Despite Its Differences, Is CXM The New CRM

There is a clear difference between Customer Experience Management (CXM) and Customer Relationship Management (CRM). To find out, we have to look at the CXM definition and CRM definition.

Customer Experience Management (CXM) is the practice of designing and responding to customer interactions to meet or exceed customer expectations and increase customer satisfaction, loyalty and support.

Meanwhile, Customer Relationship Management (CRM) is a business strategy that optimizes profitability and revenue while promoting customer satisfaction and loyalty. CRM technology enables strategies to identify and virtually identify customer relationships and manage them. CRM software provides capabilities to companies in four segments: sales, marketing, customer service, and digital commerce.

Differences

Customer relationship management (CRM) software tracks sales leads and customer interactions. CRM facilitates the development of relationships for organizations. CRM systems have many advantages, but not all businesses need them.

Customer Experience Management (CEM or CXM) is a broader information gathering process for tracking, monitoring, and managing all interactions between customers and organizations throughout the customer life cycle. Focus on unique perspective insights by digging deeper into the customer experience, listening to the customer, analyzing feedback, understanding the customer's perspective, and optimizing the customer experience.

CRM helps build relationships with your organization. CXM focuses on monitoring and improving the customer experience.

While CRM is more system-centered and captures customer data and processes, CXM takes a more qualitative approach to focusing on customers and making quantitative information more practical.

Value to organization

CRM solutions have been poorly reported over the past few years, but are successful enough as a customer logging system to capture, store, process, and share data for staff management, process efficiency, and business analysis purposes. But of course, this area offers little immediate benefit to customers.

CXM uses software to control the customers and staff who serve them, making it relevant to apply technology to support an overall customer-centered strategy and achieve a competitive advantage. We will shift our focus to providing personal and excellent customer service.

CXM solutions shift the focus from data management to implementing customer information at the right time and place, and can be used to provide a consistent customer experience that better pleases customers.

CXM is more qualitative than quantitative and has the basic features that make CRM information viable and a stronger objective for customer results. If a CRM system struggles to use customer data for practical use when it can be applied to help interact with customers, CXM completes the information journey for customer experience and measurable benefits.

In addition, the CXM solution needs to provide a great customer experience on the channels and devices that customers want to use, such as web, web chat, SMS, mobile, smart apps, email and voice. Fixing these bits will help improve customer satisfaction, retention and response.

Adopting CRM alone does not improve the customer experience. They tend to overdesign, complicate issues, get excited about technology, and forget their original purpose. Without a human touch in the middle, it was just cold, emotionless data.

Even worse, in this digital era, CRM does not have what it takes to store all the important data needed for modern business: activity on websites and mobile apps, emails, push notifications, support tickets, payment systems, and more.

In some ways, CXM aims to provide the last mile of CRM (the intersection of customer knowledge and customer satisfaction), at the right time and place that can be actively leveraged across channels and devices. It has the function of providing customer information. It affects customer experience.

It’s time to improve your business by developing your own CXM. There are some tools that can improve the CXM. One of them is using an omnichannel messaging platform, such as OneTalk by TapTalk.io. With OneTalk, as a trusted omnichannel messaging platform, you can have a lot of features to make your customer’s experience delightful and amazingly fun. OneTalk's omnichannel feature allows your agent to handle multiple customer cases at one time. You can also keep an eye on your agents’ work and drive your sales and marketing up at the same time.

OneTalk enables you to stay on track with data but also gives a human element. Your data is not just some emotionless data, but gathered with qualitative analytics that your agent can add to your analytics. You can achieve this with Disposition features, and many useful features in OneTalk.

This tool will improve your sales, marketing, and support. The other features are a bonus to improve your customer service experience.