Everyone working in the world of CX is an expert in keeping customers happy. You understand that good customer listening, feedback and insights will fuel a superior customer experience, and you are passionate about moving your dynamic CX programmes up the company agenda.
Is everyone in the business as enthusiastic as you about the transformative benefits of CX? Probably not.
That’s not to say that your company’s board and senior managers don’t get it. They do. They know that retail customer expectations are soaring and people are more likely than ever to walk away if they’re not happy. They understand that losing customers means losing revenue and paying out for the costly business of acquisition. And they agree that in 2020’s volatile retail environment, improving the customer experience must be a key differentiator.
With the first retail casualties of 2020 already down, all of this means it’s likely that the C-suite will be open to listening to anything you have to say on delivering happy, loyal customers – and fast. Amongst Critizr’s network there is growing confidence that CX is finally getting the attention it deserves. Companies are interested and ready to commit. Gartner’s recent report shows that more than two-thirds of CX leaders are planning budget increases in 2020, a significant increase on the previous year’s figure of less than half. (Gartner 2019 Customer Experience Management Survey). And with few companies having the infrastructure and technology to deliver CX improvement, there is a strong case for investment – and a golden opportunity for CX executives to get their plans up and running.
So why does insight running alongside this show that 1 in 4 CX professionals may lose their jobs this year? (Forrester Predictions 2020 Guide)?
The problem lies in what we call ‘The CX Money Story’. The task of quantifying and articulating the ROI of CX initiatives. At a time of sustained turmoil in the retail industry, we predict that this will be the year’s biggest challenge for everyone working in CX, as projects and priorities from across the business compete for backing and budget.
So in 2020 I’m urging everyone working in CX to reset the way they think about their senior teams and start viewing them as your most important customer. Without their buy-in, carefully crafted and potentially transformative plans risk going nowhere. Don’t assume your bosses will share your belief in the power of CX. You need a compelling business narrative that demonstrates value and financial impact. In short, you have to show them the money!
To secure your company’s buy-in in 2020, here are Critizr’s five golden rules for building a powerful CX money story
Alongside these three points, don’t forget to include the business value of other factors such as increased e-reputation and happier and more satisfied staff leading to lower recruitment costs.
Hazel Morton leads Critizr’s UK marketing team and was named in CX Networks 30 under 30 game changers within Customer Experience in 2018. Critizr is Europe’s leading Customer Feedback platform. Founded in in 2012, the Critizr platform is used in 25 countries by over 80 of Europe’s biggest companies. It is transforming the way these businesses listen to and understand their customers, empowering their staff to take action and deliver a great customer experience every day.