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© 2020 McorpCX, Inc., All Rights Reserved
© 2020 McorpCX, Inc., All Rights Reserved
Yourhostsfortoday:
▪ Senior analytics and Customer
Experience practitioner
▪ Former Vice President of Analytics
and Insights at Market Force, a
leading market research
organization
▪ Leverages advanced analytics to
creating actionable employee and
customer experience insights
▪ CX industry pioneer and thought
leader on multiple “Global CX
Thought Leaders to Watch" lists
▪ Best-selling author: Smart
Customers, Stupid Companies:
Why Only Intelligent Companies Will
Thrive, and How To Be One of Them
▪ Mentor and Richard H. Holton
Teaching Fellow at U.C. Berkeley’s
Haas Business School
Randy Law
Quantitative Research
Consultant, McorpCX
Michael Hinshaw
Founder & President
McorpCX
▪ Senior technology and Customer
Experience strategist
▪ Former Microsoft General
Manager responsible for building
internal Customer Experience
practice
▪ Sales, Operations, and IT
background responsible for
leading cross-company,
transformational initiatives
Stephen Shay
Vice President
McorpCX
© 2020 McorpCX, Inc., All Rights Reserved
Forover17years,McorpCXhashelpedleadingbrands
planfor,design,anddeliverbettercustomerexperiences
© 2020 McorpCX, Inc., All Rights Reserved
Greater
customer
satisfaction
200%+
DeliveringmeasurablevalueandROI: Oneexample…
Faster time
to market
From 90 days
to under 7
Decreased
operating
costs
Saving millions of
dollars annually
Greater
top-line
revenue
~$25.8 million/
10% annually
Proven across multiple markets and industry verticals
$
1) McorpCX client results, presented by Microsoft at Forrester's CX 2014 Forum For Customer Experience Professionals West,
© 2020 McorpCX, Inc., All Rights Reserved
IndependentlyrankedTop-20digitalCX&strategyleader
“[Their] narrow
but deep market
position enables
McorpCX to
effectively serve
both the SME
market and the
largest global
corporations”1
-- ALM Intelligence:
The Kennedy Vanguard
1) The Kennedy Vanguard – Digital Customer Strategy & Experience Consulting Providers
© 2020 McorpCX, Inc., All Rights Reserved
Today:WhyyoushouldcareaboutCX
ROI;Theimportanceofthe‘right’ROI
measures;Valueandbusinesscase
frameworkstousenow;Howdata
analyticscanhelppointtheway;Key
takeaways;Answerstoyourquestions.
© 2020 McorpCX, Inc., All Rights Reserved
Thevalueofbettercustomer experienceiscompelling...
Source: 1) HBR, August 2014: The Value of Customer Experience, Quantified 2) Forrester Research, March 2018: Improving CX Through Business Discipline Drives Growth
© 2020 McorpCX, Inc., All Rights Reserved
It’s alsoclear that customer expectations have changed.
Andthat weliveina“digitalfirst butnotdigital only”
multichannel world.
© 2020 McorpCX, Inc., All Rights Reserved
Andexecutivesgetthis,though proving theROIof
customer experience investments isatopchallenge
Top 5 Ranked Challenges
Proving the ROI on CX Investments
Developing a CX Strategy
Taking Action on What Customers Tell You
Driving Organizational Buy-In to CX as a Priority
Aligning CX with the Company’s Brand Promise
Assessed 27 Common CX Challenges
Experience Strategy
Design and Innovation
Organization and Culture
Experience Measurement
Audience Understanding
Governance
Process Optimization
Executing CX Efforts
Across 8 CXM capability areas,
and abilities to execute on CX
Technology and Data
© 2020 McorpCX, Inc., All Rights Reserved
Becauseascompellingthecase,howtoconnectCX
investmentstobusinessresultsisstillunclear
© 2020 McorpCX, Inc., All Rights Reserved
Recognizingthatinvestmentsaren’t(andshouldn’t)
bemade*just*todrivecustomer-centricity.
Cost
Reduction
Experience
ImprovementRevenue
Enhancement
Process
Improvement
Investment Rationale
A Decision-Making Filter
© 2020 McorpCX, Inc., All Rights Reserved
Today:WhyyoushouldcareaboutCX
ROI;Theimportanceofthe‘right’ROI
measures;Valueandbusinesscase
frameworkstousenow;Howdata
analyticscanhelppointtheway;Key
takeaways;Answerstoyourquestions.
