Access the full podcast series here: https://pod.co/punk-cx/
Summary
Michael Hinshaw, President of M Corp CX, discussed the need to understand the CX value model and linking customer experience to business outcomes in a recent podcast. He emphasized the importance of CX professionals being able to prove the business value of customer experience initiatives in order to gain support from stakeholders. Hinshaw explained his company’s value model, which involves tracking customer interactions, perception data, and customer behavior to demonstrate how customer experience impacts business results.
Key Points
Michael Hinshaw helps organizations improve their customer experience and make more money by serving their customers better.
He emphasized the need for CX professionals to be able to prove the business value of customer experience initiatives.
Hinshaw’s company has developed a value model that involves tracking customer interactions, perception data, and customer behavior.
This value model allows organizations to identify specific connection points between customer interactions, customer perceptions, and business results.
Customer experience professionals need to be able to tell a compelling story about the business value of customer experience initiatives.
They should tailor their storytelling approach to the specific needs and priorities of different stakeholders.
Organizations should track the success of their customer experience initiatives to demonstrate the impact on business outcomes.
Building a strong business case for customer experience initiatives can help secure support and funding from stakeholders.
CX professionals should focus on both external customers and internal customers when developing their initiatives.
Storytelling skills are crucial for CX professionals to effectively communicate the business value of customer experience initiatives.
The ability to build and present business cases from different perspectives is essential for persuading stakeholders.
Tracking the success of customer experience initiatives is important for continuous improvement and demonstrating ROI.
Key Statistics
Forrester predicts that 50% of CX programs will be downgraded or closed (Forrester).
Organizations that focus on the business value of customer experience are more likely to succeed and have CX leaders move up within the organization (Hinshaw’s experience).
Key Takeaways
CX professionals need to be able to prove the business value of customer experience initiatives.
A value model that links customer interactions, perception data, and customer behavior to business results can help demonstrate the impact of customer experience.
Storytelling skills are important for communicating the business value of customer experience initiatives to stakeholders.
Building a strong business case tailored to the needs and priorities of different stakeholders is crucial for securing support.
Tracking the success of customer experience initiatives is essential for continuous improvement and demonstrating ROI.
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