A question we’re often asked is what is the difference between Customer Relationship Management (CRM) and Customer Experience Management (CXM)?
TODAY WE ARE SEEING A DRIVE FOR BUSINESSES TO ADOPT A CXM STRATEGY WITH THE INEVITABLE SHIFT IN CONSUMER CONTROL FROM SELLER TO BUYER. THIS IS DUE TO THE SOCIAL MEDIA REVOLUTION IN ADDITION TO THE NEED TO REMOVE SILOS IN SOFTWARE USE.
To share some perspective, let’s look at the definitions of both:
CRM: Customer Relationship Management is a business strategy directed to understand and manage the needs of an organisation’s current and potential customers in order to grow the relationship value.
CXM: Customer Experience Management includes both the individual experience in a single transaction as well as the sum of all experiences across all touch points and channels between a customer and a supplier over the duration of their relationship.
CRM systems have little regard for engaging, collaborating or designing processes and outcomes from the customers’ perspective, but they still have a positive role to play to support with data for marketing and consumer initiatives with its role for the management of customer data.
Katalyst’s Feedback Centre provides our growing, national client base with a flexible and accessible answer to seamlessly integrate online and offline customer interactions through their website. It offers tailored, personal messages for continuous engagement on behalf our clients based on feedback. This builds a 360 degree view of each customer profile, ensuring that their content strategy, data and interactions are seamless across all channels and shared organisation-wide through our award-winning business intelligence dashboard.
No matter the source of information, your customer experiences can be collected from anywhere, processed immediately and provide the insights you need to shape your business. CRM software can continue to store customer data and support internal operations. That customer data is crucial to support CXM initiatives, which focus on collaboration, communication, personalisation and specific customer interaction outcomes.
CXM is less about a new software category to replace CRM and more about solving a decades old CRM software limitation of delivering the right data at the right place and completing the last mile of the customer interaction.
At Katalyst we have an important mission, to bring consumers together with providers for the good of all. We believe that organisations need to enable consumers to share experiences in a way that suit them, which offers brands superb opportunities for increased understanding, being able to react to changes and foster better relationships. Our clients adopt a marketing strategy to enhance their understanding of their customer demographic and recognise the value of CXM with the use of digital technology for speed and personalisation. Most importantly, they see their business through the eye of the customer.