As customer experience practitioners we are often asked to demonstrate or prove the effects of customer experience on the profit margins and general success of organisations.
While there are software tools that make this completely doable, financial return shouldn’t be the sole measure of ROI when it comes to customer experience.
The concept of customer experience was born out of the acknowledgement that the customer is at the center of every organisation, because without them, the business simply wouldn’t exist.
However, seeing your organisation through the lens of the customer doesn’t only benefit them – in fact, one of the best ways to understand the ROI of customer experience is by seeing the reach and effect it has on key stakeholder groups.
#1 Happy Shareholders
Customer Experience makes for both financial profit, as well as reputation building. For shareholders this means that they are earning more from their investment, but more importantly it isn’t just because of a reshuffling of assets but quite clearly because the organisation is a leader in their field and has a growing, satisfied customer base.
#2 Proud Employees
A company that truly cares about customer experience equips its employees to actually help and add value to customers’ lives and this is as rewarding as it gets in terms of employee satisfaction. Not to mention, when people actually reply, “wow, that must be great!” when you tell them where you work – it’s a good feeling.
#3 Loyal Customers
Customers will pay more, and stick with brands that do more than just sell them products and services. When you treat customers personally and with personality the result is that you create brand advocates whose positive words about you are more valuable than the slickest ad campaign. They also ensure your organisation achieves something far more valuable than just profit – they bring sustainability.
So in future…
If you are considering making the move from a company/product centric base to a customer centric one , consider the stakeholder impact, as well the obvious financial benefits – and when you have the whole picture, it’s hard not to leap into customer experience head on.
If you’d like more reasons though, or need a gentle push to start, give us the opportunity to help.
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