© 2020 McorpCX, Inc., All Rights Reserved
Executives often make decisions basedonvalue…
andwhat value‘is’can bedifferent, atdifferent times
ROI=
▪ Boost Loyalty
▪ Acquire New Customers
▪ Reduce Acquisition Costs
▪ Decrease Customer Attrition
▪ Improve Employee Experience
▪ Boost Brand Preference
▪ Increase Satisfaction
Benefits - Costs
Costs
The Math: The Benefits:
▪ Boost Top-Line Revenue
▪ Reduce Costs to Serve
▪ Improve Employee Retention
▪ Increase Share-of-Wallet
▪ Boost Market Share
▪ Increase Per-Store Sales
▪ Reduce Effort
(What every exec is thinking) (Different relative value, based on business + priorities )
© 2020 McorpCX, Inc., All Rights Reserved
Whenwetalk about the“right” CXmetrics, wemean
linking operations andexperiences tobusiness results
Impact of what customers do on
achieving business strategy and goals
What customers do, informed
by what they think
What customers think about, and as a
consequence of, what we have done
What we actually do ‘to and for’
our customers
Outcome
(“Measured”)
Behavior
(“Observed”)
Perception
(“Subjective”)
Performance
(“Observed”)
Business:
Operating
Model
Customers
Business:
Results
Operational
Metrics
© 2020 McorpCX, Inc., All Rights Reserved
Which, whenactivated through aCX Metrics program,
cansystematically prove theimpact ofCXonoutcomes
Revenue Cost to Serve Profitability
TravelBook DepartResearch
App Web Field Agent Airplane …
Buy Book More Recommend …
On Time
Departure
Airplane
Condition
Baggage
Delivery
First Call
Resolution
……
Operational
Metrics
Book Again
Contact
Center
Lifetime Customer Experience & Relationship
Arrive
© 2020 McorpCX, Inc., All Rights Reserved
▪ Business Outcomes
▪ Overall Experience
▪ Customer Loyalty
▪ Customer Behaviors
▪ Informative
▪ Highly Directional
▪ Specific and Actionable
▪ Detailed and Rigorous
▪ Individual Customer
Segments or Persona
▪ Organizational Units
▪ Entire BU or Company
Asdiscussed, youcanprovetheROIofexperience
inmany ways. Andyoucandosoatdifferent levels...
How deep or wide should we go? What are we trying to accomplish? How ‘defensible’ must results be?
© 2020 McorpCX, Inc., All Rights Reserved
Today:WhyyoushouldcareaboutCX
ROI;Theimportanceofthe‘right’ROI
measures;Valueandbusinesscase
frameworkstousenow;Howdata
analyticscanhelppointtheway;Key
takeaways;Answerstoyourquestions.
© 2020 McorpCX, Inc., All Rights Reserved
TheMcorpCX Customer and Employee Value Model:
Linking employee andcustomer experience toresults
Increased
Financial
Results and
Value
Great
Customer
Experiences
Desired
Employee
Behaviors
Loyal
Employees
Great
Employee
Experiences
Investment in
Employees
Happier
Employees
Increased
Purchasing
Higher
Productivity
Loyal
Customers
Desired
Customer
Behaviors
Higher Retention
and Referrals
So you know: We’ve proven
these linkages with myriad B2B,
B2C, and B2B2C product and
service organizations.
© 2020 McorpCX, Inc., All Rights Reserved
You track NPS (or other CX
metric, e.g. CXi, CSAT, CES,
etc.) today
Revenue (or profit, or cost-
to-serve, etc.) is identified
as a key Business Outcome
Perform the driver analysis
to fully understand the
levers & impact
What’s the programmatic value of
improving customer experience overall?
What’s the value of improving specific
aspects of CX, and where should we focus?
Proving thevalueofcustomer experience ‘allup’,using
different methodologies andsimpledata sets…
© 2020 McorpCX, Inc., All Rights Reserved
Let’s look atanexample: B2Ccompany using‘NPS’
today, and ‘Revenue’ asadesiredbusiness outcome
$0.00
$50.00
$100.00
$150.00
$200.00
$250.00
$300.00
0
10
20
30
40
50
60
70
80
90
100
Average
AverageRevenue/Customer
NPSScore
Average NPS and Revenue
NPS Score Average Revenue/Customer
NPS Score = 55
Avg. Revenue = $275/Customer
Many businesses look
at an overall CX score,
like NPS, and stop
there
It’s important to tie
Business Metrics to what
the organization uses for
their the CX Score
© 2020 McorpCX, Inc., All Rights Reserved
Asimple‘topandbottom’ segmentation shows a
2.1%revenue boost forevery1-point increase inNPS.
$0.00
$50.00
$100.00
$150.00
$200.00
$250.00
$300.00
$350.00
0
10
20
30
40
50
60
70
80
90
100
Bottom 20% in Revenue Average Top 20% in Revenue
AverageRevenue/Customer
NPSScore
Bottom and Top Revenue Performers
NPS Score Average Revenue/Customer
NPS Score = 42
 ☺
Avg. Revenue = $200/Customer
Avg. Revenue = $325/Customer
NPS Score = 64
22 Point Difference in NPS Scores
$125 Difference in Avg. Revenue/CustomerEach 1-point increase in NPS results in a
$5.68 increase in Avg. Revenue/Customer
($125 / 22) or +2.1%
Avg. Revenue = $275/Customer
© 2020 McorpCX, Inc., All Rights Reserved
Looking at10segments shows anincrease, anda
2.3% revenue dropforevery1-point decrease inNPS…
40 45 53 54 55 55 58 61 61 62 67
$180
$212
$252
$271
$280 $275
$288
$299
$310 $315
$335
$0.00
$50.00
$100.00
$150.00
$200.00
$250.00
$300.00
$350.00
$400.00
0
10
20
30
40
50
60
70
80
90
100
Bottom 10% 10%-20% 20%-30% 30%-40% 40%-50% Average 50%-60% 50%-70% 70%-80% 80%-90% Top 10%
AverageRevenue/Customer
NPSScore
Segmenting by Revenue
NPS Score Average Revenue/Customer

☺
Each 1-point increase in CX metric above the
average (NPS 55/$275) results in a $5.00
increase in Avg. Revenue/Customer
($60/12 or +2.2% )
Each 1-point decrease in CX metric (NPS) below the average results in a
$6.33 decrease in Avg. Revenue/Customer – particularly acute at the lower
end ($95/15 or -2.3%)
© 2020 McorpCX, Inc., All Rights Reserved
$150
$200
$250
$300
$350
$400
35 40 45 50 55 60 65 70
Revenue/Customer
CX Metric
Applyingregression analysis tothe10-segment model
validates simpleanalysis andincreases defensibility

☺Each 1-point increase in CX metric results in an
increase of $4.30 revenue / customer
(1.8%)
Each 1-point decrease in CX metric results in a
decrease of $4.30 in revenue / customers
(-1.8%)
© 2020 McorpCX, Inc., All Rights Reserved
What ifyoutrack aCXIndexvs.NPS?
