Estimating the financial impact of your CX initiatives (second in the series)
Hrushikesh K.
| CX Advisor | | Drive CX Programs | | Customer centricity | | ex-CXPA Regional Council || Certified CX Practitioner | | Consumer Insights |
Remember where we had left, last time?
POV, financial impact (ROI) of CX (Customer Experience) initiatives, I get reminded of the classic 1990s Tom Cruise starrer, Jerry Maguire with the actor yelling at the top of his voice -
SHOW ME THE MONEY ….. so the story still continues!
Saving your company money is a crucial topic, that I had left for the second article in this series.
Pic 1, showcase an illustrative example to calculate the benefit to the company. I have considered Contact Centre, you could on similar lines think other touchpoints/ channels too.
Its critical to have included all benefits to be as close as possible to real numbers.
Once we have calculated the total benefits (in this illustration amounting to $1.2 Mn), is possible to achieve with an effort in terms of people, technology & processes is needed for which, some heads against investments are shown in pic 2. I have considered a few obvious that come to my mind & for the actual calculation you might want to add a few more rows as investment avenues.
Now the final step in calculating ROI, a function of benefits as a percentage of investment amount (if you remember my February article, we have detailed calculations then)
Today we did explore how saving money for the company, is another effective way to justify ROI, in addition to making money.
"Views and comments expressed are my own."
1 年The trick is reducing inbound calls by 2/3 as you illistrate here — without lowering customer sat. Many inititives FORCE customers to switch to selfHelp online portals or to immature auto response attendents (Bots) that frustrate customers who have to play a guessing game in order to route them correctly. As a CX professional myself, there is little I hate more than trying to use an automated response system that doesn’t recognize my response or doesn’t have a branch routing for the reason of my call.
Nicely done Hrushi! Clean way of displaying CBA for CX initiatives..