To achieve CX Excellence in any company you need to get CEO buy in. The CEO’s core responsibilities are immediately addressed by CX Excellence from helping to differentiate the company against competitors, to creating improved shareholder value. Once the CEO sees the clear metrics they will support CX Investment and get behind the initiative 100%.
The discipline of CX offers significant opportunities to improve ROI – which helps to get the buy in from the CEO. If the CEO doesn’t buy in, the CX Excellence program will fail or at best lose its energy and require re-energising at a later stage.
When getting the CEO buy-in you can present metrics that are relevant to issues central to company interests.
The areas you should focus on are:
Reduced Cost to Serve Your Customer
A good CX Strategy can dramatically reduce cost to serve. A huge part of CX is ensuring that at every step in the customer journey, customer expectations are met or exceeded. You need to provide all the resources for them to make it easy and to show that you understand their needs. By improving the customer journey, creating a realistic customer promise and solving problems exceptionally – you can reduce the cost to serve which will directly increase your profitability.
To measure Cost to Serve Your Customers you need to add the average cost for each process then multiply it by the transactional volume. There are a few business solutions to automate this process so you can quickly get accurate results.
Differentiation from Your Competitors
Today, products and services are very similar from company to company. It is very easy to replicate a product or a service and put a more competitive price tag on it. However, how low can you go on the price while still making a profit? CX can help differentiate a business without dropping down the price of your products or services.
A Clear Focus on Loyalty and Customer Retention
2022 CXi report showed that customers who have better experience are 2.7 times more likely to keep doing business with you. Trust between customers and the organisation directly translates to loyalty and loyal customers are more likely to spend more and more often.
To measure customer loyalty you can measure NPS, Engagement levels and Regular purchases. (How to Measure Loyalty?)
Customer Lifetime Value can be used to get CEO Buy-in.
Increased Customer Acquisition through Advocacy and ‘word of mouth’.
Loyal customers can become advocates of your brand. When this happens they will spread the word about your product or service to their friends, colleagues and family who will be more inclined to try them out. Sharing experiences on social media is now a huge factor in advocacy. Acquiring new customers this way, sometimes ahead of using expensive marketing and sales campaigns, reduces your acquisition costs and increases your profitability.
Constantly Improving Shareholder Value
All of the above points will ultimately lead to a higher shareholder value. The shareholder value is one of the most important metrics that you can present to your leadership team to get the CEO buy-in as it directly translates to how the business is doing.
Staff Empowerment and Improved Company Culture
When staff are empowered they are more motivated to help customers and the company. This is because they trust that the leaders in the company truly care about them. They see career progression opportunities and thus are less likely to quit – which increases employee retention.
To measure Staff Empowerment you can use a simple EEQ Survey.
The best CX Excellence programmes are those approved and driven by the CEO and delivered by the CX Director or Manager. It is common for leading CX companies to have one or more CX Champions empowering departments to work together to deliver a customer-focused solution. The CX Director reports directly to the CEO and should lead a CX Task Force to deliver CX Excellence throughout each department.
If you would like to learn more about getting the CEO Buy-in and CX enrol in our Professional Diploma or Certificate course today.
