Did you know that the average organisation analyses just 2 per cent of all customer interactions and it’s mostly for random checks?

It’s become common knowledge that acquiring a new customer costs 25 times more than keeping an existing one. Yet, companies are still not utilising the data that’s provided by existing customers to calculate their ROI on CX and reduce costs. The rest of this invaluable intelligence sits on the shelf, completely unused.

The goldmine that is data can help you translate the voice of you customers into CX business intelligence (BI). This will also differentiate your organisation from every other.

You can implement the following steps to build and execute an effective CX ROI strategy:

Step 1: Discuss the value of customer touchpoints

Collect all the touchpoint numbers: daily customer interactions such as inbound and outbound calls, chats, emails, social media and the like. Then filter out until you have only quality touches left. To calculate your index score, take the quality touches number and divide it by the total interactions per day. If it’s below 2 per cent, it’s time to start the discussion on building BI.

Step 2: Track and document CX goals and objectives

First, you need to help align your executive team’s vision around the customer experience. This will also have to include your customers’ expectations. Then go on to discuss building BI around customer touchpoint by planning and documenting baseline measurements for CX. Don’t forget about conflicting goals – it’s helpful to identify cause and effect.

Step 3: Listen to your customer

How easy or hard it is for them to do business with you? This is where the voice of customer comes in. Start by building a key indicator that consists of 5-6 metrics that measure the ‘easiness’ of doing business with you. Translating the voice of your customer into actionable BI will help with this easiness.

To learn more in-depth about ROI on CX (and the 4th step!), download this ebook and unlock the power of data.

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