Today’s channel-agnostic consumers demand timely, relevant, consistent, and personal phygital (physical + digital) experience throughout all touchpoints and value creation stages. However, CRM alone cannot drive that kind of experience — close to 70% of CRM projects fail — it encapsulates only a limited amount of consumer data.
CXM (Digital Customer Experience Management) — an action-driven insights solution ensures a more optimal and orchestrated customer experience in real-time, across multiple channels.
Over 90% of business leaders claim that CXM creates “loyal customer relationships” and delivers “the brand promise.”
Digital Customer Experience Management (CXM) Strategy
Becoming an experience-driven business demands an orchestration of customer experiences, involving a top-down, cross-organization approach with the key roles of the entire C-suite — CMOs, CROs, CDOs, CIOs, along with other customer-facing teams.
A Forrester’s ROI study mentions that a successful CXM strategy leads to 1.7x higher customer retention rates, 1.6x customer lifetime value, and 1.4x revenue growth.
A great CXM strategy rests on three critical pillars, which can help a business to build a customer experience journey from start to finish, thereby pushing it a step closer to digital transformation.
1. Data-Driven Insights
A successful CXM strategy demands all data be placed in one place, available in real-time so that it can be leveraged to make informed decisions on what to present next — delivering the same information with every interaction ends up into a repetitive, redundant, and frustrating customer experience.
“You may have millions of customers, but you must know them like they’re your only customer.” – Adobe CEO Shantanu Narayen
To achieve this seemingly impossible task, a Digital Customer Experience Management helps weave all potential consumer data together on a single platform and develop a unified profile to enable marketers to watch their customers in real-time, thereby building relevant experiences to match their expectations, which is critical to the success of your CXM strategy.
However, in this entire process of gathering customer’s data, the three most important parameters to keep in mind are security (DevSecOps), trust, and transparency. Your target customers should be aware of when and how their data is being gathered and used — made clear upfront in plain, easy-to-understand language.
2. Orchestration of Multiple Channels
Digital ecosystem orchestration is accelerated to the hyper-connected digital world. The real challenge is to understand where and how you can and should improve to get the biggest effect and scale-up across the digital ecosystem effortlessly. – Digital Masters
What would be your next step if your potential customer in the middle of the funnel isn’t responsive to one message or one channel? An ideal move would be to send the next relevant and personalized message through a different channel.
With an orchestrated experience, you build, deliver, connect, and manage unique customer experiences across multiple channels and devices to keep a singular voice — shaped, targeted and timed based on previous customer interactions — across channels, markets, and languages.
Acquiring customer data — the raw material is the first step, and analyzing it comes next. While CRM talks about a “360-degree view of customers,” they have always lacked in the ability to gather data into a single environment — acting on fragments of the customer in real-time, using only a single channel — where AI and ML process the information.
Remember, mass experiences — one-size-fits-all attempts at personalization — lead to subpar interactions across the customer journey. With consumers hoping to get more personalized and relevant experiences, markets must not connect to each customer with vanilla and irrelevant messages.
Customers could pay up to a 16% price premium on products and services, plus increased loyalty, for a great experience.
To deliver an effective personalized experience, marketers need a deeper identification of customers; patterns, which are possible by unlocking artificial intelligence and machine learning that amplifies the impact of data and content.
By investing in predictive analysis, you can determine customers’ key drivers and proactively address their issues (in real-time) and enhance their experience at every touchpoint.
How Epson uses CXM to Deliver an Enhanced Customer Experience
Real-time dashboards are not the only way that Epson is raising visibility into issues. With predictive modelling integrated into the dashboard, powered by Adobe Sensei, they are finding ways to uncover unexpected website behaviors based on customer actions, errors, and conversion.
80% of CEOs believe they deliver such superior experience — 8% of their customers agree. To attract, retain, and delight the rest of the 92% of customers, businesses need to embrace Digital Customer Experience Management strategy that can help deliver relevant customer information across channels and devices, which can be leveraged to offer the right experience to the right customer.