Many companies recognize that a focus on their customers experience at all touch points is a key component of a successful business strategy. Measuring and then enriching the overall customer experience has taken many forms, sometimes with mixed results. The analytics team at CustomersFirst Now (CFN) has created a rating system (the CFN Rating™), which is designed to help companies assess their progress in creating customer experiences that drive profitable revenue growth.
Overview of the CFN RatingTM
Improving your customers’ experience is a journey. The CFN Rating™ is designed to assess the Customer Experience (CX) maturity of your organization. The CFN Rating™ helps to link customer delight and financial outcomes. The CFN Rating™ leverages the CFN Best Practice Assessment combined with your company’s revenue growth plus select geographic and economic indicators. The CFN Best Practice Assessment is based on CFN’s four disciplines for building a sustainable Customer Experience program: Colleague Engagement, Operational Excellence, Customer Engagement, and Behavioral Excellence.
Positive change in your CFN Rating™ will indicate better experiences for your customers, overall improvement in customer delight, and a positive impact on your company’s financials. The CFN Rating™ for your company will position you in one of the four CX quadrants and is indicative of your Customer Experience integration into your company’s overall culture.
CFN Rating™ is a proprietary trademark of CustomersFirst Now LLC.
CFN RatingTM methodology
CFN Rating™ is determined using your company’s Best Practice Assessment in conjunction with your company’s revenue growth and selected industry and geographical variables.
The CFN Best Practice Assessment is the dominant ingredient in the CFN Rating™. The four disciplines — Colleague Engagement, Operational Excellence, Customer Engagement, and Behavioral Excellence – vary with a company’s CX maturity level and accurately predict the current customer experience. The Best Practice Assessment score is based on response to 20 questions on a 1-5 scale. (As your CX journey continues, we recommend that you repeat the Best Practice Assessment every 9-12 months.)
Your company’s revenue growth is a reflection of your customers experiences. We use your company’s historical revenue growth as a second dimension to consider for determining the quality of CX.
We use External indicators including geography, local and global economic factors, and customer confidence to determine overall customer sentiment. Specifically, we use Consumer Sentiment Index (CSI) or Consumer Confidence Index (CCI), Producer Price Index (PPI), and Inflation to calibrate the CFN Rating™.
All three data sets go into our CFN Rating™ model and the result is CFN RatingTM.
Interpreting the CFN RatingTM
Company’s CFN Rating™ can range from the low twenties to the high nineties. Based on the CFN Rating™, a company will fit in one of the four Customer Experience (CX) quadrants. Quadrant One represents the lowest level of maturity and Quadrant Four represents the highest level of maturity.
Consultants at CustomersFirst Now help companies identify their key customer issues, prioritize strategic initiatives, and work with them to make sure they succeed. These CX initiatives improve the overall Customer Experience and drive improved financials performance.
To know where your company stands today in terms of Customers Experience, take our Best Practice Assessment survey and you will receive your company’s CFN Rating and comparison against your competitors.
CustomersFirst Now (CFN) has been refining our CX solutions for more than 40 years – working with and for many Fortune 100 companies. We provide the only proven, predictive process that links Customer Delight to financial performance by incorporating and measuring CX Best Practices across all key business disciplines. For more information contact Amit Garg, Data Science Leader, at firstname.lastname@example.org.