The sound of cash registers practically drowns out the jingle bells these days, but sales aren’t the biggest story. Service is. We’re in the age of the customer, and 84% of firms say their primary aspiration is to be a customer experience (CX) leader. You’re probably among them.
Exciting as it is to share your climbing CX scores, you’ve got to show what the program does for the bottom line. As with any investment, your leadership needs to see ROI. Let’s look at how to prove it.
Good scores have a story to tell
There’s no shortage of data for us CX junkies. The trick is finding the metrics and insights that matter most to the C-suite—and will help them feel good about the time and money they’re spending on CX. Several key reports can help you tell the story behind the scores. We’ll start with two that show how you stack up against your competitors: Benchmarks and Competitive visit share.
Key report #1: Benchmarks
It’s hard to plan ahead when you don’t have a starting point.
Say you offer to bring champagne to a holiday party. Your hosts tell you they expect “double the crowd” this year, but you skipped their party last year. So you’re stuck guessing, which means you’re bound to bring either too much or not enough bubbly. Only one of those scenarios is a real problem, but both show what can happen when you have information without context.
Benchmarks give you that context. They help you and the executive team understand where you sit today, so you can figure out where you need to go to inspire more customer loyalty. Benchmarks reveal what’s really important to consumers, where your brand falls behind the competition, and where you should focus your efforts to move up.
Benchmarks allow you to:
So let’s say you’ve shared the industry benchmarks with the executive team, and everyone is all-in on your improvement strategy. It’s a big moment. But the excitement quickly fades if you can’t show the plan is working. That brings us to the second key report: Competitive visit share. It lets you prove strategies are effective by using behavioral data to show how things actually play out in the real world.
Key report #2: Competitive visit share
There are a lot of ways for customers to tell you what they think—whether it’s taking a survey, posting reviews, or reaching out to your contact center. But ultimately, they let you know how they really feel by what they do. If they’re visiting your competitors, for example, you know you have yet to win their loyalty.
Geek out with us
SMG’s BrandGeek® data can show you where you’re stealing visit share and where you’re losing it, so you can come up with a more targeted strategy. Competitive visit share keeps everyone focused on your CX program by:
Use the competitive visit share report to measure fluctuations in customer retention, and to identify which brands you’re chipping away at. This, too, can prove your CX program’s ROI.
Got a smartphone in your hand? So does everybody else. And it’s another great source of competitive visit share data that can provide an incredible view of your customers’ shopping habits—in real time.
Mapping technology and location analytics have turned every smartphone user into a potential source of competitive insights. This video explains how.
Benchmarks and competitive visit share are just two of the key reports that can help leadership understand the power of your CX program. Want to learn more about how to secure everybody’s buy-in? Check out the complete guide.
VP, Client Insights