How Crucial Is Showing ROI of Customer Experience Initiatives?

 

There’s no doubt about it… Customer Experience (CX) is a differentiator that will bring you to the front of the line, ahead of your competition.


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To illustrate this point, Chris Cancialosi wrote in Focusing On Customer Experience Is No Longer Optional:

“The performance benefits of improving CX make it hard to ignore. From increasing customer engagement, trust, and likeliness to forgive a brand for making a mistake, to improving voluntary compliance to requests, CX has been shown to make the delivery of services more cost-effective. Oftentimes, in fact, the savings gained by improving CX delivery can make the financial arguments against the investment moot. Many organizations that embark on improving their CX delivery find that the effort becomes, in effect, a “self-funding” activity where the savings they see from improving CX delivery outweigh the investments to improve.”

Yet, failure to show ROI of solutions and technology focused on improving CX continues to impede some companies on their path to CX improvement. In fact, CustomerThink’s research finds that just 19% of CX initiatives can show tangible benefits, and Forrester Research predicts that, as a result, a quarter of CX professionals will lose their job in 2020.

That number may grow due to the COVID-19 crisis and the pressure it has put on all industries to deliver quality CX through fluctuating volumes of customer inquiry, a rocky economy, budgetary constraints, and heightened emotional state of customers worldwide. Right now, it’s even more critical that Contact Center and CX leaders not only invest in way to improve CX, but also show the value of this effort.

To help our customers prove to leadership the value of CX improvement, we enlisted the help of Forrester Research to build an in-depth Total Economic Impact (TEI) study of Cyara. This document includes specific, quantified benefits that real customers have experienced since putting the Cyara Platform to use, including numbers tied to ROI, time and cost savings, CX system failure reduction, etc. You can download the study here.

A Free Webinar on CX ROI Best Practices

Given the importance of this topic, CustomerTHINK is hosting a free webinar: Best Practices to Prove the Business Value of Customer Experience. This event, hosted on May 28th, will give you access to research on the most effective ways to prove CX initiative business value. Speakers on the panel for this webinar will share ROI advice in the areas of customer feedback, customer service, and CX infrastructure. Specific topics will include:

  • Proving the Value of CX: Best Practices
  • Benefits of Digital Omnichannel Service
  • Flawless Customer Journeys, Delivered
  • Setting Up Your Voice of the Customer Program to Drive Action

Register and join the webinar for an hour of insight that will help you prove the value of Customer Experience so that you can deliver flawless customer journeys.