The estimated value of each customer can play an integral role when making business decisions, such as whether to invest more in customer acquisition or retention. That said, customer lifetime value (CLV) is a metric used to determine the amount of money customers spend on your business throughout an average
It’s time to start measuring and managing their worth. The true purpose of a business, Peter Drucker said, is to create and keep customers. Most managers understand this, but few behave as if they do. Under relentless earnings pressure, they often feel cornered, obliged to produce quick profits by compromising product quality,
Going beyond the CX strategy The most common technique associated with CX is customer journey mapping and persona profiling, but this gives us partial results since it focuses on the outside-in story without revealing the inside-out story, which is responsible to produce the experience. Therefore, the real key to create
Strong customer experience leads to business growth, but it’s up to CX leaders to tell the right story. A large majority of CEOs (seven out of 10, according to a KPMG study) anticipate a recession will disrupt anticipated growth. Customer experience leaders should hear this as an alarm. Leaders need to
Continue readingCustomer Experience Metrics Aren’t Enough: Storytelling Is Your Superpower
How CX leaders can secure budget and prove the ROI of their 2023 strategies CX practitioners know that memorable experiences drive repeat business – but CFOs can be harder to convince. It means no CX project will see the light of day without hard facts and figures to get it
Continue readingProving ROI in CX: A step-by-step guide for practitioners
Banks that consistently optimize the customer experience grow faster. Here are trends and best practices to help guide your CX strategy—and drive customer relationships that last. Banks that consistently optimize the customer experience grow 3.2x faster than competitors that don’t. And with over 50 percent of consumers reporting that they will switch to a
Continue reading5 banking customer experience trends to consider for 2023
Customer experience (CX) is the defining competitive differentiator in the banking industry today, and for good reason: Financial institutions that invest in the customer experience in banking have higher rates of recommendation, greater wallet share, and are more likely to up-sell or cross-sell products and services to existing customers. This has
Continue reading12 Banking Customer Experience Trends to Watch in 2023
Summary. It’s time for leaders to double down on the idea that the employee experience (EX) is now the key driver of the customer experience (CX) and find smarter, strategic ways of connecting the two. According to PwC, companies that invest in and deliver superior experiences to both consumers and employees are
Continue readingEngaged Employees Create Better Customer Experiences
Delivering an amazing customer experience starts at the top with customer-focused leadership. Companies winning in customer experience are led by people obsessed with the customer experience and putting customers first in everything they do. These leaders set the tone with their words and actions to make customers central to every
WOW… We’ve all experienced it at least once. That moment when something comes into your sphere that you involuntarily open your mouth in that ‘O’ shape and the only word you can produce is ‘WOW’. But have you ever really paused long enough to REALLY notice how you feel in