The value in Customer Experience Optimization (and the cost of ignoring it!)
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The debate for the importance of customer experience is long over (Everyone agrees that it matters. A lot!), and has now moved on to customer experience optimization. Building a holistic Customer experience Management program requires looking at several factors. But is any one factor one more important than the others? Is it making a difference (as you’d hoped for) or is there room for improvement?
How do you optimize your customer experience effectively?
It’s become increasingly clear that the positives from a comprehensive CX program trickle down to several aspects of your organization. So while determining the ROI of your CX efforts (which can include customer experience surveys), it’s important to consider the value these “side-effects” bring to your business and your organizational structure. Better satisfaction rates are just one benefit one can expect from optimizing your CX.
Optimizing your Customer Experience is a multi faceted process, and could require you to look into several core aspects on how your organization functions:
Customer Experience optimization goes hand in hand with better business practices
A well run organization with well defined business processes will have an easier time when it comes to delivering great customer experiences. Taking a customer experience survey based approach to identify pain points and addressing them will more often than not identify inefficiencies in your business process as well. Which is fine – inefficiencies creep in to any organization over time. However, you should ensure that you rectify them in a manner that makes these processes more customer centric.
Ensure your Employee experience is taken into account
Employee Experience has a direct impact on your CX as well – after all, they can form one or more touchpoints with your customers. Not just that, better CX programs can keep your employees free to pursue higher value tasks instead of having to work on retaining customers.
Tech like Voxco’s omnichannel survey platform can help you manage employee and . By conducting regular Customer experience surveys like NPS, CES and CSAT at multiple touchpoints across your organization, you can anticipate customer requirements more effectively. Customer feedback is often unkind, but is almost always valuable – implementing them will improve customer satisfaction and reduce churn (both employee and customer).
Calculating ROI is hard, but there are ways to measure and justify Customer Experience optimization
Analyze costs in everyday processes to reconfigure accordingly
Research shows that 49% of shoppers made impulse buys after receiving a personalized recommendation and that 44% will become repeat buyers after personalized experiences
This goes to show that an improved, personalized customer experience is imperative for ensuring business success over the long term. Companies need to reconfigure costs to and provide a cross-enterprise view to gauge their CX cost requirements, and then measure its effectiveness accordingly.
Then there are more traditional methods to measure the effectiveness of your CX. Conducting Customer Experience surveys at key touchpoints and tracking the change in their results post-changes is a good way to measure customer satisfaction, loyalty and overall CX. Letting respondents know after you implement their feedback, or are even considering the same helps improve customer loyalty and reduce customer churn as well.
Customer-centric companies are 60% more profitable than companies that don’t focus on customers.
Identify your customer journey and optimize it
Every interaction a potential customer has with your brand at any given touchpoint can be described as their customer journey. Identifying customer journeys and then nudging them along what you feel is your ideal customer path is a key aspect in ensuring better customer experience.
Tracking customer journeys also helps you direct your resources more effectively, to improve both CX and general business processes.
Improved CX Metrics have a positive impact on revenue
An improvement in CX metrics even by a single point translates into significant financial gain for companies across verticals (You can find out more about this in our Customer Experience Hub). Delighting the customer may be costly in the short term, but its positives are there to stay, both in terms of brand value and overall revenue generation.
Achieving such results will require careful planning on your CX team’s part. It could be the case that a simple evolution of your existing customer service experience would suffice, rather than a thorough overhaul.
Empower your CX with Voxco
Voxco is trusted by Top 50 Market Research firms, Global Brands & Universities in 40 countries. Voxco offers full omnichannel capability including CATI, Predictive Dialler, Online surveys, offline CAPI, and Panel Management.
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