![]() This happens for numerous reasons, but mainly because a retained customer avoids the costs of acquiring a new customer, and satisfied customers tend to order more. ![]() Studies indicate that a 5% increase in customer retention can result in a 25% increase in profit. Customer retention costs less than acquisition.There are a variety of benefits to implementing a CXM strategy: It can be both positive when done well and negative when some elements of CXM are left unattended. Why is CXM important?Ĭustomer experience with a brand contributes to customer perceptions and sales. Typically, this sales-oriented system - which sometimes integrates with customer service and support - requires major digital transformation to support an overall CEM program. Over time, a CX management program will adjust elements of the customer experience that generate negative feedback to correct those perceptions.ĬRM strategy, however, focuses on sales and outreach to customers from the company's perspective of capturing more revenue. CEM programs heavily rely on voice of the customer programs that quantify customer sentiment about their experiences with a company.
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