It takes months to find a customer...seconds to lose one. - Vince Lombardi Keeping the customers happy and satisfied is critical to the survival of business in today’s ‘customer’s era’. Having a robust customer management system can help companies acquire new customers, retain the existing ones, and also convert potential customers to customers/ consumers. Moreover, it has been observed that satisfied customers are likely to bring in more customers through word-of-mouth medium. Such a customer also holds the factor of loyalty to the brand, and, in return, enhances the reputation of the company.
Customer experience management (CEM or CXM) refers to various company policies or protocols that are designed to enhance the overall customer satisfaction. This enables the company or brand to increase customer loyalty towards them and ensure continuous as well as repetitive business.
A successful CEM system would help the business/company to obtain the following benefits:
• Enhance the experience of the existing customers;
• Give more insights on customers—it will help analyse the customer data and identify the upscaling factors;
• Combine data from different sources to create a collated data center for customer analysis reports. Also, it would help in segmentation of the customers depending on their needs and help in acquiring better insights on their needs;
• Enhance customer retention;
• Anticipate the future needs of the customers through new and existing data.
CEM for today’s organisations
This story is from the November 2021 edition of Indian Management.
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This story is from the November 2021 edition of Indian Management.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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