We have all seen the linkage analyses between a great customer experience (CX) and a profitable company. Companies with strong CX foundations make a greater impact to the bottom line than companies with a poor CX. The stock price of companies with strong CX outpaces the stock price of companies with weak CX. Customers are more loyal, more tolerant of problems, and new customers are acquired more easily for companies with a strong focus on CX.
According to Forrester, only 21% of CX teams can quantify the business impacts of their VOC initiatives. How do those CX superstars do it? CX measurements are not enough. CX insights are not enough.
What’s the secret?
CX superstars practice CX foundations, including a successful CX governance process. That governance process must do more than make PowerPoint presentations with charts and graphs trending data. An effective CX governance process includes:
A group made up of individuals from all departments in the company equally invested in customer experience initiatives.
Executive Sponsorship and Participation
An executive leader who reports to the CEO with responsibility for Customer Experience.
A regular rhythm of meetings to review insights, prioritize actions, assign action teams to execute, and measure progress.
Financial Goal Accountability (not just CX metrics)
Prioritize solutions that can be measured financially by monetizing CX metrics to create accountability.
When the customer experience is represented across departments with executive ownership and a governance group that practices the CX foundations and meets regularly to prioritize monetized actions, the Governance Process can lead to profitable growth for the organization.