Billions of dollars of outcomes rest on driving change in CX programs to benefit businesses, shareholders and, critically, customers.
Alicia Boler-Davis, General Motor’s Vice President for Global Quality and Customer Experience recently stated that for the auto company, the value of loyalty is $700 million for every percentage point of improvement in customer retention rates.
All businesses are focused on outcomes in one way or another. Successful global businesses track hard numbers and human behavior as an outcome. Operational data floods every business – how many customers do we have? What is their lifetime value? How many products do they hold with us? What is our churn rate? Did they recommend us? These are the outcomes that make the boardroom tick and those are not the only questions: It is not just the “what”, “how many” and “how much”, but also the “why”, “who”, “where” and “when”.
Outcomes are a result of inputs – great and long lasting global businesses are fixated every day on the story and the action behind the outcome – in essence the inputs – to understand why customers consider one brand over another and how they feel about every transaction that happens – and influence accordingly to drive the outcomes. It is often proved that there is a direct causal relationship between the impact of a day-to-day transaction with a customer – to their perception of the brand – and ultimately to their behavior – to recommend, to stay and buy more or go somewhere else.
All that said organizations should track the local and global picture of inputs and outcomes, synthesizing data using latest data analytics techniques, powered by the latest technology. The picture needs to comprise a clear local and global view of the customer experience at every touchpoint that matters and the effect this has on operational outcomes.
The power of transactional, relational and operational insight in one place, telling one story together is the way to track and create great outcomes – after all that is what every business wants and needs.
