Shifting from Customer Communication Management to Customer Experience Management Increases Business Value

by | Oct 7, 2021

A CXM Strategy And Modern Communications Technology Can Drive Meaningful Change In Your Customer Communications

Most organizations have some level of communications management in place to handle their routine communications with customers. Traditional customer communication management allows you to provide individual, regulated and transactional communications across multiple channels on a regular (scheduled) cadence.

But beyond routine communications, organizations can dramatically increase customer engagement by moving towards a system of customer experience management, or CXM. A centralized CXM strategy builds strong customer relationships with consistent, customer-centric interactions based on a real-time understanding of current customer needs. It’s the natural evolution of a customer-centric omni-channel communications strategy, and can be achieved using a combination of modern communication technologies and an overarching CX strategy.

We can help you drive meaningful change in your customer communications by combining an effective CXM strategy with our modern communications technology. TALK TO A DOXIM CCM EXPERT TO LEARN MORE

How Does CXM = Increased Business Value?

We are living in a time of increased commodification, across the board. Whether your customer is considering which bank to invest with, or which healthcare or insurance provider to work with, they have many options. In this environment, customer experience becomes a key differentiator – perhaps the most important key differentiator your company can possess.

  • Consider the following facts about customer experience:
  • Customers tell an average of 9 people about a positive experience with a brand, but they tell 16 people about a negative experience.
  • 80% of customers say they are more likely to do business with a company if it offers personalized experiences.
  • Companies that lead in customer experience outperform laggards by nearly 80%.
  • 96% of customers say that service is important in their choice of and loyalty to a brand.

Given the impact that customer experience can have on every facet of your customer relationships, from loyalty to share of wallet, it’s no wonder that companies across the globe are starting to see exceptional CX as their competitive edge.

So, how can your organization pull ahead and meet today’s demanding customers in the moment, with personalized interactions that add value to their lives at every point in the customer lifecycle?

Customer Experience Management for Meaningful Customer Engagement

Today’s customers expect seamless omni-channel communications, and they also expect to be able to interact with your organization in effortless, meaningful, and deeply personalized ways. To meet these needs, your customer communications and digital interactions must all originate from a central customer experience management (CXM) strategy, which is based on having a full understanding of how customers behave and their preferences.

But a CXM strategy is only a starting point for meaningful customer engagement. To get results, it needs cross-organizational buy in, and an investment in the right technology.

Business users across the organization need to be empowered to create meaningful interactions with your customer base, leading to increased customer loyalty and wallet share, and ultimately to greater business value for your organization.

To understand how the combination of CXM strategy and modern communications technology can drive meaningful change in your customer communications, consider the following:

Without CXM, communications are:

sparse/ only occur as dictated by regulations or business needs

disjointed, with different or confusing messaging across channels or business units (billing, customer service, etc.)

delivered via the channel that is simplest for the organization to use

With CXM, communications are: 

frequent and ongoing, to meet customers’ increasing desire for contact

connected – one triggers the next for a seamless, multi-channel, multi-step experience

omnichannel, so customers are engaged with complementary messages across a variety of channels

Arrive on a scheduled cadence only (monthly, quarterly, annually)

Impersonal, or with very limited “fill in the blanks” personalization

delivered through a preferred channel for a more convenient customer experience

ad hoc and interactive, designed to meet customer needs and answer questions in the moment

hyper-personalized with data-driven insights, to give a true 1:1 experience

How Doxim Can Help Increase Business Value Through CXM

As a single, trusted partner offering a holistic CCM solution that will meet all your CXM needs, Doxim can help you operationalize your customer experience strategy and make every interaction count.

Doxim’s omnichannel CCM Platform can empower your business users to generate the frequent, ongoing, and personal interactions your customers crave, and distribute these communications through multiple channels (via print, PDF, HTML, email, text, and online interactive experiences).

The omnichannel capabilities of the platform are such that when a customer calls in to speak to a service representative or engages with a chatbot, both human and machine can provide immediate assistance by calling up the communication or document that the customer received. This keeps every customer communication connected, making multi-step, omnichannel customer interactions a reality.

Behind the scenes, Doxim’s seasoned client experience experts can also help you encourage customer engagement and consult on creative communication design that delivers a great user experience.

And of course, Doxim’s customer communications management technology offers you all the security and compliance features you require to keep your customers’ sensitive data secure, plus the scalability and flexible pricing you’d expect from a modern SaaS-based solution.

Future-proof your CXM strategy with Doxim! Let’s chat through your organization’s customer experience requirements. CONNECT WITH A DOXIM CCM EXPERT

3. Expansion of digital products

As banking customer behavior shifts, banks must move with the times, or risk getting left behind. Many banks today are exploring the power and potential of open banking, which can allow them to offer more innovative products and services to their customers, as well as to better compete with fintech companies and other non-traditional financial service providers.

As you shift your banking business model to reach new segments or provide an enhanced array of services, communication becomes even more pivotal to your success. After all, if your customers don’t know which new services they qualify for, or how those services will help them meet their goals, then they are unlikely to explore them further. CCM technology can be leveraged here to provide personalized on-statement messaging that directs customers to the right products and services, as well as 1:1 personalized “explainer” videos to help them get started.

Adjusting your bank’s priorities to thrive in 2023

In an era of constant change, the key to successfully transforming your bank’s business model will be to stay attuned to the changing needs and preferences of customers, and to be open to exploring new opportunities and technologies that can help your FI stay competitive and relevant. But these new opportunities are doomed to fail if you do not clearly communicate their benefits and make it simple for customers to access them.

That is why transforming your customer communication strategy is the best first step to broader digital transformation. By updating your approach to communications to meet omnichannel customer needs, you also position your bank to communicate the benefits of changes in your broader organization, like new or enhanced products and services. The pace of change in banking has never been brisker – but with the right strategic approach to these changes, the future is bright.

Investing in a modern customer communication management and engagement platform is an essential part modernizing your banking strategy, as it can provide the personalized digital experiences that will keep your bank or credit union ahead of the competition. It helps provide a great customer experience, and builds rich relationships, which in turn results in customers for life and a competitive advantage in the rapidly evolving financial marketplace.

How Doxim can address the banking customer communications trends identified and help future-proof your digital banking strategy

banking customer communications trends

Doxim’s experienced consultants and omnichannel platform can help transform your customer experience in many ways, including:

  • Gathering and utilizing customer data to continually improve the personalization of communications.
  • Building trust with customers via communication (via print, PDF, HTML, email, text, and online interactive experiences).
  • Leveraging interactive video to drive personalized digital customer experiences, such as interactive statements, bills, or reports, that offer visual engagement and real-time interactivity
  • Putting customer data, including customer statements, at the fingertips of your service representatives for immediate and personal service.
  • Making a meaningful connection with value-added content, like information about philanthropic activities, on customer statements.

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