Amid the uncertainty in the enterprise world, CMOs are under extreme pressure to deliver the required economic and enterprise growth results. By incorporating and weaving a CXM culture into their enterprises, CMOs have the potential to achieve these goals with ease.
Since its inception, customer experience has topped the charts of enterprise leaders, especially CMOs to accelerate the growth and revenue of the enterprise. In fact, Forrester‘s study states that customers are 4.5 times more likely to buy at premium for a superior experience. This focus on customer experience has given rise to customer experience management (CXM).
CXM allows organizations to design and react to customer interactions, which in turn allows them to analyze their expectations, leading to greater customer satisfaction, advocacy and loyalty. It is hence a crucial factor that establishes the ability of an enterprise to react and respond to the rapidly changing customer needs and behavior.
It also plays a key role in strengthening relationships with customers and building a loyal customer base. Hence, it is critical that enterprise leaders take initiatives to integrate a CXM culture into their organization.
Integrating a CXM culture into the organization lays the emphasis on delivering exceptional experiences and continuous learning, enabling the CX leaders to respond to the market and customer behavior, in a better manner than their peers.
A few steps CX leaders can take to weaving the CXM culture into their enterprises are:
Leveraging Intelligent Data-Driven CX Insights to Make Informed Decisions
Data plays a crucial role in CX as it provides actionable insights that help to drive customer engagement. But, most enterprises have a vast amount of data that is fragmented across various departments of an organization.
Hence, CX leaders must develop solutions that can help them manage this huge chunk of data into their respective categories, and leverage it for actionable insights.
A great CXM requires enterprises to unify all their data, including operational, financial, transactional, behavioral, and CRM, in real-time. It helps enterprises make use of this actionable insight, which results in strengthening the first knot of CXM culture into the enterprise.
Shifting IT Priorities towards Innovation and Revenue Generation over Operational Efficiency
For IT leaders, focusing and driving the operational efficiency of their enterprises remains the core responsibilities. But, in today’s environment of uncertainty, the focus should be on elements of the projects that will help drive innovation and revenue growth.
CIOs need to shift their mindset from concentrating on efficiency gains to adopting and integrating technologies that can positively impact customer-facing features. By identifying platforms and technologies, CIOs can strengthen the CXM culture that drives innovation, enhances creativity and delivers intelligence and data-driven solutions.
This not only improves the CX culture but also helps to identify opportunities for new revenue generation or develop new products, services and business models.
Collaboration between CIO and CMO
Today CMOs are under extreme pressure to drive the growth of the enterprise. With underlying uncertainties in the business landscape that show no signs of abating anytime soon, it is critical for them to partner with CIOs, who can provide them with IT expertise.
The alliance between the CIO and CMO can help enterprises to extract the desired customer insights. This will improve digital sales, which then can be attributed to having more control over processes, enhanced collaboration between teams, and a strategic approach towards technology.
Developing a CXM culture is the goal of most enterprises. By shifting their focus and reevaluating their goals, enterprises can effectively work towards the goal of excellent customer experience and integrating a strong CXM culture.