Easy Effective Enjoyable
Overall, how easy was it to
accomplish you goals throughout
your experience?
Overall, how effectively has [company]
met your needs throughout your
experience?
Still thinking about your experience,
how enjoyable was your overall
experience?
Segment Customers with “Top Box” scores
Resolutes “Top Box” scores to all 3 questions
Supporters “Top Box” scores to 2 of the 3 questions
Undecideds “Top Box” scores to 1 of the 3 questions
Doubters No “Top Box” score
© 2020 McorpCX, Inc., All Rights Reserved
Usingtheindextosegment byexperience (You can
dothese withanyCXmetric, e.g.CES,CSAT,Etc.)
$136 $218 $282 $356
31
38
58
71
0
10
20
30
40
50
60
70
80
0
50
100
150
200
250
300
350
400
Doubters Undecideds Supporters Resolutes
CXScore
AverageRevenue/Customer
Revenue Average Revenue / Customer CX Score
Average Revenue / Customer = $275.00
55
Each 1-point increase in CX metric results in a
$5.06 increase in Avg Revenue/Customer
(1.8%)
Each 1-point decrease in CX metric results in a
decrease of $5.79 decrease in Avg. Revenue / Customer
(-2.1%)
© 2020 McorpCX, Inc., All Rights Reserved
So,we’vemodeledtherelationship indifferent waysusing
thesamedataset.Whatcanwetakeawayfromthis…?
Average of: -$5.47 or 2.0%
▪ Method 2: +$6.33 or 2.3%
▪ Method 3: +$4.30 or 1.7%
▪ Method 4: +$5.79 or 2.1%
Avg. $4.99 x Number of Customers
▪ $4.99 x 100,000 = +$499K
▪ $4.99 x 1,000,000 = +$4.99M
▪ $4.99 x 10,000,000 = +$49.9M
Average: +$4.99 or 2.0%
▪ Method 1: +$5.68 or 2.1%
▪ Method 2: +$5.00 or 2.2%
▪ Method 3: +$4.30 or 1.8%
$
Every Single Point Increase in CX… Every Single Point Decrease in CX… What’s a 1-Point Boost in CX Worth?
© 2020 McorpCX, Inc., All Rights Reserved
Applyingregression across allcustomers letsusmodel
thevalueimpact ofbiggerimprovements toCX
$200
$220
$240
$260
$280
$300
$320
$340
$360
40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 6
Current CX Score = 55
Current Revenue / Customer = $275
Which–if you have 100,000 customers--
makes a 10% Boost in CX (from 55 to 61)
Worth $2.4M ($299 - $275 x 100,000)
© 2020 McorpCX, Inc., All Rights Reserved
Top/Bottom Value
Segmentation
Value Segment
Stratification
CX Metric
Segmentation
Simple
Regression
Advanced
Regression
Separate customers
into two groups: Top
& bottom performers,
and compare
Stratify customers by
performance into
equal groups (i.e,
10%/20%/25%)
Segment customers
based on CX metric
segmentations.
(NSAT, CXi, NPS, etc.)
Perform simple
regression against a
representative
customer sample.
Perform advanced
regression analytics
against a broad
sample of outcomes
Manyoftheseanalyses canbeconducted withrelatively
straightforward (thoughnotalways simple) Excelmodels.
© 2020 McorpCX, Inc., All Rights Reserved
Today:WhyyoushouldcareaboutCX
ROI;Theimportanceofthe‘right’ROI
measures;Valueandbusinesscase
frameworkstousenow;Howdata
analyticscanhelppointtheway;Key
takeaways;Answerstoyourquestions.
© 2020 McorpCX, Inc., All Rights Reserved
Proving thevalueofCXimprovements andwhat to
improve, using advanced analytics anddata sets
You track NPS (or other CX
metric, e.g. CXi, CSAT, CES,
etc.) today
Revenue (or profit, or cost-
to-serve, etc.) is identified
as a key Business Outcome
Perform the driver analysis
to fully understand the
levers & impact
What’s the programmatic value of
improving customer experience overall?
What’s the value of improving specific
aspects of CX, and where should we focus?
© 2020 McorpCX, Inc., All Rights Reserved
Atcore, understanding CXROImeans understanding
whatdrivesyourbusinessresults:Hence,‘DriverAnalysis’
Using Data Analytics to
‘Prove’ This Linkage
Once You Know “What
Success Looks Like” (e.g. 10%
CX Boost) You Can Start
Asking and Answering Related
Questions…
© 2020 McorpCX, Inc., All Rights Reserved
Question 1:What isthedesired levelofrigoryouneed,
tounderstand drivers anddefend theconclusions?
