Everyone Benefits from investment in CX
[one_half]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.[/one_half]
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The core benefits of delivering CX Excellence are:
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Differentiation from your competitor
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Greater customer loyalty and retention
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More cost-effective acquisition of new customers
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Reduction in cost to serve your customers
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Greater staff motivation and longevity
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Greater shareholder value [/one_half_last]
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
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!
