CX is a core driver of business success. According to one recent study, customer experience leaders showed a compound annual growth rate (CAGR) double that of their peers. What’s more, they’re 15% leaner too.
It’s been shown time and time again that by listening and responding to customer feedback, you can improve the experience for your customers to help:
Increase share of wallet
Reduce cost to serve
Build brand awareness and equity
Improve customer acquisition
It’s how you turn customers into fans who come back time and time again and is a key differentiator for many of the world’s biggest brands.
How to become a CX leader
Knowing the importance of the customer experience is one thing, but putting in place the tools, processes and company culture to change it is something entirely different.
It’s easiest to break it down into 4 key areas you need to get right to launch a world-class CX management system:
MEASUREMENT (What is a customer experience program?)
The process starts with building a plan for measurement that specifies what will be measured, how it will be measured, and the desired objectives behind each metric. Once you have this you can build a basic view of the customer journey and start to prioritise the key touch-points where you want to gather feedback and start reporting on your chosen metrics (for example NPS or CSAT).
- ANALYSIS (How to turn CX data into actions)
The next step in establishing a robust customer experience management system involves using analytics to identify the key drivers of your CX metrics. This allows you to draw deeper insights so you can identify the key moments that matter to your customers and work to improve them.
This is where you start to take actions based on your analysis, whether it’s closing the loop with dissatisfied customers to solve issues quickly or making improvements in key areas that will impact your CX metrics. To be successful, you’ll not only need to be able to identify the improvements with the biggest impact, but also bring others in the organisation with you to help implement them and drive change.
- TRANSFORMATION (how to prove the value)
Once your CX program is fully mature, you can start to embed it throughout the organisation to drive cultural change and really put the customer at the heart of everything. The most successful organisations do this by giving their employees ownership and empowering them to act on the customer experience. There are many ways to do this such as integrating your program with your employee engagement efforts or even adding CX metrics into your pay and reward structures. Done right, it brings the whole organisation on board and directs everyone towards a single, customer-focussed goal.