HBR quotes making the case for ROI as one of the top issues thwarting CX in a 2022 survey. #1 is siloed organizations. What if you could solve for both at the same time?
Customer experience (CX) initiatives are often undervalued by stakeholders who prioritize short-term gains over long-term benefits. This can be frustrating for CX practitioners and marketers who understand the importance of investing in CX initiatives. However, it’s important to understand that ROI isn’t the only metric that matters when it comes to CX buy-in.
Focusing solely on ROI can be limiting because it fails to take into account the intangible benefits of CX. For example, a positive customer experience can lead to increased customer loyalty and word-of-mouth referrals. This can have a significant impact on a company’s bottom line in the long run. Additionally, investing in CX initiatives can improve employee morale and engagement, which can lead to higher productivity and better customer service.
Another limitation of focusing solely on ROI is that it can lead to a short-sighted approach to CX. CX initiatives that are focused solely on achieving ROI may overlook the importance of building strong customer relationships and providing exceptional customer service. This can result in a lack of empathy for customers and a lack of focus on their needs and preferences.
To overcome these limitations, it’s important to take a broader perspective when it comes to CX buy-in. This means looking beyond ROI and considering the other benefits that CX initiatives can bring to a company.
When it comes to CX buy-in, there are several other benefits that stakeholders should consider beyond ROI. One of the most significant is the impact that CX initiatives can have on customer loyalty and retention.
Research has shown that customers are more likely to remain loyal to a company that provides a positive customer experience. In fact, a study by PwC found that 73% of customers cite customer experience as an important factor in their purchasing decisions. By investing in CX initiatives, companies can improve customer satisfaction and loyalty, which can lead to increased revenue and profitability in the long run.
CX initiatives can also have a significant impact on employee morale and engagement. When employees are empowered to provide exceptional customer service and are given the tools and resources they need to succeed, they are more likely to feel valued and engaged. This can lead to higher job satisfaction, lower turnover rates, and higher levels of productivity.
Another benefit of CX initiatives is that they can help companies to build a strong brand identity and reputation. By providing a positive customer experience, companies can differentiate themselves from their competitors and build a loyal customer base. This can lead to increased brand awareness and recognition, which can have a significant impact on a company’s long-term success.
Now that we’ve looked at some of the benefits of CX initiatives beyond ROI, let’s explore some practical strategies for implementing CX buy-in across an organization.
The first step in implementing CX buy-in strategies is to understand the stakeholder’s perspective. This means taking the time to understand their priorities and concerns and tailoring your messaging accordingly. For example, if a stakeholder is primarily concerned with short-term gains, you may want to focus on the immediate benefits of CX initiatives, such as improved customer satisfaction and loyalty.
Another important strategy for implementing CX buy-in is to leverage emotional intelligence and storytelling. By telling compelling stories that illustrate the impact of CX initiatives on customers and employees, you can create an emotional connection with stakeholders and help them to see the value in investing in CX.
It’s also important to involve leaders in the CX buy-in process. Leaders play a crucial role in setting the tone for an organization’s culture and values, and their support can be instrumental in securing buy-in for CX initiatives. By involving leaders in the process and demonstrating the impact of CX on the organization as a whole, you can build momentum and support for CX initiatives.
Leadership plays a critical role in achieving CX buy-in across an organization. In order to secure buy-in for CX initiatives, leaders must first understand the importance of investing in CX and be willing to prioritize it within the organization.
One way that leaders can demonstrate their commitment to CX is by incorporating it into the company’s mission and values. By making CX a core part of the company’s identity, leaders can signal to stakeholders that it is a top priority and that they are committed to investing in it.
Additionally, leaders can provide the resources and support that CX practitioners and marketers need to succeed. This means investing in technology and tools that enable employees to provide exceptional customer service, as well as providing training and development opportunities to help them build the skills they need to succeed.
Building CX buy-in across an organization requires a multifaceted approach that involves engaging stakeholders at all levels of the organization. Here are some strategies for building CX buy-in across an organization:
As a CX practitioner or marketer, building influence within your organization is critical to securing buy-in for CX initiatives. Here are some strategies for building influence as a CX leader:
While ROI is an important metric, it’s not the only one that matters when it comes to CX buy-in. By understanding the other benefits of CX initiatives, such as improved customer satisfaction, loyalty, and employee engagement, as well as building effective strategies for securing buy-in across an organization, you can ensure that your CX initiatives are given the resources and attention they deserve.
As a CX leader, building influence within your organization is critical to achieving success, and by following the strategies outlined in this guide, you can position yourself as a champion for CX and drive meaningful change within your organization.
