At some point during the implementation of your Customer Experience (CX) strategy and plan, you will be asked to show a Return on Investment (ROI). Usually most CX programs begin with a “belief” that improving the customers’ experience will have operational and financial benefits to a company and that improving the customer experience just makes good business sense. While it is true that there is value in improving the customers’ experience, what is really important is to know where to prioritize your efforts in order to get the best ROI for your company. There are many ways to measure the outcome of a CX program, ultimately, the most critical will be the positive financial results or ROI, or the ROCX™ (Return on Customer Experience).
Some people may think it is impossible to measure something so intangible as Customer Experience. I believe that an ROI is always possible to measure – it just can be challenging to get the data and the right people to analyze that data, such as operational, survey and financial data. CX is measurable!
At CustomersFirst Now (CFN), it is our best practice to always lay out your approach to ROI as you launch your program. Some questions you need to be able to answer are:
- What are the moments of truth and pain points you want to improve?
- How can you measure improvement of those touchpoints in a way that matters to a customer?
- Does your customer survey give you additional insights about these touchpoints today?
- What operational efficiencies and financial data can be linked to your CX improvements?
- Who will be your “insights” partner internally or externally to help you do this analysis on an ongoing basis?
I will lay out a path and timeline for how you should measure ROI as part of your ongoing program – not something you do when asked – sometimes that is too late to start measuring something that will prove the value you may or may not have been demonstrating from day 1. As I always remind my team and myself… “Be on your toes, not your heels”.
>> To Download the full report, please visit The ROCX Report page here.
Kerri Nelson is the CEO and President of CustomersFirst Now (CFN), and has been a CX Leader and practioner for over a decade. CFN is building a Customer Delight company based on a proven “CustomersFirst” approach. She has spent the past 20 years leading and creating customer-facing strategies and operations that demonstrate how Customer Delight leads to financial performance. Kerri led her previous company to a 44% customer delight improvement that was a major contributor to the company’s revenue growth, from $844M to $1.8B.