CRM and CEM/CXM are essential tools for maintaining business flow with customers. Although similar, they have distinct differences. To choose the right one, organizations need to go beyond the alphabet soup of these hi-tech business applications.
"Customer relationship management (CRM) software tracks interactions with sales prospects and customers. CRM systems can provide many benefits, but not every business needs one,"
opines Jack M. Germain in
"Customer experience management (CEM or CXM) is a more extensive information collection process to track, oversee and organize every interaction between a customer and the organization throughout the customer lifecycle. It goes deeper into the customer experience and focuses on insight from their unique perspective by listening to customers, analyzing their feedback, and understanding their viewpoint to optimize the customer experience.
In short, both tools optimize customer relationships. How they do this makes all the difference. CRM facilitates relationship building for the organization. CXM focuses on monitoring and improving the experience for the customer..."