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You work hard to keep your customers happy and loyal. You deliver a great product, consistently excellent service, and you do it all efficiently and with a smile. But how do you know that all of your hard work is paying off? How can you tell what your customers are thinking, and how they feel about you and your company? What more can you do to ensure your patrons have a great customer experience every time?
Customer experience software is here to help. Designed to collect and analyze customer data, it provides you with actionable information to support you in understanding what your customers love, and need out of their interactions with your business. In this article, we’ll explain just what CX software is, and why it’s so important.
What is Customer Experience Software?
Simply put, customer experience software (also known as CX software) is there to measure and improve a customer’s experience with any given product. Facilitating an excellent customer experience at your business can garner customer loyalty, turning one-time shoppers into repeat patrons, which means money in the bank. It is an essential marketing support tool, and will help your company better understand its customer lifecycle.
Comprehensive CX software allows you to collect customer data, analyze said data, and implement information received into your ongoing customer experience strategy.
How Customer Experience Software Works
Customer experience software data is gathered from two places: the customer’s history and customer satisfaction surveys. The first dataset shows customer behavior, and draws from purchase history and other communications and conversations such as CS inquiries — understood as “transactional touchpoints”. The second dataset derives from customer feedback, letting you know how they feel: about your product, service, and company. This is called a “relational” touchpoint.
Integrated analytics will then produce information gleaned from both the relational and transactional datasets. A customer’s purchase habits, lifetime value, service history, and survey data will amalgamate into actionable details which should let you know what you’re getting right, and what you need to work on.
CX Platforms Turn Data into Action
Finally, a good CX platform will help you take action. From the analytics, your CX software will provide you with a solution scenario, and enable you to improve the customer experience. Your CX software may flag a customer who has given bad reviews in the past and suggest outreach from a relationship manager. Or, a predictive scenario may be given which demonstrates how a 20% improvement in CX will result in a 5% increase in gross revenue.
CX software does all of this and more to help provide your loyal customers with a personal and excellent experience.
Customer Experience Software vs. CRM Software
Some argue that a comprehensive customer relationship management software does away with the need for customer experience management software. And for some companies, this may indeed be the case. However there are some important distinctions between the two which optimize them both for different purposes within a business.
CRM platforms and CX software are distinguishable largely by why they are put to use. CRM functions similarly to CX software, however it uses customer data analytics to drive profits through improved customer service.
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CX on the other hand focuses on improved customer experience across the board, aiming to increase customer loyalty and customer lifetime value by implementing customer feedback and preferences. CX software often borrows data from CRM banks to inform its analytics.
Why You Need Customer Experience Software
A great customer experience is everything. The customer has tremendous amounts of power in today’s market. Online competition is fierce and eternal, no matter what industry you’re in, and it’s easy to fall behind or be overlooked. But a world class excellent customer experience is worth its weight in gold, and can be your critical advantage in winning a loyal and long lasting customer base. Customer experience software is there to help you figure out exactly what your consumers want and need, making it an essential investment for any business.
Here are 3 reasons why CX software is a must-have:
- Behavioral Insight. To market products to your customer you have to understand them. Knowing what consumers want and their reason for wanting it allows you to provide marketing materials which are specific and relevant to each individual. This allows you to show your customers that your product is what they need.
- Personalization. Customers love a personalized experience. 77% of consumers surveyed by Gladly recommend a brand to friends and family if they provide a more personalized experience, and more than half would recommend the company on social media or review sites. Knowing your customer enables you to provide a more personal experience, which in the long run means free marketing and brand advocacy from loyal consumers.
- The Bottom Line. Better customer experiences are felt company wide, and even have the power to boost your ROI long-term. 84% of consumers go out of their way to spend more money with a company that consistently provides great customer experiences. CX software gives you critical insight into what an excellent experience means to your unique customer base, allowing you to provide great experiences time and time again — meaning more money for you!
Final Thoughts: Customer Experience Software
Great customer experiences should be the top priority at any organization, and customer experience software can help you understand exactly what it takes to please your base of loyal consumers.