The ROI of CX - It's Worth More Than You Think
Understanding the Value of Investing in CX
Why CX is more important now than ever
Virtually everyone can agree that a positive customer experience (CX) is vitally important for any company’s continued growth and success. But have you ever examined exactly what the impact is to your bottom line?
The answer could mean BILLIONS for your organization. Getting CX right translates to massive impacts to your company that you simply can’t ignore.
According to Forrester Research’s “The ROI of CX Transformation” (February 2024), even a single point improvement in the “CX Index™ Score” can equate to huge ROI.
A single point improvement in CX can yield an annual incremental revenue between:
CX is a big priority for organizations — so why is it so challenging?
Why is it so hard to get CX right? According to Forrester Research, it comes down to two things:
- Lack of measurement/data
- Lack of funding/investment
Forrester Research’s “Measure and Prove the Value of Your CX Function” (August 2024) states: “The vast majority of global CX decision-makers at large enterprises don’t measure the value of their CX program and only half of decision-makers said that their CX program tracks its function’s contribution to organizational success. Even fewer track aspects of success such as productivity or stakeholder experience. This is a miss that leaves organizations vulnerable to waning influence and budget cuts.”
Measurement and investment go hand in hand to deliver high-quality CX—you can’t improve what you can’t measure. Accurately and holistically measuring your CX is critical to understanding your baseline and to proving the success of your investments. Read on to learn how to succeed on both fronts.
of organizations are still at early-stage levels of CX maturity
“The vast majority of global CX decision-makers at large enterprises don’t measure the value of their CX program”
“Motivate Your Team for Successful CX Execution” (June 2024) — Gartner® report
How do you measure and improve CX?
Before you’re ready to embark on your CX improvement journey, here’s a checklist to get you started in the right direction.
Establish a baseline
Only a small percentage of your customers will complete surveys, so seek ways of measuring customer sentiment and experience automatically during customer conversations.
Eliminate
data silosYour customer experience spans multiple touchpoints. Seek a holistic view of customer experience and behavioral data across channels.
Analyze the journey
Customers want a consistent experience across channels and a seamless transition as they move from one channel to another. Look for points of friction or channels that deliver a sub-par experience.
Let AI lend
a handEmploy chatbots, virtual assistants, and agentic AI to automate CX workflows—reducing wait times and improving self-service capabilities.
Offer a human touch
Don’t over-index on self-service. Customers still want the ability to interact with humans. Find smart ways to connect the right customers to the right agents to maximize positive outcomes.
Evaluate
your EXAre your employees struggling to successfully handle interactions? Are they happy with their work/life balance? Your EX (employee experience) has a direct impact on your CX.
The ROI of delivering a great CX
Once you’ve determined WHAT you want to achieve, how will you know you’ve succeeded?
You are undoubtedly familiar with the tried-and-true ways of measuring customer experience: CSAT, NPS, customer retention, ARPU, CLV, and surveys. But have you calculated how that data translates into dollars?
Have you calculated how your CX translates into dollars?
Talk to UsVerint helps major healthcare brand achieve
Over$1BImpact
A leading healthcare company and long-time Verint® customer uses Verint Speech Analytics™ to analyze tens of millions of calls annually, with large teams dedicated to identifying problem areas and opportunities for improvement within their contact centers.
Using Verint Speech Analytics and voice of the customer surveys, the company regularly conducts call interaction studies, each of which dig deeply into a specific area such as:
- Customers’ views on agents’ ability to answer/resolve issues
- How effectively agents are able to transfer calls to the correct party as needed
- Identifying negative behaviors among agents
- The impact of recognizing agents who have gone above and beyond in delighting customers
These studies have resulted in actionable insights which serve as a basis for driving dramatic improvements in agent training and support, as well as for contact center policies and procedures.
The ultimate measure of success? The company has been able to improve their quality and performance rating, in part by addressing customer service issues at the source. The improvements the company achieved in its contact centers contributed to over a billion dollars in additional revenue!
How Verint can help
The simple fact is your customer experience is worth millions, if not billions, to your brand. Wanting to provide a great CX isn’t enough—to make lasting change, you need the right tools to measure and improve all aspects of the journey.
Hiring more workers and increasing labor expenses is no longer a sustainable solution. To achieve your strategic goals and achieve the full ROI of your CX initiatives, you need a new approach. CX Automation, with Verint’s family of AI-powered Bots, elevates customer experience in the contact centers while simultaneously lowering costs.
Request a demo today to discover the value CX Automation can bring to your organization.
*Gartner, Motivate Your Team for Successful CX Execution, By Don Scheibenreif, Michael Chiu, Augie Ray, Leah Leachman, Chad Storlie, 26 June 2024
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.
Net promoter, NPS, and Net Promoter Score are trademarks of Satmetrix Systems, Inc. Bain & Company, and Fred Reichheld.