If you are like other CX pros, at some point in your CX career you’ll encounter the “money question.”
Your CEO will ask you: “What’s an improvement in our customers’ experience worth in dollars and cents?” And it’s likely that you won’t have a (good enough) answer. I say that because I know that 50% of CX pros we surveyed have not modeled how CX quality influences customer behavior.
We know great CX drives revenue.
But to make the case, you need a more nuanced and sophisticated understanding. So we used data from our Customer Experience Index (CX Index™) and modeled the revenue impact of improving CX.
To do that, we asked three questions:
What is a customer’s loyalty (retention, enrichment and advocacy) worth in revenue dollars?
Is there a relationship between CX quality and loyalty-based revenue?
How does the relationship between CX and revenue potential differ by industry?
Read all at (report only after paywall) Drive revenue with great customer experience – Our 2017 analysis will help you make the case for CX investments | Forrester Blogs