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According to Forrester’s 2020 Predictions , 1 in 4 customer experience professionals will lose their job this year. Several reports on the biggest CX Challenges (as ranked by CX professionals) include proving ROI and developing and maintaining executive-level CX understanding and commitment among their top three concerns.
In a previous blog , we looked at evidence that points to a strong correlation between customer experience and return on investment. Indeed, understanding this correlation between the two is very important, yet it leads to a new question: How does one actually calculate the ROI of CX? Increase customer spend?
Maybe some stats and facts followed by a predicted ROI (return on investment). Those numbers need to make the case for an investment. Shep Hyken is a customerservice expert, keynote speaker, and New York Times, bestselling business author. Follow that up with some attention-grabbing numbers.
Here are our steps you can use to build a management process which closes the loop and acts on customer feedback, all the while improving experiences for your customers. Free Download] 50 CustomerServiceTraining Activities for Live Chat and Telephone Teams. Measuring ROI on Customer Experience Projects.
Measuring the Roi of Customer Experience by Annette Franz (CX Journey) Measuring return on investment, though it seems as simple as benefit divided by cost, is more detailed than that. Leadership wants to see the numbers before they make an investment. You’ll find lots of interesting findings and commentary.
Mastering Customer Loyalty & Retention in the World of eCommerce by Vikrant Shukla (The eCommerce Musings) It’s such an interesting subject that it should have its own fan club. This post is all about how to keep customers coming back. That sounds like a strong trio, right? Connect with Shep on LinkedIn.
Over three decades of working in training and development has taught me, among other things, that many managers are skeptical about the return on investment from most training programs. So-called “soft skills” training on topics like customerservice and conflict resolution are likely near the top of that list.
And the answers about how Zappos is using – or not using – some of the hot technology (such as chatbots) in the customerservice industry is fascinating. Social media ROI, loyalty and the customer experience by Chris Teso. My Comment: Many people/companies still question the ROI of a social media strategy.
Cultivating a Symbiotic Cycle Between CX and EX by Mark Smith (CMSWire) You’ve probably seen these stats: happy employees fuel a stronger bottom line, and can help create happier customers, who in turn will create better business results. That is not a number that organizations can afford to ignore, in any kind of economy.
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