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Three Ways to Create Greater ROI in Your CX Program

During an event in Las Vegas I was lucky enough to share three key ways to create greater ROI from a CX program by leveraging our clients’ experiences around driving business success. In my role as a MaritzCX Client Success Practice Lead, I spend time meeting with practitioners in business reviews, reading through CX Program RFPs, and meeting with teams to ensure the programs we execute are having an impact on clients’ business goals.

One of the important parts of my role is to help clients find ways to demonstrate the value of listening and taking action based on their customers’ feedback. When the value of the CX program is widely understood, engagement with customer feedback increases and executive leaders are more likely to lend support to customer-driven initiatives. With this in mind, here are three recommendations to help every CX practitioner drive greater program ROI.

 

1. Empower Employees with Increased Transparency to Customer Feedback

In MaritzCX’s benchmark study of CX Practitioners, only one in ten practitioners indicated that they continuously and widely shared customers’ feedback throughout their organization.  Among those practitioners who do successfully share customer feedback, almost three-fourths indicated that their VoC program was very successful in improving business results.  Conversely, among those CX Practitioners who indicated that they did not continuously and widely share customer feedback throughout their organization, only 20% indicated that their VoC program was successful in improving business results.

Sharing customer feedback across a broad internal audience requires a multi-faceted approach to improve transparency and engagement. Transparency is key when it comes to empowering your people. Our clients who routinely find new ways to share customer comments with their entire organization; while simultaneously soliciting employee input and feedback are seeing success in making real organizational changes that improve customer experience.

There are multiple ways our clients are sharing customer feedback across their organization. We’ve helped one of our clients in the utilities industry leverage MaritzCX Advocacy Boards that show real-time customer comments displayed on TV screens strategically placed within their offices. One of the Advocacy Boards has been placed in their President’s office. This is a physical reminder of how important the customer is to the strategy of the company.

We’ve helped other clients introduce video into their survey mix. There is power in seeing and hearing a customer give you feedback, their emotions really tell a story.

Once employees have greater access to customer feedback, the next step is to create a formal process to listen to their ideas on how to make improvements.  Soliciting employee feedback by using action planning work sessions, quarterly roundtable meetings, and closing the loop with employees so they understand the changes that are being made based on their input can be leveraged at different times to help employees continue to stay engaged.

 

2. Facilitate Taking Action

Customer recovery/case management is one of the fundamental ways many companies use to demonstrate the ROI of a CX program, particularly the ones doing it efficiently.

We’ve found that taking action is only as effective as your ability to drive internal action and accountability. A methodical and holistic case management solution can be the difference between success and failure when it comes to delivering ROI. Tools like text analytics, implementing a double closed-loop system and segmenting the customer base can raise the effectiveness and efficiency of customer and business benefiting actions.

There are a number of our clients using text analytics to trigger alerts, so the issue gets to the right person quicker. Also, segmentation helps you identify the best approach, by looking at customer revenue, product and service usage, or customer tenure. This can help you prioritize and differentiate the type of attention you may deliver when following up with customers. Differentiating the types of customer alerts and segmenting customers can help companies that have limited resources to follow-up with every single customer.

Taking action should go beyond case management. The use of SocialCX which utilizes the referral link at the end of a survey to increase social media ratings and positive feedback. One of our retail clients using this method increased their review score from 2.5 to 4 stars within a few months of adding links to the end of their survey. Clients are using this to influence their Yelp, Google or other relevant site scores.

Another innovative client offers a coupon as a thank you for taking a survey and uses the product sales tied to the coupon redemption code to show return on their program.

 

3. Integrate Data to Deliver Deeper Insights

The third example of creating program ROI is integrating multiple data sources using a journey framework to help deliver insights. As I’ve seen clients undertake this strategy, there tends to be multiple layers of ROI that are built over time.  The simple act of consolidating data into one platform helps the organization become more efficient in listening and understanding the customer. This efficiency comes from fewer vendor management costs and ease of finding the information that is available.

However, as organizations build a consistent approach and foundation across surveys, greater executive level engagement tends to occur.  Having multiple data sources identify a customer experience issue is harder to ignore or dispute. When these are tied to a competitive benchmarking study that provides yet another perspective on how you are performing an increased reliance on the customers’ perspective occurs as leaders use this information when making business decisions and setting organizational priorities.

Here’s one of our clients amazing journey.

Step 1: Each business unit had separate CX program initiatives, so they began by creating a relationship survey that had consistent key metrics and methodology across the entire organization.

Step 2: A series of six different transaction studies were added at different touchpoints along with expanding a benchmark study to understand perceptions relative to the competition.

Step 3: An end-to-end customer journey mapping initiative was completed for one of their business units.

Step 4: They complimented that information with non-survey data, specifically customer emails and chats that had come through the customer service channel and conducted text analytics to quantify and compare the themes that emerged in customers surveys relative to issues requires additional support.

The result:

  • A much better understanding of their customers and an improved organizational culture which valued taking action on customer feedback to improve the overall customer experience.
  • They demonstrated the NPS score improvements directly correlated to an increase to customer retention which saved them tens of millions in revenue.
  • They were able to understand major issues related to invoicing practices which led to direct changes in invoicing procedures resulting in a significant drop in customer support calls. This one change translated to seven-figure savings in call center costs.

 

We’re continually working with clients to drive greater accountability throughout their organizations using their customers feedback. As you can see, there are many companies that are making great CX things happen. The examples above show how it can be done, and our CXEvolution research shows that companies who have used many of these strategies increase ROI by having a thorough, comprehensive CX strategy. Our research confirms that companies applying more mature CX strategies see 91% higher NPS scores, 89% greater retention, and 93% more profit.  Create greater ROI in your CX program by applying these best practices to ultimately see greater company profitability.