The question,“What impact is the CX program making on our business?” is being asked of customer experience professionals more and more. The immediate thought is to demonstrate the financial return of the investment – what are you gaining from a Truly Loyal customer? What financial savings have you made by altering the support experience? How has our retention rate been impacted?
In fact, from our Customers 2020 report released in 2013, we found the impact of actions integral to and originating from customer insights programs on a company’s bottom line performance will be accepted. This means, that we, as CX professionals need to begin tracking and sharing the impact of our customer experience efforts.
However, it’s not always easy to jump straight to the financial return. It takes time to build that story – trend data, right metrics, the time to execute action plans. That does not mean that we can’t measure impact while we are building to that financial story – it means we need to track some "softer" impact.
What do we mean by "softer"? We mean concepts that are not dollars and cents. Impact that you are making on the organization by who is involved in taking action or providing input about customer experiences. Impact that the customer insights are making on the process of conducting business and interacting with customers.
Involvement includes concepts such as:
• Internal participation in the program – providing names, number of trainings, workshops, presentations
• External participation – response rates, number of customers providing input, time spent providing input.
Process includes ideas like:
• How many alerts were followed up on
• Number of action plans developed
• Operational metrics linked to customer experiences
Measuring the impact of customer experience is an ongoing critical element of our roles – being able to depict the financial impact of customer insights is key. While building towards a financial measurement, tracking the softer side of impact and set goals in each of those areas for future impact that will help you build towards that financial impact that will be accepted in the future.