What is a business without customers? Why CX investment should be a strategic play
“The last best experience that anyone has anywhere becomes the minimum expectation for the experiences they want everywhere.”
As true as that statement was when IBM global leader of interactive experience Paul Papas first uttered it, it is even truer now in the year 2020, when the case for prioritising a robust customer experience (CX) model has never been stronger.
Every day CX becomes a more valid metric with which to measure a business’s success, with a rise in better business outcomes directly proportional to the amount invested in CX.
According to a report released by Adobe last month, 40% of businesses leading in CX ‘significantly’ exceeded their 2019 business goals, compared with the 13% not leading in the CX space.
This is largely because new revenue streams, retention of customers, lower employee churn and enhanced brand perception are all achievable through leveraging CX data, as outlined in experience management company InMoment’s CX ROI whitepaper.
The realisation of these benefits have transformed CX from a ‘nice-to-have’ to a ‘must-have’, and as markets get more competitive, an investment into CX becomes an invaluable tool for strategic differentiation in the long-term.
“In a post-pandemic business landscape, we’ve seen experience management bring transformational results for our clients. We’ve seen the capability help the business mitigate risk, reduce churn and listen to their valuable customers and employees at one of the most critical times in history. In an increasingly competitive marketplace, your brand’s customer experience will ultimately be a key long-term strategic differentiator and advantage” says InMoment’s Managing Director of APAC David Blakers.
For some businesses, however, CFOs may find it difficult to understand the economic impact of CX and the benefits of investing in a CX platform, especially in a post-COVID-19 landscape.
Investment into a CX platform is a key strategic decision that will enable businesses to transform customer data into a competitive advantage, which will forever change how businesses interact with customers.
While investment into a CX platform can be costly, and the effort spent on shifting organisational culture to make the customer at the centre of a brands universe can be consuming, real-life examples show time and again the return on investment is almost always guaranteed.
A leading Australian health insurance provider partnered with InMoment to leverage their CX data to help predict which customers will promote the businesses and which ones will detract. From their voice of the customer program, they managed to grow their NPS by 9.5 points, attain 15k new customers and significantly grow their market share.
By leveraging an experience platform like InMoment, brands can consolidate multiple legacy platforms such as survey platforms, dashboarding, case management, text analytics, outdated Voice of Employee software, market research functions, analytics functions and more.
By utilising these features, brands gain the ability to retain existing customers, acquire new customers, discover opportunities to reduce costs involved with serving customers and establish sustainable, recurring revenue.
These new business opportunities and revenue streams ensure that experience management platform pays for itself, and then some.
By putting the customer at the centre of your organisation’s universe and listening to valuable feedback along their journey, enterprise businesses are empowered with consumer insights that lead to business growth through cost-saving and revenue-generating opportunities.
To find out more about investing in a CX platform, read InMoment’s CX ROI whitepaper.