Experience Management (XM) is used by companies to uncover new experiences such as customer and employee needs by market research techniques, and using this knowledge to fullfil those needs and enhance the experiences in a dynamic manner. Experience management helps companies gain knowledge, understand, and improve the experience of their customers.
Experience management provides everyone within the company with insights which can then be used to enhance the experience of both emplyoees and customers. It can be easily integrated into the already-existing technology at the workplace so companies can easily and quickly take action to improve the experiences and products they wish to deliver. Any company team can utilize the XM because everyone is in a way participating into delivering experiences.
Companies use experience management to reduce churn, increase customer lifetime value (CLV), increase sales, boost brand awareness, improve employee engagement, etc. With these things provided and improved, your company will get rewarded with increased business , loyal and returning customers, and loyal and happy employees.
The main difference between customer experience (CX) programs and experience management programs is that CX programs use metrics like Customer Satisfaction (CSAT) or Net Promoter Score (NPS) and a limited feedback from lower amount of customers, experience management gives a detailed unterstanding of an individual and uses this understanding to take actions and fulfill the customer expectations. While CX is more resource intensive to scale, XM is automated so it's easily scalable. Once a loop is closed with a customer, it can be automated to take the same action every time there is a customer with a similar issue.
Five pillars of Experience Management (XM)
- Understanding customer segments and their needs. Designing innovative experiences for said target customer segments
- Engageing in key segments by using the channels and moments of customer preference (omnichannel solution)
- Capture, analyze, and act on customer feedback with teams, managers and executives in order to understand how their customers and employees feel
- Determining and taking the optimal actions for improving products and experiences you offer. Automating actions by using workflows
- Saving and sharing workflows with other teams, departments, or locations
How can different segments of XM be designed and improved:
Reinventing the products and services your company delivers to your customers and recognizing and ending experience gaps so customer expectations can be fulfilled and exceeded.
Creating a workplace experience which will drive productivity and produce engaged employees while improving their overall experience and dinamically responding to their changing needs.
Exposing market needs that have not been exposed and creating the products customers want to buy while improving them to stay competitive all the time.
Driving brand loyalty through new experiences which capture our customers' interest and responding to dynamic market changes while improving our brand experience.