Earlier in this series we showed you how to build a customer journey and align your organization around the customer experience. In today’s final installment, we’ll help you measure the ROI of you customer experience investments.
Budget constraints have now become the top challenge in developing digital customer experiences. And proving the value of your DX platform investment can mean the difference between a budget increase and a cut.
With only 8 percent of organizations integrating customer experience metrics into their executive scorecards and business operational reviews, it’s no wonder marketers aren’t getting the budgets they need.
If you’re not sure where to get started with digital customer experience metrics, here are some top ways to measure success:
Customer satisfaction (CSAT): Measures how satisfied a customer is with a particular interaction with your company, such as contacting your support team, or purchasing a product.
Net promoter score (NPS): Measures the percentage of customers that would recommend your company to family, friends or colleagues.
Customer effort score (CES): Measures how difficult it is for a customer to complete a particular task, such as finding answers to their questions on your website, or completing a transaction using a mobile app.
Customer adoption rate: Measures how many customers adopt a new opportunity for digital interaction with your company, whether through a mobile app, kiosk or smart device.
When these metrics are combined, you get even more powerful insights. Following are some examples from a framework that Forrester developed to measure the impact of better customer experiences:
Higher satisfaction drives repeat business, hence higher customer lifetime value.
Higher adoption of a digital interaction drives higher revenue or lower cost.
Remember that each company measures success differently depending on their company goals and strategies. That’s why it’s important to ensure your customer experience metrics align with your overall business metrics. Only then can you be sure that everyone is working together to move the company in the same direction, with a clear focus on the customer.
If you’d like to speak more about measuring ROI from your digital customer experience investment, get in touch with us here.