by Janus Boye
It's been said many times that delivering outstanding customer experience (CX) is the key to success.
Yet, with increasing expectations, and even after extensive investments in CX training and initiatives many organisations are struggling leaving disappointing customers behind and eroding loyalty.
In our recent member conference call, Stefan Kolle from FutureLab in Belgium, shared his insights on the return-of-investment (ROI) of customer experience programs.
As you probably already know, customers who recommend you are more profitable and just better for your business. With this opening point, Stefan also added the much overlooked point, that happy customers are cheaper and easier to service.
While many if not all, believe in the value of customer experience, Stefan mentioned that he usually sees these five problems with a good customer experience program:
Setting up the customer experience/voice of the customer program correctly
Getting buy-in from the rest of the organisation
Driving action
Getting ROI
Keeping it running
During the call, he took us through his framework as shared below and in particular focused on creating, capturing and communicating the value.
The CCC Framework as shared by Stefan Kolle from FutureLab
Here’s some of the notable takeaways from the call
Stop doing things that don’t add value for customers
Drive action by closing the loop
Weber case study: Used to have a classic TV commercial with a chef cooking good food, but instead refocused their marketing on the experience in the shops. They doubled sales, kept margins and realized several quick wins (see slide 17)
If you don’t already have your own ROI model for CX, then start simple
KPIs are put in place with best intentions, but they drive behavior. Financial KPIs, don’t drive customer behaviour. See also Goodharts’ Law.
The biggest problem CX managers face is overly focus on the score or number of the NPS, instead of the verbatims and individual results. They get in the way of sensible and reasonable actions.
You can browse the slides on ROI of CX programs (PDF) or view the full 29-minute recording below.