Author : Marketing
Marketing
17/Mar/2022

Espire Infolabs is a Digital Transformation and Total Experience (TX) Solutions provider with a Cross-Enterprise approach to deliver future-ready services that are resilient to market disruptions. With focus on TX, we are paving way for enterprises to deploy & deliver the best Customer Experience (CX), Employee Experience (EX), and Business Experience (BX) – with overarching service offerings around Multi-Experience (MX), and User Experience (UX).


The future of CRM in the CXM era

“CXM equals to the art and science of coaxing lifetime loyalty from daily transactions” - Steve Curtin.

The world of business is constantly undergoing rapid changes, gone are the days of running perennial email campaigns and highlighting your brand capabilities. The dynamic demands of the customer has accelerated the dependence on digital transformation technologies for brands, to successfully deliver standardized customer experience across all channels. Customer Experience Management has emerged as a much sought-after solution for businesses to analyze and address customer needs while engaging with them proficiently.

The advent of Customer Experience Management has marketers questioning whether it is CRM in a new form or whether it is a completely different ballgame miles apart from the age-old CRM capabilities.

In a nutshell, both CRM and CXM complement each other and function together. But before we dive into the details, let’s start from scratch by defining and understanding what CRM and CXM stand for.

CRM: CRM or Customer Relationship Management is a strategy for managing an organization’s relationships and interactions with both the existing and potential customers. A CRM system helps companies stay connected to customers, streamline processes, and improve profitability.

CXM: Customer Experience Management includes both the individual experience in a single transaction as well as the sum of all experiences across all touch points and channels between a customer and a supplier over the duration of their relationship.

Therefore, while both CRM and CXM is customer focused, the difference between the two is the way the information is analyzed, and the tools used to deliver the desired results.

The inter-dependence between CRM & CXM

While the CRM system supports CXM with relevant data to personalize service offerings, the CRM systems do not engage, collaborate, or design processes from a customer’s perspective. CXM, on the other hand, allows the tech-enabled CRM software to implement a holistic customer-centric strategy rather than simply managing customers. In a nutshell, CRM is focused on capturing data, CXM is all about utilizing the customer information at the right time for a consistent customer experience.

Another aspect to remember is customer delight, the role of CXM to complete seamless customer journey equipped with customer knowledge across all delivery channels, CRM utilizes the methods like live chats, email, voice, mobile, virtual agents, SMS alerts to connect with the customers.

While CRM is focused on capturing data, CXM is all about utilizing the customer information at the right time and place for a consistent customer experience. The overall objective, however, is to provide contextual, relevant, and seamless experience across all touch points.

Creating Super Engaging Digital Experiences in 2021 to Unlock Greater Growth

CRM drives CXM strategy

Though CRM and CXM are two different terms, they deliver similar outcomes. Both cater to the expectations and needs of the customers by aligning different products and services. The data stored by CRM software is crucial for CXM initiatives which is focused on personalization with real-time contextual and specific communication, which means, CXM cannot replace CRM as a new software category but can help in resolving the limitations of CRM to deliver right data at the right place to complete the last mile of customer interaction. CRM remains the technology that makes implementation of CXM strategy easier for companies.

CRM OR CXM?

The answer is - Both! On one hand, CRM collects data and on the other CXM analyzes and makes sense of the data by influencing customer experience. Hence, an association of CRM and CXM is the best combination for a business to offer a seamless customer experience. Both the solutions work in tandem and neither can replace the other. While CXM pursues a customer-centric approach, CRM provides a personal touch to address the concerns and problems of customers.

