Convince Top Management the value of Customer Experience with both “Hard Data” and soft touch.
Although being customer-centric is at the top agenda of every forward-thinking organization, very few companies can walk the talk from top-down, to both digitalize every touch point of customer experience, and quantify its value. Do they intentionally lose customers, and what’re the best practices for catching C-levels’ attention and improving customer experience? From digital transformation perspective, have you put Customer Experience as one of the key components in your business strategy?
Quantifying the value is very possible with the right data. Being able to segment data easily to see what the key drivers are for the customer base as a whole, or for those with a particular product or as part of a certain demographic segment should all be possible. For example, using NPS, it is essential rather than optional that companies track how much Promoter, Passive and Detractor segments are worth - what their average spend is, what their actual spend is year on year and so on. By then focusing on the areas of service that resonate most with Promoters (based on their feedback), and then monitoring the outcomes to be sure of the hypothesised financial uplift. Of course all this takes place in the context that if an improvement costs more to implement than it likely benefits. Customer experience isn't about improving things for the customer at any cost. It's about having the real insight to make confident business decisions that result in unambiguous ROI.
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