Home Customer Engagement What’s your CX worth?

The importance of the customer experience is usually undisputed in most companies – everyone understands that the better your customer experience, the better your customer loyalty and revenues. However, there is an ongoing debate about the quantification of value of an improved customer experience –“What exactly are we getting for that investment?” is a question customer experience practitioners are used to hearing when advocating for improvement initiatives. Cost benefit analyses are the usual answer, but there is a different approach that can prove value equally, if not more, effectively – the CX dashboard.

Dashboard abound in most organizations – the indispensable “one- page” tool that busy executives use to monitor and zero in on key needs – but the customer experience dashboard is not as commonly known or used. Usually, that’s because the customer experience underlies many other metrics – retention, loyalty, revenue and cost drivers, but measurement of the experience itself is usually isolated to customer feedback surveys. Instead, building a robust CX dashboard can drive attention to critical customer needs that drive other Key Performance Metrics. Here are some best practices for a CX dashboard:

  • Make it Complete – include metrics that cover all channels of the experience – voice, chat, online and in-person experiences
  • Look at leading indicators as well as lag indicators (like survey results) – what are some drivers that directly affect your results
  • Try to make them as directly from the customer as possible

With a CX dashboard, executives will become accustomed to reviewing the performance of key CX drivers and investments can be translated and quantified into the value of changes in these metrics. The dashboard becomes the “voice of the customer” in the organization so we can let the dashboard do the talking to those questions about the value of future investments!

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TahoeSmart guest blogger Shaila Kapur is passionate about improving the customer experience, having worked extensively in both healthcare and banking. She is presently Principal at Mergence Advisors, and was formerly Customer Experience Executive at Independence Blue Cross. Shaila holds an MBA from Michigan State University and is a frequent blogger about the customer experience.

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