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What is Customer Experience Management?

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  • 0:04 Customer Experience Management
  • 1:04 Benefits of CEM
  • 2:25 CEM Software
  • 3:01 Strategies for Effective CEM
  • 3:48 Lesson Summary
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Lesson Transcript
Instructor: Savannah Samoszuk

Savannah has over eight years of hotel management experience and has a master's degree in leadership.

Every customer has an experience when they purchase a product or service. How should companies manage and respond to these experiences? This lesson will explain what customer experience management is, including taking a look at its benefits and strategies.

Customer Experience Management

Patty is an avid traveler and travels all over the world. She just recently traveled on ABC Airlines. The airline felt that on the day of Patty's trip, they did a great job providing timely, friendly service. Patty didn't complain during her trip but a few days later she posted a bad review on the airline's social media. Understanding what the customer is expecting and what they actually experience can be a very difficult part of customer management.

Customer experience management (CEM) is the strategy a company has in place to track, respond to, and use feedback from customers. For example, ABC Airline needs to respond to Patty's comments and use the comments to improve their services. They initially thought they had met the customer's expectations, but it turns out they didn't. This is why managing customer experiences is so important. We'll take a look at the benefits of CEM, CEM software, and strategies for effective CEM in this lesson.

Benefits of CEM

With today's business world becoming highly competitive, it is important for companies to keep track of and respond to all customer feedback. This can be overwhelming as there are so many different ways a customer can leave feedback through the use of technology and social media. However, there are many benefits of using CEM.

For starters, CEM improves customer loyalty. If customers see that your company takes feedback seriously and responds to it, they're more likely to be loyal. Also, if there was an issue with their experience, they will feel more valued if the issue is addressed. Even if the issue is not able to be resolved, at least the company will know why they lost a customer. Then they can then improve in this area so that they don't lose more customers in the future.

CEM also attracts new customers. Some consumers won't buy a product or service without first looking at the other customer experiences online. If a company has a handle on customer experiences and is responding, it'll help customers choose that company.

Lastly, CEM increases revenue. Overall, using the feedback from customer experience management can help a company to increase customer loyalty and attract new customers. Understanding the customer's expectations can help the company to make changes to keep current customers and attract new customers, which all helps increase revenue for the company.

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