“Relatively
Defensible”
▪ Based on ‘reasonable
assumptions’
▪ ‘Enough’ analysis (e.g.
top 20% vs bottom 20%)
to support hypothesis
▪ ‘Directionally defensible’
“Correlation
Analysis”
▪ Identifies what might be
related to desired
outcomes
▪ Focuses you on where
to pay more attention
▪ A degree of confidence
“Multiple
Regression”
▪ Quantifies strength of
key drivers on a single
outcome
▪ Can prioritize key
drivers based on
relative impact on one
outcome
“SEM or Causal
Modeling”
▪ A predictive model
▪ Quantifies key driver
effects on multiple
outcomes
▪ Prioritizes drivers based
on impact on multiple
outcomes
Stephen touched on these… I’ll be discussing this…
Lower Statistical Rigor Higher Statistical Rigor
© 2020 McorpCX, Inc., All Rights Reserved
▪ Understand what data you
already have in-house, and
where it might be, or is
▪ How easy is it to get to?
▪ What is the data quality, and
what’s included in it?
Question 2:What datadowehave(orcanweget)that
couldhelpusbetterunderstandvalue,andexperience?
▪ Acquire and rationalize data
you already have
▪ Obtain data you need, but
do not have: (e.g. internal
customer surveys, 3rd party
insights, new research)
▪ Create a “blueprint”
(hypothesis) of what drives
CX and business outcomes
▪ Comprehensive list of metrics,
linked to desired business/
customer outcomes
What Data Do We Need? What Data Do We Have? How Do We Get The Data We Need?
© 2020 McorpCX, Inc., All Rights Reserved
Question3:Howdoesanalyzingthisdatashowus
whichaspectsoftheexperienceweshouldimprove?
Key Drivers
Key driver #2 is a
mediator of the
relationship
between key
driver #1 and the
outcome
Key driver #1
Direct effect
Key driver #1
Indirect effect
Desired Outcome(s)By testing multiple
factors through
SEM/Causal Modeling
▪ 18 Touchpoints
▪ 14 Attributes
▪ 6 Journey Stages
▪ 8 Desired Outcomes
We learn which factors
are drivers, and the
direct and indirect
effects on outcomes…
© 2020 McorpCX, Inc., All Rights Reserved
Example: Aregional bank wanting to identify+improve
specific experiences that driveloancustomer loyalty
Where should we focus
CX improvements (and
investments) to lift
customer loyalty?
▪ 230,000 accounts
▪ $3.4B in assets
▪ 36 touchpoints,
58 wants/needs
evaluated
Loyalty previously linked
to greater business
performance (deposit and
loan balances, and HH
profitability)
Desired Business
Outcome
60%
CX Index
© 2020 McorpCX, Inc., All Rights Reserved
Scoring algorithms
updated/aligned with
business outcome impacts.
Franchisee training
oriented around insights.
.0
6
Example: Anational fuelandconvenience store brand,
lookingtoCXimprovementsasawaytobooststoresales
Where should we invest to
lift convenience store
sales volume (ROI)?
▪ 6,000 locations
▪ 31 Mystery Shop
Questions
▪ 28 CX Questions
▪ 59 Potential Drivers
Moving From/Moving To (5-Point
Increase in Driver Performance)
+$400M/yr
+$700M/yr
Desired Business
Outcome
© 2020 McorpCX, Inc., All Rights Reserved
What areyoutryingtoaccomplish? Asking and
answering keyquestions through thisanalysis…
▪ If I improve ‘this’ by X amount,
how much can we expect our
KPIs to improve?
▪ Are we focused on the business
and behavioral impact KPIs most
important to stakeholders?
▪ Applying “too much” or “too
little” analytical rigor
▪ Don’t try to accomplish too
much, at first: Focus on a
problem that you can solve
▪ Start the analytics and insights
journey wherever you are, and
evolve with rigor over time.
▪ Get stakeholder buy-in before
you start: know that you’re
measuring the ‘right’ things
© 2020 McorpCX, Inc., All Rights Reserved
Today:WhyyoushouldcareaboutCX
ROI;Theimportanceofthe‘right’ROI
measures;Valueandbusinesscase
frameworkstousenow;Howdata
analyticscanhelppointtheway;Key
takeaways;Answerstoyourquestions.
© 2020 McorpCX, Inc., All Rights Reserved
1. 2. 3. 4. 5.
Establish
Experience
Measures to Test
Identify
Business Metrics
that Matter
Measure CX
and Business
Linkages
Determine Impact
of Potential
Changes
Prioritize the
Highest Impact
Changes
Some Examples…
Satisfaction | CSAT, NSAT
Customer Effort | CES
Ease of Doing Business
A CX or Loyalty Index
Customer Loyalty | NPS
Some Examples…
Revenue
Retention
Share of Wallet
Re-Purchase
Lifetime Value
Define the Relationship…
Informative
Highly Directional
Specific and Actionable
Detailed and Rigorous
Understand the Levers…
Multiple Linear
Regression
Structural Equation
Modeling
Causal Modeling
Assess Value…
Experience Improvement
Cost Reduction
Process Improvement
Revenue Enhancement
Total Economic Impact
There isarepeatable process fordemonstrating the
valueofexperience: 5Steps forproving theROIofCX
© 2020 McorpCX, Inc., All Rights Reserved
Inclosing: Eight takeaways...
© 2020 McorpCX, Inc., All Rights Reserved
Today:WhyyoushouldcareaboutCX
ROI;Theimportanceofthe‘right’ROI
measures;Valueandbusinesscase
frameworkstousenow;Howdata
analyticscanhelppointtheway;Key
takeaways;Answerstoyourquestions.
