Then you need a customer experience management platform (CXM)!
But why is customer experience important?
According to Gartner, more than 80% of companies expect customer experience to be their primary differentiator now and in the future
Forbes says that customer-centric companies are 60% more profitable than companies that don’t focus on their customers
In a survey conducted by Salesforce, among 6,000 consumers, it was found that 76% of them expected companies to understand their needs and expectations
PwC research found that 1 in 3 customers will leave a beloved brand after a single bad experience
The same research found that, particularly in the US, about 60% of customers will walk away from a company or product they love, after several bad experiences
And since you're here reading this, it means you probably understand that customer experience (CX) is a game-changer for businesses.
What is customer experience (CX)?
Simply put, all interactions that a customer has with your business is customer experience. This means that, from acquisition to retention, you have multiple opportunities to provide a positive customer experience to your customers.
What are the benefits of customer experience?
Having customer experience as a strategy provides benefits, both tangible and intangible.
- Saves retention costs: Research done by Bain and Company found that increasing customer retention rates by 5% increases profits by 25% to 95%. But this comes at a cost. Did you know that businesses incur costs to retain their existing customers? With a customer experience strategy in place, though, retention costs are lower.
- Customer lifetime value: Increased retention also means that, over time, revenue from a customer also increases.
- Reduction in churn rates: A common denominator that makes or breaks businesses, no matter how small or large, is how they treat their customers. Customer churn rates are lower in organizations that proactively work to provide a good customer experience to their customers.
- Customer loyalists: An intangible benefit of great customer experience is the brand loyalty that customers develop towards a product or service.
- Positive social proof: In today's world, disgruntled customers are more likely to express their displeasure on social media. This not only affects the brand image but also diminishes positive word of mouth. When customer experience is absorbed across various departments in an organization, happy customers will prefer to resolve their issues internally.
- Knowing what the customer wants: The most important benefit of all is that various touchpoints, via calls, surveys, and feedback mechanisms, help to capture what customers are looking for or the problems they face. These insights help to improve the product/service, as well as reduce marketing costs.
Previously, small businesses thrived through word of mouth or local connections, while larger businesses splurged on marketing spends. Now, customer experience plays a major role in making all kinds of businesses profitable. This holds true for transactional businesses, subscription-based businesses, and small and large organizations.
So when it comes down to it, if you'd like to see your business grow, the steps you take for a positive customer experience are important—and a customer experience management platform can make your job easier.
Here's everything you need to know about customer experience management platforms:
- What is a CXM platform?
- Why do you need a customer experience management platform?
- What are the benefits of a custom-made CXM?
- How can low-code help build a CXM?
- Prebuilt apps that can help build your CXM
What is a customer experience management (CXM) platform?
A customer experience management platform is a one-stop solution to manage your customer data, record interactions, schedule appointments, roll out surveys, derive actionable insights, and more.
And you can build your custom-made customer experience management platform with Zoho Creator now.
Why do you need a customer experience management platform?
CXM platforms help organizations improve customer satisfaction and retention, and open opportunities for upselling or cross-selling.
- Forbes found that 80% of customers are more likely to do business with a company if it offers personalized experiences
- The Temkin Group found that companies that earn $1 billion annually can expect to earn, on average, an additional $700 million within 3 years of investing in customer experience
- Statista states that spending on customer experience (CX) technologies will increase to $641 billion in 2022, from $471 billion in 2018
However, rather than an off-the-shelf solution, you can build your own customized CXM platform to handle customer data, track interactions, provide data dashboards, and more.
What are the benefits of a custom-made CXM?
Customizing your CXM platform allows you the flexibility to cater to the needs of your customers, as well as your organization, as you deem fit.
With a custom-made CXM platform you can:
- Control sensitive customer data on the cloud
- Respond to customer notifications without delay
- Automate redundant processes, improving productivity
- Create dashboards and trigger data points into custom workflows
- Manage customer portals that allow self-service for customer needs
How can low-code help build a CXM platform?
If a customizable CXM platform is what you're looking for, then low-code is your best bet. Low-code allows the flexibility of creating a platform to suit your needs with minimal-to-no coding needed, based on your requirements.
With low-code, you can achieve CXM capabilities with custom-built features that include:
Data and insights
- Extensive forms
- Dashboards and analytics
- Custom workflow automation
- Call logs, email, and SMS notifications
- Artificial intelligence models
- Customer portals
- Mobile app access
- Third-party integrations with SurveyMonkey chatbots, and many more
Build your CXM with prebuilt omnichannel apps
Customer Relationship Manager - Efficiently manage your customers, log and track customer calls, and simplify sales processes.
Call Logs - Call management software to track all your calls, assign sales representatives, and derive insights from call traffic.
Email Campaign - Our email marketing app that automates email campaigns, tracks performance, and more.
Customer Service Tracker - Assign and resolve customer tickets with a click.
Sales Management - Streamline lead tracking, account management, inventory control, CRM, and more.
Build your customizable CXM platform with Zoho Creator.