August 17, 2017
Customer experience (CX) is finally gaining the attention it deserves, with 84% of companies seeing CX as a higher priority than they did two years ago. But there’s a disconnect when it comes to executing CX transformation, and the underlying issue is a lack of executive buy-in.
In this on-demand webinar, the two of us discuss how to make the business case for CX improvements and arm you with solid business evidence to bring to your executives. Below is a recap of the three key elements you should include in your argument: urgency, impact, and direction.
Urgency: Why CX, why now?
A focus on CX is a must in the age of the customer, and most companies are behind. Empowered customers are more willing than ever to try new brands and quickly discard others — a phenomenon we call hyperadoption. Businesses will win customers’ loyalty only if they commit to understanding ever-changing preferences and behaviors.
Hyperadoption is one of three trends creating more pressure to speed up CX transformation; digital disruption and a changing workforce are the other two. Check out the webinar to learn more on each of these.
Impact: Where’s the evidence?
Data from Forrester’s Customer Experience Index (CX Index™) shows that improving CX improves profitability; in fact, the revenue growth of CX leaders is 5.1 times that of laggards. Great CX impacts both top-line (higher retention, cross-sell and upsell, new customers) and bottom-line growth (lower cost to serve, lower customer acquisition and employee acquisition costs).
Higher CX also drives a willingness to pay a price premium; customers are 4.5 times more likely to pay a premium if the experience is excellent than if it is poor.
Direction: How do we get there?
There’s a winning recipe to accelerate CX efforts, and it starts with a clear CX vision that guides your company’s overall activities around improving CX. From there, assess your current CX to know where you’re starting from and what areas need improvement. Build the six competencies of CX – research, design, measurement, prioritization, enablement, and culture – which we cover more in depth in the webinar. Finally, create the tech foundation that allows your firm to provide the digital experiences customers expect.
One final takeaway: Make sure you’re capturing the evidence you have for your firm. There is a business case for improving CX for every company, but it differs depending on what industry you’re in, whether you’re a B2C or B2C company, etc. Start to craft these three pieces – urgency, impact, and direction – so they make sense for your business specifically.
Watch our complimentary on-demand webinar for more examples and data points you can use to build your case.