© 2020 McorpCX, Inc., All Rights Reserved
Questions? A fireside chat...
© 2020 McorpCX, Inc., All Rights Reserved
Michael Hinshaw
D: 1-415-526-2651
mhinshaw@mcorp.cx
Stephen Shay
D: 425-761-4000
sshay@mcorp.cx
www.mcorpcx.com

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How to Measure-and-Prove-the ROI of Customer Experience (CX)

  • 1. © 2020 McorpCX, Inc., All Rights Reserved
  • 2. © 2020 McorpCX, Inc., All Rights Reserved Yourhostsfortoday: ▪ Senior analytics and Customer Experience practitioner ▪ Former Vice President of Analytics and Insights at Market Force, a leading market research organization ▪ Leverages advanced analytics to creating actionable employee and customer experience insights ▪ CX industry pioneer and thought leader on multiple “Global CX Thought Leaders to Watch" lists ▪ Best-selling author: Smart Customers, Stupid Companies: Why Only Intelligent Companies Will Thrive, and How To Be One of Them ▪ Mentor and Richard H. Holton Teaching Fellow at U.C. Berkeley’s Haas Business School Randy Law Quantitative Research Consultant, McorpCX Michael Hinshaw Founder & President McorpCX ▪ Senior technology and Customer Experience strategist ▪ Former Microsoft General Manager responsible for building internal Customer Experience practice ▪ Sales, Operations, and IT background responsible for leading cross-company, transformational initiatives Stephen Shay Vice President McorpCX
  • 3. © 2020 McorpCX, Inc., All Rights Reserved Forover17years,McorpCXhashelpedleadingbrands planfor,design,anddeliverbettercustomerexperiences
  • 4. © 2020 McorpCX, Inc., All Rights Reserved Greater customer satisfaction 200%+ DeliveringmeasurablevalueandROI: Oneexample… Faster time to market From 90 days to under 7 Decreased operating costs Saving millions of dollars annually Greater top-line revenue ~$25.8 million/ 10% annually Proven across multiple markets and industry verticals $ 1) McorpCX client results, presented by Microsoft at Forrester's CX 2014 Forum For Customer Experience Professionals West,
  • 5. © 2020 McorpCX, Inc., All Rights Reserved IndependentlyrankedTop-20digitalCX&strategyleader “[Their] narrow but deep market position enables McorpCX to effectively serve both the SME market and the largest global corporations”1 -- ALM Intelligence: The Kennedy Vanguard 1) The Kennedy Vanguard – Digital Customer Strategy & Experience Consulting Providers
  • 6. © 2020 McorpCX, Inc., All Rights Reserved Today:WhyyoushouldcareaboutCX ROI;Theimportanceofthe‘right’ROI measures;Valueandbusinesscase frameworkstousenow;Howdata analyticscanhelppointtheway;Key takeaways;Answerstoyourquestions.
  • 7. © 2020 McorpCX, Inc., All Rights Reserved Thevalueofbettercustomer experienceiscompelling... Source: 1) HBR, August 2014: The Value of Customer Experience, Quantified 2) Forrester Research, March 2018: Improving CX Through Business Discipline Drives Growth
  • 8. © 2020 McorpCX, Inc., All Rights Reserved It’s alsoclear that customer expectations have changed. Andthat weliveina“digitalfirst butnotdigital only” multichannel world.
  • 9. © 2020 McorpCX, Inc., All Rights Reserved Andexecutivesgetthis,though proving theROIof customer experience investments isatopchallenge Top 5 Ranked Challenges Proving the ROI on CX Investments Developing a CX Strategy Taking Action on What Customers Tell You Driving Organizational Buy-In to CX as a Priority Aligning CX with the Company’s Brand Promise Assessed 27 Common CX Challenges Experience Strategy Design and Innovation Organization and Culture Experience Measurement Audience Understanding Governance Process Optimization Executing CX Efforts Across 8 CXM capability areas, and abilities to execute on CX Technology and Data
  • 10. © 2020 McorpCX, Inc., All Rights Reserved Becauseascompellingthecase,howtoconnectCX investmentstobusinessresultsisstillunclear
  • 11. © 2020 McorpCX, Inc., All Rights Reserved Recognizingthatinvestmentsaren’t(andshouldn’t) bemade*just*todrivecustomer-centricity. Cost Reduction Experience ImprovementRevenue Enhancement Process Improvement Investment Rationale A Decision-Making Filter
  • 12. © 2020 McorpCX, Inc., All Rights Reserved Today:WhyyoushouldcareaboutCX ROI;Theimportanceofthe‘right’ROI measures;Valueandbusinesscase frameworkstousenow;Howdata analyticscanhelppointtheway;Key takeaways;Answerstoyourquestions.
