Better customer experience drives improvement for three types of customer loyalty: willingness to consider another purchase, likelihood to switch business to a competitor, and likelihood to recommend to a friend or colleague. But how does that affect a company’s bottom line? Our models estimate that the revenue impact from a 10 percentage-point improvement in a company’s performance, as measured by Forrester’s Customer Experience Index (CxPi) score, could be in excess of $1 billion.
My colleague at Forrester, Megan Burns, spotlights in her research how companies are using best practices to improve their CxPi score and capture untapped revenue growth opportunities:
Create or enhance voice of the customer programs. Voice of the customer (VoC) programs help companies understand what customers want from their interactions and how customers think that current interactions stack up.
Implement customer-centric design processes. Too often, customer interactions are designed to meet business needs or are based on incorrect assumptions about what customers want. Customer-centric design processes solve that problem by putting well-researched information about customers into the right hands at the right point in the design cycle.