How does Customer Experience Management drive results?
July 2, 2014
A recently-published report from the Harvard Business Review1 indicated that 45% of organizations find it very difficult to tie customer experience investments to business outcomes. So what should an organization expect when they make the commitment to listen to their customers?
The results generated by a Customer Experience Management program can manifest in many different ways, depending on what the Voice of the Customer is telling you and how decisively you act on what you learn. If customers are complaining about product flaws, then improving the product can help reduce churn. If feedback shows that your current customers love a certain feature, then emphasizing that feature in future marketing campaigns may increase your revenue. The results, like the initiatives themselves, depend on your customers – but the ROI can be dramatic.
The statistics below, pulled from the results of five real Clarabridge customers, show that listening to your specific customers, and acting on what they are telling you about your specific business, can make a huge difference:
– 1500% increase in feedback reports processed per month for a major manufacturer
– 20-point improvement in NPS for a software provider
– 40% fewer customer complaints for a financial organization
– 25,000 new customers for an insurance company
– $2.8 billion in internal savings for a telecommunications company
Different kinds of results, different industries, but one plain message – customer experience management is definitely worth the investment.
 “Lessons from the Leading Edge of Customer Experience Management.” 2014, Harvard Business School Publishing. (http://static.hbr.org/hbrg-main/resources/pdfs/tools/SAS_Report_April2014_webview.pdf)
Lisa Sigler is Sr. Manager of Content Marketing at Clarabridge. For over 16 years, Lisa has used her writing and editorial skills to bring the value and benefits of technology to life. In her current role, she works to demonstrate Clarabridge’s position as thought leader and trailblazer in the Customer Experience Management market. Lisa holds a B.A. of English from Kent State University. Read more from Lisa on Twitter @siglerLis.