Managing CX to increase revenue: The inside track
In the wake of the B2B Marketing CXcellence conference, we catch up with two of our illustrious speakers to discuss how to manage CX to drive commercial success
Mike Bainbridge, chief digital technologist, Rackspace and Dan Roche, head of marketing, KPMG Small Business Accounting, provides answers
How do calculate a link between CX and revenue?
"The link between customer experience and revenue is simple," says Dan: "if a company can’t match the customer's expectations, it won't win and retain clients."
In order to calculate a link between CX and revenue you have to clearly defined objectives. Designing a way of tracking experience which is relevant to your customers is the critical part of the process.
For Mike, NPS is a great example, but understanding the difference between transactional engagements and a more general relationship with your customer is important. "Be prepared to measure different aspects of the interaction. It is important to recognise that your customer might have different roles or business functions," he explains.
What’s constitutes a solid CX strategy?
Before we approach the fundamentals of a solid CX strategy, the first priority should be to ensure the entire service is agile and responsive. This is the quality of being flexible, which enables you to work closely with customers to frequently review and iterate the approach to achieve better results.
At its core, the best CX strategy will ensure the brand promise is met at every stage of the customer journey. Mike stresses that this isn’t something that can be delivered in a silo: "CX management must be shared and delivered across the whole company." From the initial interest following a campaign, subsequent enquiry, interaction with sales, on-boarding, and final service delivery, people and processes will overlap.
"If the experience is discordant between these touchpoints the chances the customer will invest are slashed," warns Dan, "so it’s imperative to monitor the statistics particularly on journeys that have terminated before sale. Acting on these insights is what separates customer centric companies from the rest, some call it an outside-in approach."