Customer Experiences hold the power to differentiate a brand. This may be why over the last year the tangible effects of CX have been demonstrated in a variety of industries. The importance of investing in the right CX experience has never been timelier.
But recent research conducted by Rightpoint uncovered real challenges that still exist in accurately measuring ROI on investments in CX.
As we look ahead, it’s clear that measurement of outcomes from CX investments will become a heightened expectation of budget holders and decision makers—in other words, CX professionals must know how to measure ROI if they are to keep receiving the “I.”
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- Learn how to convert the business case into goals. Because most business cases are based on outcomes 2-3 years in the future, it’s important to chunk those targets into nearer-term goals that set the path to ROI. Including “leading indicators” will help you determine if you’re on the right track.
- Understand how to create a measurement strategy. Deciding what you're going to measure and more importantly how you’re going to measure it is the one of the first steps in determining ROI. Understanding what data you need that you don’t have today and establishing the requirements allows you to put the appropriate measurement strategy in place.
- Know the baseline. When a new measurement strategy is needed, oftentimes the “current state” is difficult to understand because of limited data, tracking or visibility. Don’t skip the process of getting the baseline understanding even if it’s challenging. Arriving at a baseline understanding is incredibly important, and it’s OK if doing so requires a lot of assumptions.
- Find the ‘I’ in Team. The “Investment” in ROI isn’t just about the budget and resource investment in the initiative – it’s also about properly investing time and energy on internal communications. CX initiatives require collaboration across functional teams, which means that broad buy-in to the business case and measurement strategy is critical.