Harley Manning, Vice President and Research Director
Tired of working hard at CX? You can:
A) give up and try destructive short-term price wars
B) give up and spend even more on an expensive acquisition program (also known as pumping water into a bucket that’s got a hole at the bottom)
C) build an ROI model.
2018 was by no means a banner year for CX. For the third time in a row, scores in Forrester’s CX Index remained flat. Brands are bunching up in the OK range. That’s motivating a lot of firms to give up.
In this episode, Vice President and Research Director Harley Manning explains that, in the age of the customer, firms that ignore customer experience do so at their own peril. There is a price for sitting still. Your competitors will fix their problems; the expectations of your customers will rise. At the same time, differentiating on CX is difficult for the same reasons. It’s not easy to sell the C-suite on a point of differentiation that requires incessant work to keep you ahead of the pack.
The missing link is financial modeling. CX organizations have so far lacked the business acumen to articulate how much revenue an increased CX score can win (or how much can be lost by doing nothing). Fortunately, financial modeling for CX isn’t all that difficult.