What is the ROI of Customer Experience?

Recently I delivered my webinar compiling the latest research on the ROI of Customer Experience.

I covered why CX is important, why the time is ripe to invest in CX now, and the take-away strategies that other CX leaders are putting in place to stay ahead of competitors.

An area that I highlighted, but I wish I had more time to dive into is how Facebook and Alphabet are positioning themselves to stop sacrificing short-term profits over long-term gains. Amazon and Netflix are similar examples, but what Facebook and Google did differently was issue a dual-class stock structure that still includes non-voting stock. The benefits are: this keeps their long-term CX strategies in place, it keeps corporate raiders out who seek short-term profits, and it keeps Zuck, Brin and Page in control of their companies. Should this trend continue we might one day see customer segments on the balance sheet… then again that could just be my wishful thinking.

But I’m pleased to have delivered my webinar as it is one that I’m particularly proud of. So far the feedback has been positive, which is great because while delivering these types of webinars I feel as if I’m flying blind. There is no audience, no facial cues, and no instant feedback on chat or video to evaluate how I’m doing. So it’s a mystery to know if I need to speak slower or revisit a concept. It’s just me talking into the void of a headset while hoping my audience hears me.

A guy like me who is big on measurement it’s a bit frustrating to not receive feedback until after the interaction, which is much like the popular CX metric NPS (Net Promoter Score). Many companies rely heavily upon NPS to gauge how they are doing, and then make strategic decisions upon that data without taking into account emotional metrics. NPS is an after thought of a survey question that asks how likely I am to refer this to a friend or family member well after the interaction has taken place. It’s like driving a car by only looking through the rear-view mirror – not practical and quite dangerous. Yet companies still do it because NPS is a single number that is easy for exes to wrap their heads around. I get it. But the problem lies in the delay.

I often fly with Delta and a few days after my last flight I received an email survey invitation asking about my recent experience. Why not ask me while I’m still on the plane? So now I have to rely upon the memory of my experience rather than the actual perception of my experience relative to the moment. This is why it is important to combine NPS data with other metrics to get a holistic point of view.

I’m surprised Citrix hasn’t included an analytics feature in the software that provides presenters with peak viewing statistics of when I had my audience’s full attention or at what slide I lost them to go off and check email. Now if an audience member left the browser to go reference one of my citations then that is meaningful feedback for me… or if I’m boring them to death that checking email at a certain slide is more entertaining, that’s still good for me to know.

Point is the right metrics at the right time are important and I’ll be talking about the types of metrics and how some companies have created their own in my next webinar. I hope you’ll join me!

Chris

 

Categories: Customer Experience.