On the face of it the business case for a Voice of the Customer (VoC) program comes down to a simple equation: happier customers = increased profits.
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Numerous studies support the validity of this statement, which has by now been proven time and time again in various industries.For example Forrester Research found that from 2011 to 2015 a group of CX leaders’ revenue outgrew the revenue from their CX laggard competitors by more than 5 to 1.
It’s well known that a VoC program can have a measurable financial impact on your business by enabling improvements in key metrics such as customer churn, customer spend, and cost of service. Yet when making a business case for a VoC program, stakeholders require CX professionals to be more precise and to demonstrate proof points. In short, it’s necessary to move beyond showing improvements to the customer experience and demonstrate how a VoC program impacts the bottom line.
The key to success in this endeavor lies in understanding what really matters to customers, and pinpointing where investment will drive growth. In this process, demonstrating ROI is the holy grail for CX practitioners, and a Gartner survey of CX leaders showed that 50% of organizations now have visibility of the ROI generated by CX improvement projects.A major study recently carried out by Confirmit and Engage Business Media showed that 44% of organizations considered to be CX leaders felt they could confidently point to ROI from their program, compared to only 24% of laggards who could say the same.
Despite the clear benefits, attaching a monetary value to CX improvements can be challenging, since a multitude of variables can influence the final result. Beyond this, making an ROI-based business case can appear daunting, as it involves a certain amount of work up front. But with the right tools and methodology the steps become clear, and the rewards within reach.
5 Steps to CX Impact
It’s best to think of making a business case for a VoC program as taking a journey, one that involves a plan and plenty of stamina. What you need to ensure progress is a map to chart your course and the vision of what success looks like. Based upon our decades of experience working with CX programs, Confirmit can act as a guide, and offers the 5 steps outlined in this paper. By following these you have the opportunity to jumpstart your progress in CX improvement, and ensure a safe arrival at your destination: making an impact on actual business outcomes.
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