What's a great experience worth?
One of the most common challenges I hear my clients voice is calculating the return on investment (ROI) of their customer experience effort.
Having walked in those shoes for over a decade, it's both FRUSTRATING and REAL.
Frustrating because it seems INTUITIVE that improving your customer's experience will impact all of the financial metrics - from cost reduction, to customer retention, to referrals.
Real because there will always be competing demands for resources and a scarcity of supply.
There are many ways to arrive at the ROI of CX, but one way is to look at what customers tell us.
According to research by PwC (see the chart below) -
"When customers feel appreciated, companies gain measurable benefits—including the chance to win more of their customers’ spending dollars. The payoffs for valued, great experiences are tangible: up to a 16% price premium on products and services, plus increased loyalty."
But there's an "experience gap"... 73% of all people point to customer experience as an important factor in their purchasing decisions. Yet only 49% of U.S. consumers say companies provide a good customer experience today.
Anyone can create a superior customer experience randomly.
How do you deliver so much value in the experience your customers receive that they keep coming back and bring their friends?
It requires embedding the customer experience into the culture of your organization. It means creating a CX engine. It's not rocket science...but it's not easy. A great place to start is my free CX Roadmap eBook: https://www.empoweredcx.com/cxroadmap