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Table of Contents

• What is Customer Experience Software?
• The benefits of Customer Experience Software
• Typical features of Customer Experience Software
• The cost of Customer Experience Software
• Considerations when purchasing Customer Experience Software
• Relevant Customer Experience Software Trends

What is Customer Experience Software?

Customer Experience (CX) Software, also known as customer experience management (CXM or CEM) software, measures every interaction a business has with its customers throughout the customer lifecycle. It collects, organizes, and tracks customer feedback so agents can close customer requests and queries more quickly.

This type of software is designed to help companies improve their customer experience and build a positive brand image to boost profitability over the long run. Customer segmentation, feedback management, and sentiment analysis are some key features of CX software.

The benefits of Customer Experience Software

• Improved brand reputation: CX software monitors customer reviews in real time and allows companies to promote positive reviews for higher brand visibility. This helps improve brand reputation and attract more prospects. It also allows them to address negative reviews more quickly to build trust among customers, who may ultimately become brand advocates.
• Higher customer loyalty: A feedback management feature helps companies analyze customer feedback and use it to fill any gaps in the customer experience. Analyzing feedback and implementing suggested changes make customers feel more valued, and valued customers are more likely to remain loyal to their brand.
• Omnichannel experiences: Customers often use more than one channel to interact with companies. With CX software, it becomes easier for organizations to maintain their presence and collect feedback across channels—email, social media, website, and more—so that they get a holistic view of customers’ perception of their brand.
• Real-time resolution of concerns: CX software instantly notifies businesses when customers raise a concern or give feedback. These real-time alerts help solve grievances on time. For instance, if a customer has given negative feedback, companies can apologize immediately and offer gift vouchers or discount coupons to prevent churn.

Typical features of Customer Experience Software

• Analytics: Identify patterns in collected customer data.
• Dashboard: Use dashboard graphs and charts to track statistics and metrics.
• Feedback management: Collect and analyze the feedback received from end users.
• Multichannel data collection: Gather information from multiple sources and channels.
• Sentiment analysis: Categorize emotions expressed via text as positive, negative, or neutral.
• Predictive analytics: Predict customer behavior and trends based on historical datasets.

The cost of Customer Experience Software

Most products in the market are priced on a per user, per month basis and can be divided into three pricing tiers based on their starting price.

Price ranges*:

• $10 - $20
• $20 - $42
• $42+

*The pricing included is for the entry-level/lowest-priced offering found on vendor websites on December 3, 2019. These ranges correspond to the 25th, 75th, and 100th percentiles of the pricing information gathered from vendor websites of sample products.

The above list summarizes pricing for the base plans of most products. An enterprise or premium product that is priced higher may include some additional features, such as customer segmentation or knowledge base.

Considerations when purchasing Customer Experience Software

• Analysis capabilities: Businesses need to carefully monitor customer feedback so that they can filter out negative reviews and identify areas of improvement. Feedback analysis arms companies with background information on customer queries to resolve complaints more quickly.
• Personalization: Customers are likely to spend more money when they receive services that are tailored to their needs. With CX software, businesses can leverage collected customer data to offer customized experiences, such as personalized product/service recommendations, targeted discounts and offers, and even location-specific services.
• Customer profiling: Creating dedicated buyer profiles and documenting each buyer’s journey are key to understanding customers’ requirements. Customer profiling helps maximize the effectiveness of customer experience programs, allowing companies to achieve better customer satisfaction and retention.

Relevant Customer Experience Software Trends

• AI chatbots to drive improved customer experience: About 53% of service organizations are expected to use AI-enabled chatbots in 2020, a 136% growth from the 23% recorded in 2019. For customer interactions, AI can be used for collecting initial case details and enabling self-service capabilities. This helps save agents’ time, allowing them to focus on more complex tasks.
• Blockchain to help identify customer behavior trends: Blockchain can be leveraged to develop a decentralized system that can securely encrypt consumers’ behavioral and demographic data. This data would be portable and help identify trends in customer behavior. Furthermore, blockchain would give customers the power to decide who has access to their information.