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Who benefits from CX investment?

January 15th, 2019

 

Everyone Benefits from investment in CX

 

Companies that deliver CX excellence receive immediate and impactful benefits that filter throughout the whole business. Each of these benefits ultimately deliver greater commercial ROI and shareholder value.

These benefits can be realised by each business department or C-suite decision maker. Below, we outline which benefits are important to each department. It has been designed to help CX practitioners get buy-in from each department and the company as a whole, enabling a speedier focus on the customer.

The core benefits of delivering CX Excellence are:

 

    • Differentiation from your competitor
    • Greater customer loyalty and retention
    • More cost-effective acquisition of new customers
    • Reduction in cost to serve your customers
    • Greater staff motivation and longevity
    • Greater shareholder value 

 

CEO

Shareholder value CX provides greater ROI for investors

Business differentiation Because most businesses today offer pretty much the same product at the same price, CX is now the only true way a company can differentiate its offering to its customers

Business reputation Companies that treat their staff and customers brilliantly earn stronger reputations in their communities and markets

Internal culture CX creates a positive internal culture and working environment

Motivated staff Happy staff = happy customers = happy business = happy shareholders

Investment arsenal Happy shareholders are quicker to invest and support a successful CEO with a successful CX approach


The Financial Director

Profitability Greater profitability due to less price sensitivity as customers are happy to pay more for great CX

Increased revenue Positive word of mouth delivers greater repeat sales and further opportunities for cross and up selling. It also stimulates strong acquisition of new customers

Cost savings Happy customers are less likely to tie up service lines/contact centres with queries resulting in cost savings. Investment in expensive marketing acquisition programmes are reduced


The Operations Director

Reducing time & effort CX helps operations by making it easier and more enjoyable for customers to do business with us

Reducing costs to serve By removing hurdles customers are less likely to engage the company with queries and therefore reduce the numbers of calls into a call centre

Customer promise Operations can now deliver on the customer promise because they are part of its creation


The Marketing Director

Customer promise Allows marketing to deliver a powerful customer promise that differentiates the company from its competitors

Acquisition of new Customers Lower acquisition costs

Retention of existing customers Stable customer base willing to pay more for better CX


The Sales Director

Acquisition of new customers Cost effective acquisition as a result of increased positive customer advocacy

Higher margin Happy customers buy more product more often and at higher prices

Up and cross selling existing customers Easier to convert existing happy customers to buy more from you


The Commercial Director

Profitability Higher margins created from higher prices and lower costs to serve

Less price sensitivity Customers are happy to pay more for a great customer experience


The HR Director

Purpose Staff feel they have more input in a customer centric organisation

Motivation When staff are clear on their roles and how they impact their companies success they become more motivated

Longevity Great CX companies hold onto their best staff for longer

Rewards Best in class CX champions reward their staff for CX rather than sales


The IT Director

Improved ROI Technology investments based on customer feedback can result in increased usage and reduced costs

Making it easier for staff to deliver customer promise Utilising technology will help internal staff support front facing staff deliver greater CX

Making it easier for the customer to do business Deliver greater UX experiences for their customers


Credit: The CX Company

 

Is CX part of the agenda in your company?
Use this information to arm yourself in your next board meeting. You know how investment in CX will benefit your company. Now you know how to get everyone on board!

Categories: CX Benefits

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