How to Overcome CX Challenges with Customer Journey Analytics
Martech Outlook | Wednesday, February 03, 2021
Customer journey analytics directly connects CX to tangible business results & KPIs.
FREMONT, CA: Exceptional customer experience has never been more vital than it is today. Nevertheless, most CX teams continue to face complex CX challenges. Even CX leaders manage high customer expectations, intense competition, and quicker customer interactions across an ever-increasing number of digital and physical channels and limitations imposed by traditional processes and technologies. Here is how leading CX teams are overcoming these issues by using customer journey analytics.
The vitality of calculating the customer experience ROI cannot be overstated—how will brands build, measure and regularly streamline the customer experience efforts if they don’t know the return on the CX investments. Customer experience leaders often challenge in budget approval because customer experience ROI isn’t estimated or quantitatively expressed. All the time, resources, and effort spent in developing a modern, responsive customer experience program can go to waste if you cannot articulate in numbers the value that it will bring to the organization. To put CX strategies on a level footing with other business programs, it isn’t enough to merely provide the soft benefits. Brands need a quantitative evaluation to make a strong business case and get approval for continued investment.
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Measuring advantages or returns is the toughest part of the ROI estimation and the reason why most CX practitioners avoid ROI calculation. To calculate CX advantages, first, choose the business metrics most affected by customer experience. Common advantages include increased revenue from customers and up-sells, cross-sells, mitigated attrition, and cost to serve existing customers. As in personal relationships, trust in customer relationship develops up over the years. Customers will have experiences that make them feel avoided or indifferent long before they end their connection with their business. The CX team realized that they were required to look at the complete customer journey to find the root causes of churn.
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