By now, most organisations understand the value of customer experience (CX) — or at least the impetus for it.
Leaders in CX across all industries grow revenue faster than CX laggards, drive higher brand preference, and have greater share of wallet. But how do you link the value of CX to those business outcomes? What role does CX play in those successes? And how do you measure CX in a way that captures its impact across multiple dimensions — not only business success, but also employee and customer engagement?
A first step in any CX strategy is to define what “customer experience” means for the business (and the bottom line). For media and publishing companies, depending on the audience, this can translate to things like higher subscriber retention, increase in market share, or growth of advertiser share of wallet.
It’s important to identify the right data and metrics showing how consumers are doing these things with your company — and to what end. This will show you what the drivers of these outcomes are, and, ultimately, how to measure them from a CX perspective.
If your company conducts customer or client satisfaction surveys, have your data science or analyst group look at the correlation between key CX metrics — like net promoter score (NPS) or customer satisfaction (CSAT) — and these outcomes.
So, you’re now able to define what CX means for the business and why it’s important. End of story, right? Not so fast.
For CX to really have impact, it needs to be in the DNA of the organisation, lived and breathed by employees at all levels. So, while you’ve established NPS or CSAT as your key metric for driving revenue growth, you also can’t wait around for a year to see the results of your CX initiatives based on the company’s annual customer satisfaction survey.
Enter the CX KPIs.
Many Voice of the Customer technology platforms enable companies to analyse their customer data on the basis of emotion and effort — two of three very important “Es” of customer experience, according to Forrester Research. Using natural language processing, customer feedback can be analysed to convey how easy or difficult an interaction is, as well as the sentiment associated with the customer’s interaction. These “Es” are strong predictors of engagement and churn.
Companies can often use a combination of consumer engagement metrics (time spent, repeat visits, cross-platform engagement) and these emotion and/or customer effort scores for goal-setting or managing KPIs for various teams responsible for CX outcomes. These metrics can serve as leading indicators to focus teams on the improvement of the CX on a daily basis, with the ultimate goal of improving processes, systems, data, and culture to enable a truly customer-centric organisation that drives bottom line results for the business.