What is the value of a Customer Experience platform?
The return on investment (ROI) of a customer experience (CX) platform can significantly impact your business success.
Prioritizing Customer Experience not only benefits your customers, but also contributes significantly to your business’s bottom line.
The return on investment (ROI) of a customer experience (CX) platform can significantly impact your business success.
Prioritizing Customer Experience not only benefits your customers, but also contributes significantly to your business’s bottom line.
Business growth with a customer centric approach
Companies that prioritize customer experience grow their revenue 1.7 times faster than those that don’t.
Their customer lifetime value increases by 2.3X on average.
Consumers are willing to pay up to an additional 18% premium for a positive Customer Experience.
Remarkably, customer experience leaders achieve a 307% return on their stock performance, surpassing the S&P Index 500 by 108 points.
Quantifying CX ROI
Demonstrating the value of CX to executive management can be challenging. However, it’s crucial for securing funding and facilitating the deployment of the program in the organization.
Start by calculating your company’s current customer lifetime value and churn rate. These metrics reveal revenue opportunities.
If you’re losing customers (e.g., churning 10 or 20 per month), it impacts your revenue potential.
By investing in software to support your CX programs, you can enhance customer satisfaction, brand loyalty, and retention, ultimately driving growth.
Holistic approach: Return on Experience (ROX)
While traditional ROI focuses solely on financial metrics, Return on Experience (ROX) considers emotional and behavioral outcomes.
ROX includes factors like customer satisfaction, loyalty, retention, and advocacy.
By measuring these aspects, businesses gain a more comprehensive understanding of the impact of CX investments.
