Customer experience ROI building blocks

There's a natural flow to generating customer experience ROI. In laws of nature, short-circuiting the flow is self-defeating.
The building-blocks formula for sustained customer experience ROI is C5 + I2 + E2 = CX ROI.

1) Set the stage for CX ROI	C5 =	Customer voice Customer experience strategy Customer-centric culture Customer intelligence Customer lifetime value
2) Adapt your company to customers	I2 =	Improving customer experience Innovating customer experience
3) Engage employees and customers	E2 =	Engaging internally Engaging externally

C5

Customer retention and loyalty are outcomes of a system that has a distinct natural flow.

• Voice of the customer: Informs us about what “the boss” wants.
• Customer experience strategy: Sets the stage for cross-functional collaboration for CX excellence.
• Customer-centric culture: Defines the ways we think and do.

These 3 building-blocks work hand-in-hand, like a 3-legged stool. With any one of them missing, things will be lop-sided. They're the foundation that keeps your company from limping along in your quest for customer retention and loyalty business results.

Customer intelligence and customer lifetime value help you prioritize your efforts, resources, and roadmap components. Don’t fly in the dark! Connect the dots across information from your customers, and quantify the upside of keeping existing customers as well as the downside of losing them.

• Customer intelligence: Paints a picture for accurate actions.
• Customer lifetime value: Motivates & prioritizes action.

E2

Always think about the entire system. "The system" is the only "silver bullet" for CX ROI. Example:

1. While you are setting up a shared vision (CX strategy/culture) . . .
2. You may collect existing customer comments (customer voice) and
3. Connect the comments to operational data (customer intelligence) and
4. Prioritize the comments based on customer revenue or cost (CLV) and
5. Engage some teams in resolving the blaring issues (improvement) and
6. Inspire some teams in creativity around the blaring opportunities (innovation)
7. Share selected comments on your intranet site (engaging internally) and
8. Adapt your customer engagement to be sensitive to the blaring issues/opportunities (engaging externally).

Like any system, removing a component will eventually render it useless. Make sure your customer experience management journey keeps all the system components in top form, and reflects the left-to-right flow of the CX ROI building-blocks model.

 CX ROI Maturity

3 levels of ROI maturity

http://clearactioncx.com/customer-experience-maturity-assessment/

 CX ROI Mini-Assessment

7 keys to breaking through plateaus

http://clearactioncx.com/customer-experience-enablement-mini-assessment/

 Return on CX Investment

"Middleware" is essential to CX ROI

http://clearactioncx.com/return-on-customer-experience-investment/

https://clearactioncx.com/customer-experience-roi-building-blocks/