According to a 2021 Genesys report, nearly two-thirds of companies are increasing their investment in CX, even amid a pandemic-related resource crunch. In fact, three in four organizations had a bigger CX budget in 2021 than in 2022.
Why? Because customer experience management (CXM) drives better business results. A 2018 Forrester study underlined this, finding that experience-driven companies achieve 1.9x higher year-on-year (YoY) growth.
Of course, many CX teams will focus on building loyalty, lowering customer effort, and increasing satisfaction. Nevertheless, these will likely all equate to financial gain.
Such gains are not a guarantee, yet as CXM technologies evolve, it becomes easier for companies to take hold of this opportunity.
Defining Customer Experience Management (CXM) Platforms
A customer experience management platform is a solution that supports the discipline of designing, deploying, and managing customer journeys.
Therefore, the platform typically includes customer journey mapping, data management, and analytics features. Other capabilities help to support content management, personalization, and knowledge sharing/collaboration tools to improve CX and the experience of CX teams in modifying and enhancing customer journeys.
High-profile brands that offer CXM platforms include Salesforce, Oracle, and Adobe. Smaller players that also offer highly recommended solutions on a global scale are Acquia, Optimizely, and Sitecore.
Each vendor is well set to grow in a quickly expanding marketplace. Grand View Research underlines this, expecting the customer experience management software market to reach $27.12 billion by 2028, with an annual growth rate of 17.5% from 2021 to 2028
3 Key Features of a Customer Experience Management Platform
While there are many features within a CXM platform, here are three particularly pertinent examples.
Customer Feedback Collection
A CXM platform allows users to collect data at key points of engagement, so CX teams understand how critical metrics vary throughout the customer journey.
To do so, users can design a feedback collection mechanism that fits seamlessly into the CX, enabling the team to assess performance at various touchpoints.