Proving the return on investment (ROI) of customer experience (CX) initiatives can be difficult. Even alongside the fiddly, specific mathematics and logistical elements, it can be challenging to measure and prove. Especially as it could take months, or even years, to see results, proving your ROI is something to perfect. There are a multitude of factors to consider for these strategies.
CX is the crux of a business. The stronger the CX, the stronger your customer base and loyalty will become. Therefore, good CX initiatives are integral to your business plans.
Not only is it amazing for the customer, but it benefits the company too. 84% of companies with a strong focus on their CX strategies report an increase in their revenue. Furthermore, companies with strong CX initiatives can see strong employee engagement and retention as a result.
Despite the infinite results, CX professionals can struggle to show how their efforts will reap the rewards. This is particularly the case when securing funding for their initiatives. There are many things to factor into the budget, including:
- Survey design and associated costs
- Customer journey mapping and design thinking workshops
- Change advisory board (CAB) meetings
Introducing the Forrester tool
Forrester have designed a tool to combat these struggles your business is facing with proving your ROI. Once it is downloaded, you will have access to the ‘Capturing the ROI of CX’ guide, and Excel calculator.
The guide
This is a complimentary guide to build a CX business case and measure financial results. It provides you with everything you need when capturing the ROI of CX. It is also specified from the outset to demonstrate CX performance.
This tool can help CX professionals to assemble a persuasive CX business case. The financial benefits of investing in an excellent initiative need to be transparent and promising. The guide presented here will be there for you every step of the way, and something you can rely on.
It offers a range of helpful sections – including tips; a how-to, step-by-step process; and plenty of useful resources. The Forrester guide is the perfect asset to refer back to whenever you need it. Once it’s downloaded, it’s always with you!
The calculator
The excel calculator is included in the tool download. The calculator was created in August of 2019 and is still just as powerful and effective today.
The Excel workbook contains six sheets: assumptions; benefits; costs; risk; results – low case; and results – high case. Within these, you can input your business’ figures and data records wherever needed. This will automatically work everything out for you. Yes, this even includes all of your calculations and equations!
Not only is this going to save you time and effort, but it will all be stored and saved in this one workbook. It is ready for you to access at your convenience. It can be altered and updated wherever necessary, for whichever initiative you need to persuade its funding for.
Why you should implement the Forrester tool into your business and initiative plans
As previously stated, it is difficult to prove the ROI of a CX initiative. It’s such a crucial element to persuade others about, as it’s so pivotal for CX transformation within the business. Where there is a focus on CX, the further your business can grow.
The benefits of investing in CX, and calculating the ROI of this include:
- Employee and customer retention
- Training and technology advancements
- Turns insights to actions
If you’re persuaded on the importance of a CX focused business model, the Forrester tool is essential. It is the must-have staple for a business.
When preparing to pitch your initiative for funding, for instance, you are going to want to invest as much time as possible into the details and specifics. Where the Forrester Excel calculator can save you time on calculating many figures, you can instead use this time to further develop the strategy. You could even focus elsewhere on something that requires your attention. You don’t need to worry too much – the calculations to prove the ROI of these CX measurements is already done and sitting there waiting to be presented.
With this guide, you’ll always have a helping hand. Downloading this tool makes the process of proving your CX strategy much smoother and more streamlined. To transform your CX – to transform your business models – you can start with a simple download button. You can download Forrester’s ‘Capturing the ROI of CX’ guide and calculator for free on our website.