How to use the Centriam CX Money Map
Customer experience has positive financial impact for any business, but the composition varies significantly across industries. For example, word of mouth is generally the largest category for credit cards and over-the-top service providers (think Netflix and Hulu), while most industries — such as financial services, airlines and retailers — see the largest gains in increasing future sales. While the relative impact may vary for your industry, we wanted to provide a few guidelines to help you get the most value from this document.
To help you build or improve your business cases, Centriam built a single page summary — a map of sorts — which outlines twelve different financial gains resulting from customer experience improvements. These twelve drivers are aggregated into five categories.
- If you are early in your journey: start at the left. The lowest hanging, financially tastiest fruit in your organization is most likely under two trees: increased loyalty and cost containment.
- If you are mature: start in the middle. The benefits of employee loyalty are surprisingly large, so don’t forget to search that tree as you are looking to expand the impact of your CX program.
- If you are struggling to quantify improvements: use your data diversity. Looking at the gap between high and low performing customer groups is a great way to jumpstart your business case.