With the regular addition of new technology acronyms in the enterprise space, it’s important to know the definition of each three-letter short form word and what it means for your company. Are you familiar with one of the newest acronyms, CXM? Do you know how your company can maximize its CXM?
First off, let’s define CXM. CXM (or CEM) stands for Customer Experience Management, and the main goal is to enhance a consumer’s perception of their interactions with your company with the goal of transforming them from a customer to an advocate. This can be done by creating a positive experience, allowing customers to make their own choices and building strong relationships. A recent article on CIO.com shared advice from customer experience experts around how and why companies need to create a positive customer experience.
This is one of many blog posts that will discuss how enterprises can maximize CXM, but in today’s post, I want to focus on one part in particular: customer communications.
Customer communications can make or break a customer’s experience with a company. It’s important that companies know that one size doesn’t fit all when it comes to customer communications. While some customers prefer to have communications (utility bills, bank statements, insurance notices, etc.) sent via postal mail, others desire communications sent via email or text message.
Personally, I mostly prefer to log on to the Web and access my online accounts to view statements and resolve issues.
In addition to delivering consistent communications through multiple channels, it’s important that companies send relevant and personalized communications to their customers. According to a survey conducted by The Relevancy Group, in the last six months, 72 percent of respondents deleted an e-mail offer that wasn’t relevant to them.
Considering it costs six to seven times more to gain a new customer than to keep an existing one, enterprises that deliver individualized, personal customer communications in the preferred delivery channel- such as postal mail, Web, SMS, mobile apps and e-mail- will find increased customer satisfaction and retention, improved response rates and higher revenue.
Consider the communications that you receive from your bank, insurance company, telco and utility providers. Are the communications targeted, personalized and delivered to you in your preferred channel? Comment and let us know!