In March, BoldChat sponsored a Harvard Business Review webinar, “The Value of Customer Experience, Quantified.” Customer experience (CX) is a topic that’s very near to our hearts because BoldChat offers a channel for real-time and personal customer connection, one that can greatly enhance the customer experience.
In this webinar, customer experience expert (and quant guru) Peter Kriss explained why a good CX matters, and how you can go about gathering the data that will help you gauge the impact of the CX on your organization. Peter offered two thumbnail client analyses which connected CX to future spending. You’d be surprised by just how big the payoff can be if you get the CX right. For one company, a customer who rated their experience a “10” was likely to spend 140% more in the future. For another company, a subscription-based business, those with a poor customer experience had a 43% renewal rate. Those with the best experience renewed at a 70% rate.
So, yes, customer experience matters. Big time.
Peter also provided some tips on gathering the info you’ll need for CX analysis: a history of feedback, customer level financial outcomes, the ability to link the two, having a sufficient sample size, and knowledge of other relevant influencers of spending (e.g., geography and income).
If you would like to convince your organization that something “soft” like CX matters (or if you need convincing yourself), watch the webinar replay.
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