  • 13. © 2020 McorpCX, Inc., All Rights Reserved Executives often make decisions basedonvalue… andwhat value‘is’can bedifferent, atdifferent times ROI= ▪ Boost Loyalty ▪ Acquire New Customers ▪ Reduce Acquisition Costs ▪ Decrease Customer Attrition ▪ Improve Employee Experience ▪ Boost Brand Preference ▪ Increase Satisfaction Benefits - Costs Costs The Math: The Benefits: ▪ Boost Top-Line Revenue ▪ Reduce Costs to Serve ▪ Improve Employee Retention ▪ Increase Share-of-Wallet ▪ Boost Market Share ▪ Increase Per-Store Sales ▪ Reduce Effort (What every exec is thinking) (Different relative value, based on business + priorities )
  • 14. © 2020 McorpCX, Inc., All Rights Reserved Whenwetalk about the“right” CXmetrics, wemean linking operations andexperiences tobusiness results Impact of what customers do on achieving business strategy and goals What customers do, informed by what they think What customers think about, and as a consequence of, what we have done What we actually do ‘to and for’ our customers Outcome (“Measured”) Behavior (“Observed”) Perception (“Subjective”) Performance (“Observed”) Business: Operating Model Customers Business: Results Operational Metrics
  • 15. © 2020 McorpCX, Inc., All Rights Reserved Which, whenactivated through aCX Metrics program, cansystematically prove theimpact ofCXonoutcomes Revenue Cost to Serve Profitability TravelBook DepartResearch App Web Field Agent Airplane … Buy Book More Recommend … On Time Departure Airplane Condition Baggage Delivery First Call Resolution …… Operational Metrics Book Again Contact Center Lifetime Customer Experience & Relationship Arrive
  • 16. © 2020 McorpCX, Inc., All Rights Reserved ▪ Business Outcomes ▪ Overall Experience ▪ Customer Loyalty ▪ Customer Behaviors ▪ Informative ▪ Highly Directional ▪ Specific and Actionable ▪ Detailed and Rigorous ▪ Individual Customer Segments or Persona ▪ Organizational Units ▪ Entire BU or Company Asdiscussed, youcanprovetheROIofexperience inmany ways. Andyoucandosoatdifferent levels... How deep or wide should we go? What are we trying to accomplish? How ‘defensible’ must results be?
  • 17. © 2020 McorpCX, Inc., All Rights Reserved Today:WhyyoushouldcareaboutCX ROI;Theimportanceofthe‘right’ROI measures;Valueandbusinesscase frameworkstousenow;Howdata analyticscanhelppointtheway;Key takeaways;Answerstoyourquestions.
  • 18. © 2020 McorpCX, Inc., All Rights Reserved TheMcorpCX Customer and Employee Value Model: Linking employee andcustomer experience toresults Increased Financial Results and Value Great Customer Experiences Desired Employee Behaviors Loyal Employees Great Employee Experiences Investment in Employees Happier Employees Increased Purchasing Higher Productivity Loyal Customers Desired Customer Behaviors Higher Retention and Referrals So you know: We’ve proven these linkages with myriad B2B, B2C, and B2B2C product and service organizations.
  • 19. © 2020 McorpCX, Inc., All Rights Reserved You track NPS (or other CX metric, e.g. CXi, CSAT, CES, etc.) today Revenue (or profit, or cost- to-serve, etc.) is identified as a key Business Outcome Perform the driver analysis to fully understand the levers & impact What’s the programmatic value of improving customer experience overall? What’s the value of improving specific aspects of CX, and where should we focus? Proving thevalueofcustomer experience ‘allup’,using different methodologies andsimpledata sets…
  • 20. © 2020 McorpCX, Inc., All Rights Reserved Let’s look atanexample: B2Ccompany using‘NPS’ today, and ‘Revenue’ asadesiredbusiness outcome $0.00 $50.00 $100.00 $150.00 $200.00 $250.00 $300.00 0 10 20 30 40 50 60 70 80 90 100 Average AverageRevenue/Customer NPSScore Average NPS and Revenue NPS Score Average Revenue/Customer NPS Score = 55 Avg. Revenue = $275/Customer Many businesses look at an overall CX score, like NPS, and stop there It’s important to tie Business Metrics to what the organization uses for their the CX Score
  • 21. © 2020 McorpCX, Inc., All Rights Reserved Asimple‘topandbottom’ segmentation shows a 2.1%revenue boost forevery1-point increase inNPS. $0.00 $50.00 $100.00 $150.00 $200.00 $250.00 $300.00 $350.00 0 10 20 30 40 50 60 70 80 90 100 Bottom 20% in Revenue Average Top 20% in Revenue AverageRevenue/Customer NPSScore Bottom and Top Revenue Performers NPS Score Average Revenue/Customer NPS Score = 42  ☺ Avg. Revenue = $200/Customer Avg. Revenue = $325/Customer NPS Score = 64 22 Point Difference in NPS Scores $125 Difference in Avg. Revenue/CustomerEach 1-point increase in NPS results in a $5.68 increase in Avg. Revenue/Customer ($125 / 22) or +2.1% Avg. Revenue = $275/Customer