Espire’s CRM services are part of our powerful and customizable Customer Engagement Hub that includes all the key enablers of excellent CX - CRM, Digital Content Management, Experience Design, Customer Communication Management and Customer Analytics. We are uniquely positioned to build comprehensive CRM solution strategies designed to power larger CX goals of businesses. Know more about our service offerings > here or get in touch with us at marketing@espire.com

MORE FROM OUR BLOGS

Top 6 Benefits of CX Personalization for Businesses with Sitecore Personalize CDP

Customer experience (CX) has become the key competitive differentiator for businesses to build customer loyalty. Sitecore Personalize and CDP can help businesses create more personalized and engaging customer experiences, leading to increased loyalty, higher revenue, and improved customer satisfaction

The impact of technology on healthcare and how it is transforming patient care

With the introduction of various breakthrough technologies, the healthcare sector is anticipated to undergo a considerable transformation in 2023. Among the technologies predicted to have a big impact on the market are artificial intelligence (AI), telemedicine, wearable technology, blockchain, and 3D printing. These innovations could increase healthcare's efficiency, accessibility, and affordability.

A Complete guide to upgrade to sitecore xm cloud why when and how

Sitecore XM Cloud's composable architecture allows organizations to create and manage personalized digital experiences for their customers, increasing engagement and conversions. With its cloud-based delivery model, Sitecore XM Cloud eliminates the need for organizations to maintain on-premises infrastructure, providing a cost-effective and secure solution for managing digital customer experiences

Leveraging composable architecture to drive unforgettable digital experiences

A composable architecture allows the application to adapt to the speed of business while enhancing responsiveness and scalability, paving the way towards driving greater business growth. In our latest blog, we share the benefits of leveraging a composable microservices-led architecture for business applications.

Top 10 strategic technology trends for 2023 by gartner Part2

In our first blog on Top 10 Strategic Technology Trends for 2023 by Gartner, we had discussed the top 5 technology trends that will enable businesses to offer customized experiences to the end users for better engagement, ROI, conversion, and sales. As a concluding part of this 2 series blog, we will enlist and discuss the next 5 disruptive tech trends to be witnessed in 2023 such as Wireless value realization, Superapps, Adaptive AI, Metaverse and Sustainable technology.

Top 10 strategic technology trends for 2023 by gartner Part1

The pace of change is accelerating, driven by emerging technologies such as artificial intelligence, the Internet of Things, big data and blockchain-all of which are changing how we work, live, and manage our businesses. In this blog, Part 1 of the top 10 strategic technology trends for 2023, we will be exploring the top 5 trends identified by Gartner, which can significantly contribute to your success story.

Agile tech solutions and agile mindset foundation of future ready and resilient businesses

The Agile technologies help employees become self-sufficient and motivated to work more collaboratively & deliver ROI-driven solutions while eliminating the constant need for supervision and micro-management to achieve goals.

Role of data analytics to drive customer acquisition and maximize return on campaigns

Creating a customer-centric digital marketing strategy that accurately targets and addresses your customers’ needs is essential for any business. However, this can be challenging when you lack the right tools and data to help you do it. In this article, we’ll be focusing on how you can use data analytics in your digital marketing efforts to acquire new customers and retain current ones.

Sitecore Symposium 2022 Check out latest updates and announcements

Sitecore made some huge announcements during the Sitecore Symposium 2022 event to continue their journey to build and help and their customer and brands to deliver standout CX through innovative solutions that drive results and build customer loyalty. Learn about all the announcements and updates now.

Sitecore managed cloud drive digital experiences at scale with cloud

Businesses have started investing in digital experience platforms and technologies aggressively to drive omni-channel digital experiences throughout the customer journey. Sitecore empowers businesses to host their different DXP products on cloud, Sitecore Managed Cloud helps them streamline system integration, enhance the speed of deployments while providing improved security and data privacy.

Subscribe To Our Blog

By clicking on "SUBSCRIBE NOW" you acknowledge having read our Privacy Notice.

global-locations

12

+

Global Locations

global-services

100

+

Global Customers Served

resources-certified

1200

+

Resources

technology-partnerships

30

+

Technology Partnerships

years-of-experience

20

+

Years of Experience in Digital Transformation & Total Experience

Speak to Our Digital Transformation Specialists

Let's get you started on the digital-first & transformation journey. Reserve your free consultation or a demo today!