How to Define ROI of CX, Prove It Efficiently and Secure Your Budget

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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. 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.

    Need Help Demonstrating the ROI of CX?

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    Organizational 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 Repeat Customers

    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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