  • 22. © 2020 McorpCX, Inc., All Rights Reserved Looking at10segments shows anincrease, anda 2.3% revenue dropforevery1-point decrease inNPS… 40 45 53 54 55 55 58 61 61 62 67 $180 $212 $252 $271 $280 $275 $288 $299 $310 $315 $335 $0.00 $50.00 $100.00 $150.00 $200.00 $250.00 $300.00 $350.00 $400.00 0 10 20 30 40 50 60 70 80 90 100 Bottom 10% 10%-20% 20%-30% 30%-40% 40%-50% Average 50%-60% 50%-70% 70%-80% 80%-90% Top 10% AverageRevenue/Customer NPSScore Segmenting by Revenue NPS Score Average Revenue/Customer  ☺ Each 1-point increase in CX metric above the average (NPS 55/$275) results in a $5.00 increase in Avg. Revenue/Customer ($60/12 or +2.2% ) Each 1-point decrease in CX metric (NPS) below the average results in a $6.33 decrease in Avg. Revenue/Customer – particularly acute at the lower end ($95/15 or -2.3%)
  • 23. © 2020 McorpCX, Inc., All Rights Reserved $150 $200 $250 $300 $350 $400 35 40 45 50 55 60 65 70 Revenue/Customer CX Metric Applyingregression analysis tothe10-segment model validates simpleanalysis andincreases defensibility  ☺Each 1-point increase in CX metric results in an increase of $4.30 revenue / customer (1.8%) Each 1-point decrease in CX metric results in a decrease of $4.30 in revenue / customers (-1.8%)
  • 24. © 2020 McorpCX, Inc., All Rights Reserved What ifyoutrack aCXIndexvs.NPS? Easy Effective Enjoyable Overall, how easy was it to accomplish you goals throughout your experience? Overall, how effectively has [company] met your needs throughout your experience? Still thinking about your experience, how enjoyable was your overall experience? Segment Customers with “Top Box” scores Resolutes “Top Box” scores to all 3 questions Supporters “Top Box” scores to 2 of the 3 questions Undecideds “Top Box” scores to 1 of the 3 questions Doubters No “Top Box” score
  • 25. © 2020 McorpCX, Inc., All Rights Reserved Usingtheindextosegment byexperience (You can dothese withanyCXmetric, e.g.CES,CSAT,Etc.) $136 $218 $282 $356 31 38 58 71 0 10 20 30 40 50 60 70 80 0 50 100 150 200 250 300 350 400 Doubters Undecideds Supporters Resolutes CXScore AverageRevenue/Customer Revenue Average Revenue / Customer CX Score Average Revenue / Customer = $275.00 55 Each 1-point increase in CX metric results in a $5.06 increase in Avg Revenue/Customer (1.8%) Each 1-point decrease in CX metric results in a decrease of $5.79 decrease in Avg. Revenue / Customer (-2.1%)
  • 26. © 2020 McorpCX, Inc., All Rights Reserved So,we’vemodeledtherelationship indifferent waysusing thesamedataset.Whatcanwetakeawayfromthis…? Average of: -$5.47 or 2.0% ▪ Method 2: +$6.33 or 2.3% ▪ Method 3: +$4.30 or 1.7% ▪ Method 4: +$5.79 or 2.1% Avg. $4.99 x Number of Customers ▪ $4.99 x 100,000 = +$499K ▪ $4.99 x 1,000,000 = +$4.99M ▪ $4.99 x 10,000,000 = +$49.9M Average: +$4.99 or 2.0% ▪ Method 1: +$5.68 or 2.1% ▪ Method 2: +$5.00 or 2.2% ▪ Method 3: +$4.30 or 1.8% $ Every Single Point Increase in CX… Every Single Point Decrease in CX… What’s a 1-Point Boost in CX Worth?
  • 27. © 2020 McorpCX, Inc., All Rights Reserved Applyingregression across allcustomers letsusmodel thevalueimpact ofbiggerimprovements toCX $200 $220 $240 $260 $280 $300 $320 $340 $360 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 6 Current CX Score = 55 Current Revenue / Customer = $275 Which–if you have 100,000 customers-- makes a 10% Boost in CX (from 55 to 61) Worth $2.4M ($299 - $275 x 100,000)
  • 28. © 2020 McorpCX, Inc., All Rights Reserved Top/Bottom Value Segmentation Value Segment Stratification CX Metric Segmentation Simple Regression Advanced Regression Separate customers into two groups: Top & bottom performers, and compare Stratify customers by performance into equal groups (i.e, 10%/20%/25%) Segment customers based on CX metric segmentations. (NSAT, CXi, NPS, etc.) Perform simple regression against a representative customer sample. Perform advanced regression analytics against a broad sample of outcomes Manyoftheseanalyses canbeconducted withrelatively straightforward (thoughnotalways simple) Excelmodels.
  • 29. © 2020 McorpCX, Inc., All Rights Reserved Today:WhyyoushouldcareaboutCX ROI;Theimportanceofthe‘right’ROI measures;Valueandbusinesscase frameworkstousenow;Howdata analyticscanhelppointtheway;Key takeaways;Answerstoyourquestions.
  • 30. © 2020 McorpCX, Inc., All Rights Reserved Proving thevalueofCXimprovements andwhat to improve, using advanced analytics anddata sets You track NPS (or other CX metric, e.g. CXi, CSAT, CES, etc.) today Revenue (or profit, or cost- to-serve, etc.) is identified as a key Business Outcome Perform the driver analysis to fully understand the levers & impact What’s the programmatic value of improving customer experience overall? What’s the value of improving specific aspects of CX, and where should we focus?
