When talking with clients about their CX strategy (or lack thereof!), we commonly hear that they would like to do more, but they can’t afford it. Or, they can’t justify the ROI for their CX initiatives. It’s true – it can be difficult to put a price tag on the value of providing an exceptional customer experience. After all, customer experience is all about how your customers “perceive” your brand, product or service.
What if we were to tell you that you can justify the ROI?
Each year, the American Customer Satisfaction Index surveys approximately 70,000 customers about the products and services they use most. The survey data serve as inputs to an econometric model that benchmarks customer satisfaction with more than 230 companies in 43 industries and 10 economic sectors, as well as over 100 services, programs, and websites of federal government agencies. As the info graphic in this post indicates, companies that display high levels of customer satisfaction tend to have higher earnings and stock returns relative to competitors. In short, providing an exceptional customer experience will put you at a competitive advantage AND improve your company’s bottom line!
If you are in the restaurant industry, you might be interested in visiting the ACSI web-site.
They just released their 2014 Restaurant Report yesterday (June 17th). There are also many other reports from other industries, and all are available AT NO CHARGE!!! Armed with the information contained within these reports, it can be much easier to justify your initiatives and gain traction with your CX Strategy!
Do you still think you can’t afford a CX strategy? What resistance have you encountered when trying to gain approval and funding for your CX initiatives?