Every brand wants to crack the code to prove a skyrocketing customer experience (CX) return on investment (ROI). But obtaining stellar ROI is not a simple process, especially if businesses can easily become discouraged when it seems as if their CX programs aren’t producing the amazing results they expected. That’s why some consider it the “holy grail” of customer experience! But proving the value of your CX program shouldn’t be a process that starts only after the work is done; to successfully show the value of your efforts, you need to consider how you plan to prove ROI from the very beginning.
Additionally, it’s important to first recognize that the factors impacting ROI cannot be understood linearly. Every department within your company has a different perspective on how their area of the business affects ROI. This makes measuring ROI by customer experience not so straightforward. Your business needs a holistic view of your brand, customers, employees, and the market to drive ROI successfully.
Here are three tips based on our eBook, “Five Steps to an ROI-Focused CX Program,” that will help your company build a CX program that directly increases revenue. Let’s get right into it!
- Design with the End in Mind
- Understand Your Customer
- Tailor Employee Behavior
Tip #1: Design with the End in Mind
Designing an experience for customers means not just meeting the present need, but the future one as well. This means optimizing the customer journey by adapting to what customers want—even if your business had never considered those ideas before.
Your company needs to be ready to remove from, add to, and revise its CX program overtime. For example, our eBook 2021 Digital Customer Experience Trends Report, discusses how digital has been a trend in America and Canada long before the pandemic. The main point is that digital will stay relevant after the government removes restrictions, so businesses need to prepare for the future of digital customer journeys.
As you already know, your CX program is a powerful tool. When your brand designs with careful attention to the intelligence informing you of incoming issues in the customer experience, your chances of increasing ROI improve immensely. In fact, one study found that a focus on the buyer’s journey reaps over 50 percent greater return on marketing investments than those that don’t.
Tip #2: Understand Your Customer
Actionable intelligence stems from all kinds of sources and each type of data can contribute to your company’s overall knowledge of your customers. From CRM, to VoC, to loyalty, financial, transactional, and beyond, don’t underestimate the value of tons and tons of diverse information.
By taking advantage of various data channels, Hawaiian Airlines was able to gain a deeper insight into their customers’ experiences. “InMoment appends upwards of 300 customer-specific data points to each response. As a result, Hawaiian Airlines understands the impact that seat location, aircraft type, departure time, delays, food, flight crew, stops, travel history, and other variables play in each customer experience. This extremely detailed analysis enables Hawaiian Airlines to understand trends and pinpoint the exact factors most likely to have significant impacts on customer satisfaction.”
The combination of CX, market experience (MX), and employee experience (EX) data gave Hawaiian Airlines the holistic viewpoint it needed to direct its CX Program towards greater business outcomes. And that’s the key! The right data can be a customer experience game changer and lead to better business performance.
Tip #3: Tailor Employee Behavior
Now that your brand knows its customers, it can train employees to accommodate them according to their specific needs. Employees are often the most crucial contact point with a customer because they act as company representatives. What customer would stay loyal to your brand or purchase anything if they encounter an employee who fails to meet their standards?
This case study shows that there was a growth in NPS when the business conducted behavioral initiatives instead of primarily focusing on operational improvements. The data tells the truth! By involving employees your brand learns not only about the employee experience but the customer experience through their lens. When both business and employees work in tandem your CX program reaches a higher potential to increase ROI.
We just explained three tips to capture more revenue through customer experience, but there’s more! Read this eBook that goes over five essential steps on how to focus your CX Program on ROI.