Today, companies are constantly looking for new ways to improve their customer experience (CX) and their employee experience (EX) programs. While customer experience has been a buzzword for quite some time, recently a new term has emerged, combining CX, EX and other experiences to form Experience Management or XM.
In this blog we compare CX and XM, exploring the differences, and highlighting why future experience management programs will all fall into XM.
Before we can discuss the differences between CX and XM, let’s first take a look at each of them.
What is CX?
CX is the interaction between the customer and a company across multiple touch points. It’s the overall experiences a customer has with a company, throughout every interaction. Tracking your CX is important to improving customer loyalty, reducing churn and increasing revenue.
What is XM?
XM, is a broader term than CX, incorporating both CX, EX, partner experience and other experience-related metrics. Experience management is the gathering and analyzing of feedback from all areas of the business. Then you can use this data to improve people’s experiences with a company. Striving for improved customer AND employee experiences, you improve the overall feel of your company. This will make customers feel important and loyal employees, valued.
Differences Between CX and XM
At first glance both CX and XM have similar goals but in reality XM goes far above and beyond a CX program. Customer experience is primarily focused on customer perception, where XM focuses on the experiences across all levels (customer, employee, stakeholders and partners). According to a Forbes study “Customers are likely to spend 140% more after a positive experience than customers who report negative experiences.” Ensuring customers have a positive experience starts with insuring your employees have a positive experience.
Another area where CX and XM differ is in the data that gets collected. CX programs only care about customer feedback and interactions, limiting the company’s perspective of itself to solely customer focused. XM programs collect feedback from all areas, enabling the companies to get a more accurate view of how people perceive them. This gives companies a wider view of their experience program efforts and determines the best areas to improve.
How Loop Can Help Improve Your Experience Management Program
Loop Experience Platform enables brands to collect feedback from all areas of the business. This includes employee feedback, customer satisfaction (CSAT), and provide comprehensive analytics of the feedback collected. Loop can help your business have an improved experience management program. For more information about the Loop click here.
Customer experience has been a great buzzword and catch-all for customer’s experiences with a company, it is no longer the only metric companies should focus on. To get a better read on the perception of your company, it’s important to collect feedback not just from customers, but from employees and stakeholders. Companies that can prioritize having an experience management program, over just a CX program, will be able to have a more positive public perception, and will continue to grow.