One of the most important things you can do as a customer experience leader is to illustrate the returns on improvements—or the costs and risks of doing nothing. My recommendation is to build a “toolkit” (repertoire) of methods you draw from.
There are two categories of considerations: returns and risks. Five each, for a total of ten considerations. Let’s begin with the good stuff. These are five potential benefits of improving customer experience. They include:
Customer loyalty. Loyal customers stay longer, spend more over time, and cost far less than the expense of winning new customers.
Brand promotion (also called word of mouth). The better the customer experience, the more likely you are to create customers who are brand advocates promoting your products and services through referrals and positive reviews.
Operational improvements. Customer experience improvements often positively impact operations—inventory, shipping, customer service, technical support, or others. These processes become more scalable and cost-effective.
Product and service innovation. A focus on customer experience creates better products and services, which lead to more revenue, tend to cost less to support, and boost trust in your brand.
Employee engagement. Improvements to customer experience almost always boost employee engagement (and vice versa), leading to better attendance, retention and productivity.
What are risks of inaction if you don’t develop or improve customer experience? Read more