What Is an Experience Management Tool?

The experience you create for your customers will have a lasting impact on your business growth. Satisfied customers are more likely to make repeat purchases and tell others about their positive experiences. Understanding the four key components of a customer’s experience can help you build positive interactions with your buyers and make sure your business is prepared for growth.

What Are the Four Components of Customer Experience?

To thoroughly understand the customer experience you create for your buyers, you want to break it down into four principal components. Looking at the customer experience from these different perspectives can help you plan your strategy and build the interactions your customers want to see.

Customer Satisfaction

With customer satisfaction, you want to think about how the customer feels about their interactions with you and your products. In this area, you will evaluate how well you meet the pain points of your customers and whether they feel as though you met their expectations.

Customer Relationship Management

As customers prepare to make a purchase and then follow their purchase, it helps to think about the entire experience as a relationship. Think about how you engage with customers throughout this process and how you encourage them to buy from you and then stay with you versus going to your competitors.

Customer Journey Mapping

As your customers prepare to make a purchase, they will go through a relatively predictable journey. This journey will walk them through the process of acknowledging their pain point, researching their potential solutions, evaluating their options, making a purchase, and then the decision whether to stay with your company or move on to a competitor.

The better you can analyze this journey and the more data you can collect about your prospects and customers' behavior at each stage of the journey, the easier it will be to evaluate the needs of buyers at each phase and provide them with an outstanding experience.

As you consider these four components of the customer experience, you can plan for experience management and start to build positive interactions with your buyers.

Why is Experience Management Important?

Your buyers have several choices as they look to meet their manufacturing needs. Thanks to the internet, no one is limited to companies within their geographic vicinity, which means that you will face considerable competition. For your business to grow, you need to show your customers why your organization is worth buying from.

The product experience you create intertwines with your customer experience. It impacts all the critical growth factors for your business:

• Product adoption

• User acquisition and onboarding

• Conversion and retention

• Revenue

If customers do not have a positive product experience while they are in the consideration and evaluation phases of the customer journey, then they will become less likely to purchase your product. Instead, they will likely buy from a competitor. Building the ideal customer experience has to start from the first interaction the prospect has with your brand.

Keep in mind that the experience also cannot exist just to woo new customers; you have to keep the positivity going. If customers do have a positive product experience through the purchase process, but then the onboarding product experience is poor, the customer will not likely advocate for your brand or become a repeat customer.

In other words, the product experience is just as important as the overall customer experience. It can have a similar impact on your sales numbers, the brand loyalty you cultivate, and the retention you enjoy. Focusing on product experience management has to take center stage as you build the customer experience you want people to have with your organization.

What Is an Example of Experience Management?

Product experience management involves delivering a compelling and accurate product experience. Your customer needs to have access to correct and relevant information with each product interaction that pertains to them at that moment. If they need to take care of maintenance for a particular product, for example, ensure that they have the information and tools they need to solve this situation at that time. If you want to showcase your product offerings, delivering an experience that makes it easy for customers to see your items and compare them, such as a well-designed product catalog, will work well.

Compare and contrast the information contained in such a catalog and what you would include in a digital product experience if you wanted to educate and entice a buyer in-aisle about which product they want to purchase.

Knowing what people need at a particular moment when they interact with your product allows you to deliver the superior experiences your customer needs. Taking into account who is going to access the information you provide, why they need it, what their goals are, and how they will interact with you and your products will help you create an experience that delights.

At the core, manufacturers need to think about product experience management as an extension of the customer experience they create throughout the customer journey. The majority of the interactions customers have with a manufacturing brand are going to be product-related. Providing each person interested in your offerings with a personalized product experience from the start to the finish of the customer journey will be the best way to bring in new customers and encourage them to become loyal, lasting customers as well.

What Is an Experience Management Tool?

Product experience management (PXM) software can provide tremendous assistance as you work to build this outstanding customer experience. As a third-party software solution, a PXM Platform includes a Product Information Management (PIM) solution and a Digital Asset Management (DAM) functionality. With your PIM, you will centralize and bring together your product data. The DAM then makes it easy to manage and store all your digital assets, such as the images and videos you create, as well as the relevant documents.

As you look at the different experience management platforms available, you will also find that some, such as Lumavate, also include a Digital Experience Platform (DXP), which allows you to easily create any type of digital experience without having to directly employ any code yourself. This capability plays a vital role for many businesses because so many product-related experiences are digital, requiring marketers to learn how to quickly create digital product experiences for different use cases. For example, your team might need digital product catalogs or event-specific products.

When your system can automatically pull the data from your PIM and DAM, creating these assets with your experience management software becomes significantly easier.

Finding the experience management platform that fits your business needs and goals can make it much simpler for you to build a customer experience that will bring in buyers and power your business growth.

Build Your Customers' Optimal Experiences

As you prepare to build outstanding customer experiences, see what you can accomplish with the help of the PXM platform from Lumavate. With the improved ability to manage customer data and build digital product experiences, you will see how easily you can improve your customer experiences through your product strategy.