In the new digital age, customer expectations are high and there are many choices. A company's ability to provide a satisfying experience can lead to long-term customer loyalty, but a negative encounter can quickly send a customer to a competitor with just a few simple online actions. There is a gender. This evolving consumer landscape has given rise to an important strategic approach known as customer experience management (CXM).
CXM requires careful planning and coordination of pleasant and seamless customer interactions across different touchpoints and channels. The aim is to consistently exceed customer expectations by providing personalized and meaningful engagement throughout the customer journey, ensuring a smooth experience every step of the way.
According to ReportLinker's 2023 report, the global CX management market is estimated to reach USD 11.4 billion in 2023 and is expected to grow by 12.2% annually until 2028 to reach USD 20.4 billion. According to a report from Keap, companies that improve their customer experience experience, on average, see a 42% increase in customer retention, a 33% increase in customer satisfaction, and a 32% increase in cross-sells and upsells. .
What's new for CXM in 2024?
With increasing investment in CXM, this trend is expected to continue in the near future. With the advent of new technologies such as AI, “The latest advancements in CXM are primarily driven by the integration of AI and machine learning technologies in 2024, such as OpenAI GPT,” said Tong Ng, founder and creative director of DigiSalad.
“These tools are becoming increasingly sophisticated, allowing them to predict customer behavior and personalize experiences at an unprecedented scale.Furthermore, the rise of omnichannel CXM platforms has enabled customers to use mobile apps, web “Whether interacting with customers through platforms, social media or in-person touchpoints, businesses can now deliver a seamless experience,” he added.
Customer service will also undergo a transformation, with chatbots and virtual assistants becoming more adept at managing inquiries and providing immediate 24-hour support, said Zlashy director Vincent Ma.
Designed to understand and anticipate customer needs, these intelligent systems provide a convenient, highly personalized level of interactivity, setting a new standard for customer engagement.
moreover, The evolving landscape is becoming increasingly 'physical' and brands are connecting with consumers on both fronts. spiritual The same goes for the physical side, according to Jason Wong, head of performance at Omnicom Media Group Hong Kong.
“We expect more brands to join in 2024.” Power It's about creating integrated consumer journeys built from data that inspire and enable moments that celebrate the brand,” Wong added.
How can marketers leverage it more effectively?
Based on advances in AI and ML and their integration into CXM, there are certainly ways for marketers to leverage this as part of their strategy. The first is to create advanced customer segmentation, OMG's Wong said.
Continuing advances in AI and ML will enable marketers to take advantage of more sophisticated customer segmentation techniques. “They can analyze customer data to create highly targeted segments, including demographic information, browsing behavior, purchase history, and interactions,” he added.
This allows marketers to create more personalized experiences for consumers. William Ferrell II, cEkimetrics, the Asia-Pacific leader in Asia-centricity, says: Next year, Brands are shifting their focus from a digital-centric approach to a more balanced omnichannel experience (including offline), using hyper-personalized experiences to meet consumer needs across all touchpoints. It will be.
By leveraging AI-powered personalization, brands and agencies can automate the creative execution process at scale. “This approach, combined with the use of technologies such as AI and customer data platforms (CDPs), ensures that every customer, regardless of channel, receives a personalized, understood and unique experience.” he added.
PRIZM Group CEO Jeffrey Hau said that with the right tools and methodologies, AI can surpass human agents in providing personalized communications. “AI’s unparalleled ability to process vast amounts of customer profile data and history allows it to provide highly personalized recommendations and anticipate customer needs in ways that exceed human agents.” he added.
Petralia also said marketers need to clearly communicate their security policies and sustainability efforts. “Ultimately, you can apply CXM insights to sales, marketing, product development, and more to embed customer focus in everything you do. Treat each interaction as an opportunity to build lifelong relationships. please.”
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