What is the ROI on Customer Experience?
Issue: Customer experience improvements drive bottom-line results. But how can you prove that making customers happier can make you and your company happier, too?
At its core, the concept of ROI on customer experience is linked to customer loyalty. A better experience delivers more loyal customers, including increased share-of-wallet, positive word-of-mouth (or advocacy) and retention. In short, customer experience delivers ROI by helping you make customers more profitable, and keeping them longer.
What if your company could:
- See where specific investments in customer experience can boost loyalty among your most valuable customers?
- Identify and eliminate individual customer touchpoints that lead to dissatisfaction? You'd not only reduce the cost of delivery, you'd improve your customer experience.
- Leverage an improved experience to speed movement through your customer relationship lifecycle—moving more prospects to purchase, and then on to satisfaction and loyalty?
- Learn how improvements in experience for the "right customers" can increase their lifetime value?
Approach: By identifying gaps and opportunities through the lens of customer value, customer experience and business process insights can help quantify the returns on customer experience investments.
Optimizing customer experience to drive increased customer profitability is at the heart of customer experience ROI. Beginning with a clear understanding of which customers are most valuable and why, Customer Experience Mapping can help companies prioritize investments to increase loyalty, speed progression through the lifecycle, reduce costs and increase customer value.
