How often do you focus on the Return on Investment (ROI) when it comes to customer experience? Looking only at the calculations or metric themselves have a lot of insights, but what about the practice itself? Any ROI program is key to any customer experience program. It shows what the customer contributes to the business and how they impact the bottom line. There are a few things to consider when practicing with an ROI program. Once you make the decision to move forward with an ROI program, choose some form of an integrated metric that matters to you and the leaders of your business.
If your current program isn’t working or even if you have started one, it can be great to work in a 90-day program. This will get you going on all the key disciplines and help provide you with a clear focus for getting to your goals. It will also allow you to make any adjustments if needed and expose any problems as well.
Once you have the ball rolling, you will feel more engaged and confident in developing a more extended program. If done well, there is more likely you’ll see greater buy-in or even more of a budget or human resources to build up the ROI program. It will also help with long-term objectives that are in need of more consideration and time.
Here are some eight ways to get started with your ROI program. Look at them more like a checklist as each one is important to start an effective ROI program. They are scalable so there is a lot of value in layering on your journey analytics and text analytics. The ROI measuring technology you use to measure your insights across all your channels may also start.
The customer experience ROI will save your company a large amount of money. It enables your customers to not only receive better products and services but also impacts their experience so they are more apt to stay with your company longer and spend more. This checklist is, in essence, an insurance policy for your company when things start to get rough. Driving your business forward means sharing the right story. The main point in measuring your customer experience ROI is to do it early and often. With the right technology, you can automate this data with an ROI stream and dashboard. You can separate ROI stories that work with ROI contribution to some aspects like text analytics or survey feedback technology or even the whole platform. Since you’ve already identified the signals from the list earlier, measuring them becomes even easier to do.