Curtis on…Demonstrating Customer Experience's ROI
Curtis Bingham, Founder & Executive Director of the Chief Customer Officer Council on location at IQPC's Customer Experience Exchange in Berlin, explains how and why you must build a business case with senior executives to justify expenditure for customer centricity initiatives.
Transcript for Curtis on…Demonstrating Customer Experience's ROI
The most important thing is to start with the customer insight. That's one of the biggest challenges that people have. In many cases, they start on this journey but they don't have the data to back it up. And so, the most important thing that they need in order to gain additional authority within the organization is to be able to prove the successes of their initiatives. And yet, they don't have the data to back it up so these initiatives languish and, sometimes, fail.
So, I think that the most important thing that somebody needs to do in order to get started is to start with a customer insight. If you have the customer insight, if you have the customer data, then, you can create the business case to justify the expenditure on customer experience initiatives.
That brings you to the second point. You have to be able to build the business case. The executives don't care that your NPS score is 62.9625%. Is that good? Is that bad? Who cares?
They care about three things: They care about increasing revenue, decreasing cost and mitigating risks. So, what can you do in order to build your business case around one of those three things?
If you can build your business case, then, you can get the funding; then, you can get the borrowed authority that we talked about in the presentation today that enables you to have greater influence over the organization at less personal investment.