Customer Experience Management (CXM)
Customer experience mangement (CXM or CX) is a customer facing business strategy that aims to manage each individual customer experience and the sum of all customer experiences between a customer and a vendor over the life of their business and consumer relationship. Each customer's view of their vendor or supplier is developed as a consequence of their many business interactions over multiple-channels and over long periods of time. Businesses that are successful in earning consistently high CXM results are then rewarded with more customer share, customer loyalty, incremental business and independent cusotmer advocacy.
CRM software applications often concentrate on sales, marketing and customer support from the internal company perspective and objectives. CXM strategies instead focus on the customer needs and desires from the customers' perspective. CXM software integrates strategy, business process flows and CRM software applications to organize each customer activity and achieve consistent and rewarding interactions. Increased customer and vendor alignment also achieves increased customer business, referrals, advocacy, revenues and customer share (aka share of wallet).
CXM is not just the new flavor of the month or reincarnation of customer loyalty - and its not just repackaged CRM software applications. CXM is a stark shift from internally focused business process automation to an external focus that seeks to deliver superior customer experiences each and every time.