THE FUTURE OF CXM
The collection of every interaction between a customer and the organization throughout the customer life cycle is Customer Experience Management (CXM). The ultimate goal of CXM is to foster customer loyalty and optimize interactions from the customer’s perspective.
THE SWITCH FROM CRM TO CXM
The primary reason that CXM is quickly replacing CRM is that there is a shift of power in the market. With the rise of e-commerce, rating systems, and social media, buyers are gaining the majority of power, leaving sellers to hold second place. More powerful systems that ensure buyers are having the best experience possible is required in the present scenario.
THE VALUE OF CXM
It is a given that CXM improves customer value. Having said that, it is crucial to understand that each business will have a different outcome with customer experience management. With millions being invested in CXM software, let’s understand what the value of CXM really is:
A majority of customers are willing to pay for a greater customer experience
A big chunk of buyers points to a great customer experience as the underlining purchasing decision.
Customers are willing to pay more on luxury items based on customer experience.
Many buyers find the great customer experience to be more valuable than advertising.
CXM IN THE UAE
The pandemic has totally transformed the way the average customer relates and interacts with businesses the world over. Consumers are switching to digital platforms, thereby enabling a digital experience with businesses. They are, in fact, going beyond offline interactions.
Businesses in the UAE responded to this digital revolution by swiftly focussing their marketing strategies on digital channels. The hyper-digitization wave has impacted the way customer experience is being delivered. The future of a customer-centric experience across various industry sectors in 2021 is being shaped by technology and tools like chatbots, real-time messaging, AI, AR/VR to name a few. There was a Global CX Summit middle East held online in June 2021.
THE GLOBAL CX SUMMIT (3RD EDITION)
The 3rd edition of the Global CX Summit, to be held in September 2021, promises to bring the CX strategies for the touchless tomorrow. This virtual conference aims at the best of the customer experience leadership community to come together, share ideas and learn how to tackle the new-age CX challenges.
CUSTOMER EXPERIENCE IS THE NEW BATTLEFIELD
Instead of redirecting their investment to CRM, businesses are slowly considering making a shift to CXM instead. Customer experience is the new business battlefield as every business gears up for the future which holds tremendous growth prospects.
CXM is a way to differentiate your business from that of your peers and turn customers into promoters of your business in the future. Data Direct can help with CXM platforms that can ensure that you keep your customer’s experience effortless.