Any relationship is always about the experience than the outcome. The same goes for customer relationships as well. The benefits matter, but it is the experience that makes them stay. Customer’s experience cannot be enriched with just quality products. It goes beyond that, most CX leaders know what I am talking about. If you ever conduct a customer feedback survey, you will understand how your brand enriches their experience. These factors will be the ones generating your revenue over the years. Remember, it is cheaper to retain old customers than to gain new ones. And to retain customers, you must have a solid customer experience strategy.
In this omnichannel ecosystem, your contact center has massive potential to maximize the customer experience ROI. Tracking customer sentiments, learning their intent and then aligning to customer needs is all part of the omnichannel marketing strategy. This can be done across all your channels, if they are seamlessly integrated into your omnichannel solution.
84% of companies that work to improve their customer experience report an increase in their revenue.
Why should you measure the ROI on Customer Experience?
Now, you might wonder why do we measure ROI on customer experience. Well, it is important to see the financial impact that your efforts are having even if it is not involved with direct sales. Understanding customer’s concerns, their journey with your brand and the key motivators which make them indulge with your brand, will reveal the bigger picture. This big picture is why your customers will stay and invest in your brand.
Numerous customer sentiment analytics, your AI-driven bots and your website will reveal various insights. These insights will show how your customer experience strategy is nurturing your customers and making them stay. Because if they are staying with your company, they will either purchase again or renew their subscription. They will also generate loyalty via brand advocacy. Hence, calculating these factors helps you understand your ROI on Customer Experience.
There are different metrics which your contact center is already measuring to understand the quality of your service. Now, reflecting these values in financial terms will give you more clarity. Some metrics that you can measure like your customer churn rate, customer lifetime value, NPS and more.
How to maximize your ROI by improving your Customer Experience?
Once you understand how impactful your customer’s experience is, you would want to leverage it for more returns. Here are a few tips to maximize your returns by improving your customer experience strategy.
Understand Customer Journey Using Omnichannel Solution:
Tracing an average customer’s journey with your brand is vital. The way they interact with all your touchpoints will reveal their intent, needs and expectations of your service. An omnichannel solution will show you different customer tickets and conversational history, allowing you to execute with more information at hand.
Once you know what your customers want, you can cater to it easily – be it easy navigation through your website, improving your self-help section or offering better support. Now it is essential to remember that not all customers will have the same journey, therefore you must personalize accordingly. Individual customer catering can add value to every customer relationship and open up newer opportunities for your sales team.
Customer Clustering Program:
Segmenting your customers based on their traits and behavior will allow you to align your services to their needs. With target-based marketing being at its prime, offer your audience what they need. This will maximize your profits as no time or revenue will be lost on dead leads.
Customer segmentation can be done based on many factors:
- Purchasing behaviour
- Customer journey stage
- Benefits sought
- Customer satisfaction status
- Engagement or Loyalty level
- Relevant occasion
- Demographic factors
Obviously, there are other factors that might influence your customers into the sales funnel. Feel free to add more to this list based on your industry specifics. Once you have your customers segmented, you can freely target them with your customer engagement strategies. When you offer the experience that they seek, customer retention is always inevitable. Popular trends show that customers don’t really switch companies if they are comfortable in every stage of interaction. So, seize the opportunity and deliver on it.
Learn From Previous Trends:
It is always advised to learn from previous campaigns and see what you can do better. Learning from previous trends and campaigns will show you where you must improve. Here you can unfold several answers that can lead to success. For instance, look for the most popular campaign that you had or which type of ticket has the highest volume or which product has been sold the least. Digging into previous data can reveal the answers to these questions and give your team the right direction.
Improve Your Contact Center Efficiency For Better Results:
In the end, it all comes down to your operational efficiency. Most of the time, customers have a sloppy experience because contact centers are poorly staffed and underequipped. It is necessary to hire the right people, investing in the right tools, training your employees, having daily reviews and more. A neat working process will ensure consistent results.
Despite everything, customer experience is still a qualitative entity. We can quantify it with metrics and data but it still comes down to perspective. In other words, there will be moments you might not be able to measure certain factors, however they will have an impact on your customer experience ROI. For instance, training your agents better might improve customer interactions which might influence your clients to stay with you. Such incidents will go under-noticed but are essential to the entire process.