“Show us the Money” in Customer Experience
How to get C-level buy-in? In other words, how do you show the value (profitability) of CX?
Question from E. Martin
Hi Martin, This a great question. It’s really the crux of the entire CX Success Summit.
I find it odd that companies have trouble buying into making the Customer’s Experience a priority.
Here are some of the main benefits that I see, then I leave it up to the experts to “Show us the Money” in CX.
Your customers are your greatest asset. Keeping them coming back for more and referring others to you is the fastest, easiest and least expensive way to grow your business. Stan Phelps, my first interview on the CX Success Summit, pointed out that studies show that your customers only know about 20% of what you do!
Studies show that customers know only about 20% of what you do.
Here’s a story about that from my past.
The name of our company was Ace Trophy. (Keep this name in your mind as the story unfolds.)
It was a family business. We had engraving, embroidery, and screen printing machines and could put a message and logo on just about anything. Arnold Schwarzenegger was one of our loyal customers for probably 25-30 years.
We had been printing t-shirts for a local radio station for years. While I was in their office one day, I was asked by the buyer if I could recommend a good trophy shop for them as they needed trophies. I started to laugh and asked, “Do you know what the name of our company is?” The buyer looked at me and with a straight face, said, “Of course! Ace T…..Trophy! My goodness! Of course! You’ve been our t-shirt guy for so long it never occurred to me!” and we both had a great laugh as I took his trophy order.
Customer Experience is about keeping your customer, having them want to buy more and tell others about you.
In other words, the lifetime value of each customer. Many companies seem to sell like they have a hole in their bucket and they do. They don’t market to their customers. Reducing the Customer churn alone can mean huge revenue to any company at a fraction of the cost it would be to acquire a new customer.
So the next time you count the “beans” starting thinking how much you lose by losing customers.
I don’t know if you saw my riddle on the site yet… but here it is… “Why did the Customer Cross the Road?” Here’s the answer 🙂
Well, that’s my two cents.
Now, let’s hear from the experts!