Nowadays most companies are measuring CX, however most companies are not necessarily impacting revenue based on CX…
“Despite the priority B2B companies place on CX, 80 percent of them experience low or modest revenue growth. 80% of B2B companies are at risk of seeing their revenue growth slip away because although they understand CX is instrumental to growth, they haven’t been able to capitalise on their CX strategies” (Accenture 2018).
“Only 20% of those organisations that are ‘CX focused’ achieve strong financial results because they excel both on CX strategy and execution. These organisations typically generate 2X the return on their CX investments than their peers. On the other hand those companies with the largest gaps between CX strategy and execution achieve very low or negative revenue growth.” (Accenture 2018)
Measuring what HAS happened is useful, however using CX metrics as a guide on what’s coming next is the key. Now we’re not saying that you can predict the future – that’s impossible, but steering away from only assumptions and towards what people actually want and expect is possible. Metrics like revenue and churn are widely understood, but times are changing and success reporting is evolving.
Organisations that are achieving revenue growth take the trends that are shaping customer experiences more seriously. People talk, and as a business it is your prerogative to not only listen what customers are telling you but also use this feedback to drive strategic decision making and then measure how these decisions are playing out when implemented. Guess what – hearing a handful of things won’t transform your business, it’s going to be the fact you consistently hear what’s going on and that you are able and
The systematic methodology of seeking feedback and then dispersing that throughout the organisation, person by person, team by team builds the required CX framework. Voice of the Customer programs are most effective when all areas of the business are involved in listening and acting jointly or individually to move the dial. If you build a keen understanding of customers’ ever-changing needs and preferences then you’re able to continually and proactively deliver solutions, services and experiences that customers value. There is no quick way of building a ‘Customer Centric Culture’ which we all know is so crucial to a successful business.
Sadly there isn’t a short cut.
CX isn’t a fad, it is just the beginning of identifying and working to meet ever growing customer expectations to become an organisation that actually understands what people need and expect from them. There is never going to be a good time to start incorporating real change in any organisation. Digital Transformation? Organisational restructure? These are almost a constant state in some shape or form and shouldn’t delay starting the CX journey. Carrying on with what has worked until you’re ‘ready’ sounds ok, it sounds low risk, but it isn’t. You would be hard pressed to identify an organization that grew and achieved by simply maintaining the status quo. If, like many businesses, the risk and cost of not adapting, not changing to meet customer expectation outweighs status quo then what will help you identify where to start implementing the changes with maximum impact? Your customers will tell you if you listen.
The key is to start somewhere and start listening. It may feel like the wrong place to start, but it would be wrong not to start at all… because if not anything you will gain a better understanding of where to start.
