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. So, understanding the ROI of implementing your customer experience strategy is more complicated than it might seem.
What is the ROI CX?
The ROI of CX 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.
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