Now That's CXy: CX Knowledge to navigate Business Profitably

Our Goal: INFORM & EMPOWER all readers with Customer Experience strategy knowledge that can improve their impact and goal attainment at their business. #NowThatsCXy

The Challenge: BUSINESSES ARE STUCK and are looking for answers to challenges like improving revenue with tightening margins, reducing costs, and growing customers against more competition. According to the Net Promoter Score Benchmark Study by AskNicely in 2018, the top characteristics of organizations with 10% or less annual growth include:

• Net Churn over 40% in the last 12months
• Net Promoter Score lags behind their industry peers
• They are unsure how their program compares to competitors
• They are unsure how to improve performance and quantify ROI
• They take months or longer to take action on NPS data

We got you!

The Recommendation: UNDERSTAND THE RECIPE THAT WINS that the top companies have been using to improve revenue sustainably, reduce costs, and grow their customers. Also, we'll teach you key concepts and metrics you need to know to go win for your business or your career. #NowThatsCXy

First things first - we must understand what Customer Experience (CX) is and what it isn't. Above, the #CXySnippet from the globally viewed #IAMCXPodcast series (follow and subscribe here at no cost > Island Analytics & Marketing YouTube Channel) describes what CX is and how it differs from Customer Service, and why top businesses have relied on CX strategy for more than 2 decades to improve Revenue Growth and Competitive Advantage. #NowThatsCXy

CXy Concept of the Month: Source - Delighted, a Qualtrics Co.

"Customer Retention Rate (CRR) is how well your business keeps customers returning for repeat purchases over a period of time. A great way to keep pulse on customer retention is by tracking your customer retention rate (CRR). Since retaining existing customers is more cost-effective than acquiring new ones, Customer Success teams should keep a close eye on their customer retention rate and take action to retain customers."

WHY IS CUSTOMER RETENTION IMPORTANT TO YOUR BUSINESS? Revenue & Costs.

Acquiring a new customer will cost 5 to 10X more than nurturing a current customer. The average loyal customer will refer 6-9 customers at no cost to you 72% of the time. Unhappy customers tell 9-15 people not to buy from you 50% of the time. The average loyal customer is worth up to 10X as much as their first purchase. Companies get ~65% of their upsell and cross-sell revenue from current customers vs. only 15% from new customers. Loyal customers cost less to serve. Loyal customers stay longer than the average customer. If we are unable to keep customers around long enough to define themselves as loyal customers, we lose out on multiple streams of income from them AND their referrals.

CX strategy allows your business, regardless of size or model, to create a customer journey that manifests these positive outcomes for revenue and costs, and constantly feeds your business with actionable feedback to help you anticipate customers' needs and innovate. #NowThatsCXy

LEARN FROM CUSTOMER EXPERIENCE EXPERTS AT NO COST

The #IAMCXPodcast series - YouTube, LinkedIn & Facebook

In our quest at #IAMCX to save the world through Customer Experience Education, Training and Consulting (yeah..we heard that's ambitious), we created the IAM CX Podcast where we interview CX experts and authors from all over the world and from multiple industries to INFORM and EMPOWER followers about what can be accomplished via Customer Experience strategy. Check out our latest IAM CX Podcast episode here - IAMCXPodcast latest Episode

Feel free to share the 'Now That's CXy Newsletter' with friends and colleagues. Got questions? Feel free to follow/reach out to us at Island Analytics & Marketing, LLC , #CXyInsights, #CXyHistory or the #CXyEdupreneur Roger Nicholas , Director of Customer Experience at Island Analytics & Marketing.

We hope this adds value and as usual, have a great day and Go WIN!

Roger Nicholas , Director of Customer Experience at Island Analytics & Marketing www.islandanalytics.com #NowThatsCXy