why customer experience management matters

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why customer experience management matters
Customer experience management (CXM) is a business strategy that focuses on improving customer satisfaction and loyalty to a brand. It’s about creating a positive relationship between customers and a company’s products or services. CXM focuses on creating an enjoyable and meaningful experience for customers at every touchpoint. Examples of touchpoints could include a purchase on a company website, interacting with customer service, or visiting a physical store. Companies use customer experience management to identify customer preferences and create an experience that is tailored to their needs. A good customer experience can have a big impact on a company’s success. According to a 2020 survey by Forrester Consulting, companies that prioritize customer experience can see an average of 16 percent revenue growth year-over-year. Additionally, customers who have a positive experience with a company are more likely to recommend it to others, which can lead to increased sales. Fun Fact: The term “customer experience management” was first used in the early 2000s to describe the practice of managing customer relationships with a focus on the customer’s overall experience.