How to Improve Your Customer Experience by Tracking and Measuring Key Goals?
Of course, CX is the essence of commerce. Absent CX, there is neither a maker nor a customer in the picture. CX is one’s competitive differentiator in the market. Corporate performance in the market is, therefore, a function of CX. For the leading businesses, the stock price in the capital market is the main measure of their CX. How might a CEO connect the KPI of the stock price to executive KPIs? This, of course, has as many answers as there are ways of organizing the business. Processes, functions, laws, and physics are some of the organizational factors with which most firms multiplex their talents today.
Whether one has a simple organization or a complex one, CX begins when we begin to think of a prospect and ends when the customer has stopped his commerce with us. So regardless of how we might have organized ourselves to interface with the market, our CX KPIs have to encompass the length and breadth of the enterprise. This is rather easier done than said, as technical factors such as processes, functions, laws, and physics are every bit defined and measurable. But isn’t there a secret sauce to the CX thing, which the talented talents bring to the table in great businesses? There isn’t. CX is the customer’s experience of your relationship with the product that is being sold by you and being bought by the customer. CX is practice, management, and tangible work. CX is what makes a business great. Your enterprise strategy states what CX is and isn’t in your enterprise.
If your enterprise is comprised of, say, merely the marketing, sales, and service functions (as might be the case for a commodity retailer, a reseller, etc.), the CX and its KPIs should be quite straightforward. The marketer’s customer experience, for example, is the prospect’s experience of the marketer’s relationship with the marketing monologues and dialogues being purchased by the consumer in exchange for the time and equivalents paid to the marketer by the consumer. If for example marketer’s scope of business included marketing to existing customers, partners, and other stakeholders around the enterprise then the marketer’s customer experience is the experience by each of them of the marketer’s relationship with the marketing operations (content, contexts, and conduits) that are offered by the marketer to the ‘target’ in exchange for time, information, trust, money and other payments by the target. Examples of CX KPIs for this marketer are metrics such as individual and aggregate rates of correspondence (email replies, multi-level click-throughs, social connections), volumes and refreshes of abstract and personalized content, time spent and depths of voluntary information received from the targets, and the like.
Similarly, the salesperson’s customer experience is the prospect’s experience of the salesperson’s relationship with the sales process being purchased by the consumer in exchange for the participation, work, time, energy, knowledge, and equivalents paid to the salesperson by the consumer. The CX KPIs for the salesperson and similarly for the persons in the service function can be defined. In our story, the three functions organize themselves with clear handovers. As their individual KPIs are common to the consumer, rather than the enterprise or themselves or their handovers or other consumer-irrelevant externals, the corporate performance of this enterprise is attributable and manageable at the individual functions.
There are several opportunities for excellent CX in the course of business. A maker makes several Products in the course of commerce, even where its catalog may have a single unit of a single item available to sell. A customer purchases several Products in the course of commerce even when she plans to buy a single unit of a single item. Every commerce is a two-way, two-party affair. Whereas in times of the insulated, impoverished economy, the supplier or producer might have been the focus of management for mutually profitable commerce in the era of a globalized digitalized services economy, the management for mutually profitable commerce requires a focus on the consumer.
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