  • 31. © 2020 McorpCX, Inc., All Rights Reserved Atcore, understanding CXROImeans understanding whatdrivesyourbusinessresults:Hence,‘DriverAnalysis’ Using Data Analytics to ‘Prove’ This Linkage Once You Know “What Success Looks Like” (e.g. 10% CX Boost) You Can Start Asking and Answering Related Questions…
  • 32. © 2020 McorpCX, Inc., All Rights Reserved Question 1:What isthedesired levelofrigoryouneed, tounderstand drivers anddefend theconclusions? “Relatively Defensible” ▪ Based on ‘reasonable assumptions’ ▪ ‘Enough’ analysis (e.g. top 20% vs bottom 20%) to support hypothesis ▪ ‘Directionally defensible’ “Correlation Analysis” ▪ Identifies what might be related to desired outcomes ▪ Focuses you on where to pay more attention ▪ A degree of confidence “Multiple Regression” ▪ Quantifies strength of key drivers on a single outcome ▪ Can prioritize key drivers based on relative impact on one outcome “SEM or Causal Modeling” ▪ A predictive model ▪ Quantifies key driver effects on multiple outcomes ▪ Prioritizes drivers based on impact on multiple outcomes Stephen touched on these… I’ll be discussing this… Lower Statistical Rigor Higher Statistical Rigor
  • 33. © 2020 McorpCX, Inc., All Rights Reserved ▪ Understand what data you already have in-house, and where it might be, or is ▪ How easy is it to get to? ▪ What is the data quality, and what’s included in it? Question 2:What datadowehave(orcanweget)that couldhelpusbetterunderstandvalue,andexperience? ▪ Acquire and rationalize data you already have ▪ Obtain data you need, but do not have: (e.g. internal customer surveys, 3rd party insights, new research) ▪ Create a “blueprint” (hypothesis) of what drives CX and business outcomes ▪ Comprehensive list of metrics, linked to desired business/ customer outcomes What Data Do We Need? What Data Do We Have? How Do We Get The Data We Need?
  • 34. © 2020 McorpCX, Inc., All Rights Reserved Question3:Howdoesanalyzingthisdatashowus whichaspectsoftheexperienceweshouldimprove? Key Drivers Key driver #2 is a mediator of the relationship between key driver #1 and the outcome Key driver #1 Direct effect Key driver #1 Indirect effect Desired Outcome(s)By testing multiple factors through SEM/Causal Modeling ▪ 18 Touchpoints ▪ 14 Attributes ▪ 6 Journey Stages ▪ 8 Desired Outcomes We learn which factors are drivers, and the direct and indirect effects on outcomes…
  • 35. © 2020 McorpCX, Inc., All Rights Reserved Example: Aregional bank wanting to identify+improve specific experiences that driveloancustomer loyalty Where should we focus CX improvements (and investments) to lift customer loyalty? ▪ 230,000 accounts ▪ $3.4B in assets ▪ 36 touchpoints, 58 wants/needs evaluated Loyalty previously linked to greater business performance (deposit and loan balances, and HH profitability) Desired Business Outcome 60% CX Index
  • 36. © 2020 McorpCX, Inc., All Rights Reserved Scoring algorithms updated/aligned with business outcome impacts. Franchisee training oriented around insights. .0 6 Example: Anational fuelandconvenience store brand, lookingtoCXimprovementsasawaytobooststoresales Where should we invest to lift convenience store sales volume (ROI)? ▪ 6,000 locations ▪ 31 Mystery Shop Questions ▪ 28 CX Questions ▪ 59 Potential Drivers Moving From/Moving To (5-Point Increase in Driver Performance) +$400M/yr +$700M/yr Desired Business Outcome
  • 37. © 2020 McorpCX, Inc., All Rights Reserved What areyoutryingtoaccomplish? Asking and answering keyquestions through thisanalysis… ▪ If I improve ‘this’ by X amount, how much can we expect our KPIs to improve? ▪ Are we focused on the business and behavioral impact KPIs most important to stakeholders? ▪ Applying “too much” or “too little” analytical rigor ▪ Don’t try to accomplish too much, at first: Focus on a problem that you can solve ▪ Start the analytics and insights journey wherever you are, and evolve with rigor over time. ▪ Get stakeholder buy-in before you start: know that you’re measuring the ‘right’ things
  • 38. © 2020 McorpCX, Inc., All Rights Reserved Today:WhyyoushouldcareaboutCX ROI;Theimportanceofthe‘right’ROI measures;Valueandbusinesscase frameworkstousenow;Howdata analyticscanhelppointtheway;Key takeaways;Answerstoyourquestions.
  • 39. © 2020 McorpCX, Inc., All Rights Reserved 1. 2. 3. 4. 5. Establish Experience Measures to Test Identify Business Metrics that Matter Measure CX and Business Linkages Determine Impact of Potential Changes Prioritize the Highest Impact Changes Some Examples… Satisfaction | CSAT, NSAT Customer Effort | CES Ease of Doing Business A CX or Loyalty Index Customer Loyalty | NPS Some Examples… Revenue Retention Share of Wallet Re-Purchase Lifetime Value Define the Relationship… Informative Highly Directional Specific and Actionable Detailed and Rigorous Understand the Levers… Multiple Linear Regression Structural Equation Modeling Causal Modeling Assess Value… Experience Improvement Cost Reduction Process Improvement Revenue Enhancement Total Economic Impact There isarepeatable process fordemonstrating the valueofexperience: 5Steps forproving theROIofCX
  • 40. © 2020 McorpCX, Inc., All Rights Reserved Inclosing: Eight takeaways...
  • 41. © 2020 McorpCX, Inc., All Rights Reserved Today:WhyyoushouldcareaboutCX ROI;Theimportanceofthe‘right’ROI measures;Valueandbusinesscase frameworkstousenow;Howdata analyticscanhelppointtheway;Key takeaways;Answerstoyourquestions.
  • 42. © 2020 McorpCX, Inc., All Rights Reserved Questions? A fireside chat...
  • 43. © 2020 McorpCX, Inc., All Rights Reserved Michael Hinshaw D: 1-415-526-2651 mhinshaw@mcorp.cx Stephen Shay D: 425-761-4000 sshay@mcorp.cx www.mcorpcx.com