between these to understand the context and the concept behind each of these acronyms.
These are the three terms that are often used interchangeably or as substitutes. So, we must understand that these three are actually very different terms and far away from being the same as each other.
Customer Relationship Management CRM is a process. It is used by organizations and businesses to interact with customers and build relationships with them long-term. This is typically done by using the data and analyzing it and using that as a leverage.
CXM Customer Experience Management is the way to understand your customers and provide them with the best of the best digital experiences by targeting each and every digital touchpoint. It is a system that includes marketing strategies as well as technology.
Customer Data Platform (CDP) is a platform or software which allows you to collect customer data, analyze it and figure out the high-value customers. Then, it allows you to push the right marketing strategies to the right people at the right time.
Now that we have understood the concepts behind the three, let us dive deep into CXM Customer Experience Management and Customer Experience Management Systems.
We have already learned the answer to the question: What is Customer Experience Management? But what else is there to understand it thoroughly? CXM Customer Experience Management includes marketing strategies, tricks and tactics, tools used for executing the strategies, and all the processes used to influence the customers.
The key traits of a CXM are the efforts put in by the brand towards the experiences and the buying journey of the customer, the perception or image of the brand in the minds of the customers and the increasing customer value to increase revenue and growth.
According to Gartner, the customer experiences drive more than two-thirds of the customer trust and customer loyalty which outperforms both the brand and the price. Having a Customer Experience Management System, you can build long-lasting customer loyalty.
When you have a good Customer Experience Management System, it can help strengthen the brand. It increases the brand value of the customer. It can boost revenue with increased sales. The existing customers bring in new sales through word of mouth.
When there is a good CXM Customer Experience management, there is good customer experiences. Customers always love personalized experiences. They love feeling special and having a unique experience.
Customers who have good experiences always reward the businesses that made them feel good. When you build trust in your customers, their loyalty will increase, their trust will increase and then they will keep coming back to your business.
These customers will bring new customers as well as repeat customers. Happy customers also always provide good reviews and also insights on what has worked out in your marketing strategy. These customers will help you analyze what worked in your marketing strategy.
When there is good customer experience management, the customers will turn into advocates for your brand. When you build trust and loyalty for your customers, they tend to talk openly about the experiences they had.
Also, these very same loyal customers will defend your brand name and spread around a good word to increase brand value. This is why it is important to have good Customer Experience Management.
CXM Customer Experience Management is a system used for marketing strategies with a core focus on customers’ engagement, satisfaction and great experiences. The Customer Experience Management System originated from B2C business models but it is actually very relevant in all corporate departments.
CXM Customer Experience Management is a set of technologies as well as a set of processes where the data siloes get eliminated. It allows you to deliver an exceptional experience through all digital touchpoints.
A Customer Experience Management System gives you quality insights and helps in unifying the data. It focuses more on customers’ engagement that will in return drive your revenues. CXM also uses AI for creating real-time impact.
Sitecore CDP gives you real-time insights and customer view so you can access it through different systems for the processes of analysis, marketing and customer interactions. Customer Data Platform Sitecore is very well-known and trusted by businesses.
It is a very advanced platform that has data management capabilities and also has intelligent decision-making abilities. It unifies and leverages data across all the touchpoints and delivers exceptional customer experiences with touch of personalization.
The key cases for a Customer Data Platform are:
According to Gartner, there are three types of CDPs:
CDP Engines and Toolkits – It includes features suited mostly for IT teams who wants to create new applications, platforms and websites while already having an existing CDP. In this, data-handling operations are prioritized.
CDP Marketing Data Integrations – It enables the operations and supervision of marketing events and its data streams. It provides you with control, however it does not have any analytical capabilities.
CDP Smart Hubs – They drive the data analytics of both event-triggered as well as pre-planned campaigns for marketing and personalization. This is the best suited CDP for enabling the marketers to use a centralized interface.
The Sitecore CDP comes with 5 core capabilities for driving exceptional Customer Experiences. They are:
Sitecore CDP helps you in delivering exceptional customer experiences. Through its core capabilities and world-class features, you can leverage the power of marketing automation, content optimization as well as activation.
Using the Sitecore CDP, you can not only get real-time customer data view, you can actually identify the high-value customers as well as at-risk customers. This allows your strategy to focus on the high-value customers who are bound to bring in revenue and improve the brand value.
You can also get customer profiles which help you plan and create marketing strategies that are suited to the type of customers there are. You can provide personalized experiences, personalized offers and personalized journeys to all your customers.
Sitecore CDP plays a major role in defining your CXM Customer Experience Management. Through the Sitecore CDP, you may change or give a complete turnaround to the value of your brand and even improve and increase it in the market.