A great customer experience can be just like great art; you can’t necessarily describe it in words, but you know it when you see it. Which brings up a great story recently shared by Business and Marketing Reporter Jade Floyd. know more about the right way to measure customer experience please visit our blog here: https://www.groupfio.com/are-you-measuring-cx-the-right-way/

1. Are You Measuring Customer
Experience (CX) the Right Way?

2. A great customer experience can be just like great art; you
can’t necessarily describe it in words, but you know it when you
see it. Which brings up a great story recently shared by
Business and Marketing Reporter Jade Floyd.
While recently on her honeymoon, the reporter found a
painting she loved in a local gallery that was unfortunately out
of her price range. She called the gallery to see if the artists
had any prints available or a payment plan option; neither of
which were options.

3. She had all but put the idea out of her mind, when 6 months
later, she received a call from the gallery. It seems the artist
was getting ready for a show in Chicago, and upon hearing
about how much Floyd had loved her painting, decided to
offer it to her at a discounted price before taking it with her to
the art show.

5. No doubt, that is an example of a great, personalized customer
experience. Also in little doubt is, how does one quantify or
measure it? Even for businesses that have more structured sales
cycles and processes, developing the strategies that provide a
better customer experience and then tracking it to ensure their
efforts are working can be a daunting proposition. While
strategizing about customer experience is becoming more and
more mainstream, there is still significant debate as to what are
the best KPI’s for measuring an improved customer experience.

6. With so many different metrics available, there is still a ways to
go before organizations can standardize both the concept
and the measurement tools to improve it. Until more
standardized measurements are adopted, here are some
measurements to keep in mind when tracking your CX strategy
success.

7. Analyze Customer Journey Analytics
To truly assess your customer’s journey, you’ll first need to
have a journey map that presents you with an accurate
picture of how a lead or customer experiences your brand.
Additionally, a customer journey map will help you understand
all the touchpoints a customer experiences on their journey.
To achieve this, it helps to utilize a data-driven analytic
platform in place, like FiO’s Insight Marketing Platform, which
unites the metrics on your various brand channels and allows
you to create an analytical awareness of where you’re hitting
CX home runs, and in what areas you might be falling short.

8. You’ll probably want to start with culling together analytics on
your social media, ads, website, product reviews, customer loyalty
programs, emails, and surveys. Identify metrics that reflect
stronger customer engagement, such as increased followers and
engagements on social media channels, greater conversions on
emails, more frequent usage of your loyalty programs, and
stronger product reviews. Putting several of these KPIs together
by using a data-empowered iCRM, you’ll be able to begin regularly
tracking your customer’s journeys and achieve greater Customer
Lifetime Value (CLV.)

9. Speaking of CLV
Customer Lifetime Value (CLV) is a prediction of the net profit
attributed to the entire future relationship with a customer.
CLV can be calculated both as a business value that the
customer brings during the whole time of the relationship with
your brand or as a value over a defined period (a year, 5 years,
or anything else that makes sense to your company). It is
usually looked at as an average. Customer lifetime value (CLV)
is one of the most important metrics to measure at any
growing company.

10. By measuring CLV in relation to cost of customer acquisition
(CAC), companies can measure how long it takes to recoup the
investment required to earn a new customer — such as the cost of
sales and marketing. Businesses use customer lifetime value to
identify customer segments that are most valuable to the
company. The longer a customer continues to purchase from a
company, the greater their lifetime value becomes. Know more the
right way for measure customer experience please visit our blog
here : https://www.groupfio.com/are-you-measuring-cx-the-right-
way/