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  • Customer Experience ROI. Is It Worth Doing?

    The business case for Customer Service is complex. Gone are the days when we bought a piece of hardware that depreciates over 5 or 10 years on the balance sheet. Customer Experience does not even show up on our assets list. At least not with that name.

    What is the ROI of Customer Experience?

    The ROI of Customer Experience is in the revenue and customer growth of your organization. It is in the engagement of your customer base that leads to ancillary sales. And it is in the strength of your brand image and the worth of your brand equity.

    The challenge business leaders face justifying investments (especially big ones) is driven by the non linear nature of those relationships. Today’s CFO needs to understand that customer experience is a competitive advantage more than ever. Customer Experience is equal to brand management. And if you underestimate the importance of either, you might not be in business in 5 years.

    Don’t Forget Strategy

    Customer Experience ROI is the same as your company’s strategy ROI. If you don’t have a defined brand and marketing strategy backed up with a complementary communications strategy, you will not see Customer Experience ROI. Regardless of your investments. Think about your strategy. And argue the case for Customer Experience investments as an execution of a strategy, not as a business case.

    Need Help Demonstrating Your CX ROI?

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    Get Customer Experience Basics Right and You Don’t Need to Invest in Wow Moments

    Wow Moments are a Customer Experience hot topic. Customer experience professionals ideate how to build, prioritize, finance, and measure these Wow Moments. Chip and Dan Heath wrote a whole book on the topic: The Power of Moments. No Wow Moment saves you from negative word of mouth if your brand fails to get the customer experience basics right or to deliver the expected brand experience consistently.

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    Culture and Access to Information

    By and large, people perceive culture as an HR discipline. The most common perception is that culture covers the soft side of performance. Culture is about how you do things, not so much about what you do. This approach to culture could not be more wrong. In fact, organizational culture is about so much more than a few words in a performance review sheet.  It is about leaders expressing values, and the action guidance their cultural behaviors provide.

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    How a Personal Interaction builds Customer Loyalty

    A customer-centric methodology is key to the successful outcome of my interaction with Hello Spud. It is the reason this story appears here, and not among the CX Big Fails! The company did not send an automated response. It did not deliver a message stating “sorry we couldn’t help you, would you like something else.” Instead, the company co-founder reached out to me personally across multiple channels (a handwritten note, followed by personal emails).

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    5 THOUGHTS ON "Customer Experience ROI. Is It Worth Doing?"

    1. Liliana Petrova 09/30/2017 at 2:45 pm

      Love this article!

    2. How to talk to your CFO about customer experience and revenue growth – DoingCXRight 10/23/2017 at 7:36 pm

      […] month we introduced the topic of Customer Experience ROI and the complexity of building a good business case for it. The Customer Experience business case […]

    3. CX Bold Moves: JetBlue paperless and deviceless boarding – DoingCXRight 11/15/2017 at 1:35 am

      […] customer journeys that use technologies of the future, we have to build the business case and its ROI. CFOs see customer experience design projects as process effectiveness work that increases output […]

    4. Culture is King – the power of employee engagement – DoingCXRight 01/16/2018 at 10:25 am

      […] doingcxright.com In 2017 we introduced our ROI series recognizing the challenges all customer experience professionals have to obtain funding for CX […]

    5. How to talk to your CFO about customer experience and revenue growth | DoingCXRight 11/01/2018 at 10:59 am

      […] month we introduced the topic of Customer Experience ROI and the complexity of building a good business case for it. The Customer Experience business case […]

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