Customer relationship management vs. Customer experience management

Customer relationship management (CRM) tools are designed to make marketing, sales and support teams more efficient and effective, but CRM’s focus remains fixated on what you want customers to do.

Customer experience management (CEM), by contrast, is focused on what drives customers to do business with you. Tapping CEM insights allows you to tailor your product, sales, marketing, web and service campaigns to what customers really want and need.

Survey Says…Satmetrix, a provider of customer experience software, conducted its annual Customer Experience Industry Survey earlier this year. Over 1,000 companies around the world participated. Here are the key findings:

• The most prevalent business priority is to acquire new customers, followed by focusing on existing client bases.
• Almost half of companies have a customer experience initiative in place; one in five small companies have no initiative running.
• 66% of initiatives are built in-house and therefore may not have best practice links to financial KPIs.
• 40% of companies feel their customer experience initiatives have an unproven level of ROI.
• Closing the loop with customers and tracking across multiple channels are considered the biggest challenges.
• Over half of companies are already using Instagram, Twitter, Facebook and Linkedin.

​Customers build their perceptions about brands based on their experiences across all touch points or channels. It’s the sum total of every interaction. So, an effective CEM strategy needs to be built around a company’s ability to deliver on the wants and needs of its customers. A CEM program is definitely a worthwhile investment that pays off with increased traffic, stronger brand loyalty, and positive word-of-mouth sentiments.

Real Estate Transaction Coordinator

Transaction Coordinator