Are You Measuring Customer Experience (CX) the Right Way?

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Are You Measuring Customer Experience (CX) the
Right Way?
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• A great customer experience can be just like
  great art you cant necessarily describe it in
  words, but you know it when you see it. Which
  brings up a great story recently shared by
  Business and Marketing Reporter Jade Floyd.
• While recently on her honeymoon, the reporter
  found a painting she loved in a local gallery
  that was unfortunately out of her price range.
  She called the gallery to see if the artists had
  any prints available or a payment plan option
  neither of which were options.

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• She had all but put the idea out of her mind,
  when 6 months later, she received a call from the
  gallery. It seems the artist was getting ready
  for a show in Chicago, and upon hearing about how
  much Floyd had loved her painting, decided to
  offer it to her at a discounted price before
  taking it with her to the art show.

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• No doubt, that is an example of a great,
  personalized customer experience. Also in little
  doubt is, how does one quantify or measure it?
  Even for businesses that have more structured
  sales cycles and processes, developing the
  strategies that provide a better customer
  experience and then tracking it to ensure their
  efforts are working can be a daunting
  proposition. While strategizing about customer
  experience is becoming more and more mainstream,
  there is still significant debate as to what are
  the best KPIs for measuring an improved customer
  experience.

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• With so many different metrics available, there
  is still a ways to go before organizations can
  standardize both the concept and the measurement
  tools to improve it. Until more standardized
  measurements are adopted, here are some
  measurements to keep in mind when tracking your
  CX strategy success.

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Analyze Customer Journey Analytics

• To truly assess your customers journey, youll
  first need to have a journey map that presents
  you with an accurate picture of how a lead or
  customer experiences your brand. Additionally, a
  customer journey map will help you understand all
  the touchpoints a customer experiences on their
  journey. To achieve this, it helps to utilize a
  data-driven analytic platform in place, like
  FiOs Insight Marketing Platform, which unites
  the metrics on your various brand channels and
  allows you to create an analytical awareness of
  where youre hitting CX home runs, and in what
  areas you might be falling short.

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• Youll probably want to start with culling
  together analytics on your social media, ads,
  website, product reviews, customer loyalty
  programs, emails, and surveys. Identify metrics
  that reflect stronger customer engagement, such
  as increased followers and engagements on social
  media channels, greater conversions on emails,
  more frequent usage of your loyalty programs, and
  stronger product reviews. Putting several of
  these KPIs together by using a data-empowered
  iCRM, youll be able to begin regularly tracking
  your customers journeys and achieve greater
  Customer Lifetime Value (CLV.)

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Speaking of CLV

• Customer Lifetime Value (CLV) is a prediction of
  the net profit attributed to the entire future
  relationship with a customer. CLV can be
  calculated both as a business value that the
  customer brings during the whole time of the
  relationship with your brand or as a value over a
  defined period (a year, 5 years, or anything else
  that makes sense to your company). It is usually
  looked at as an average. Customer lifetime value
  (CLV) is one of the most important metrics to
  measure at any growing company.

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• By measuring CLV in relation to cost of customer
  acquisition (CAC), companies can measure how long
  it takes to recoup the investment required to
  earn a new customer such as the cost of sales
  and marketing. Businesses use customer lifetime
  value to identify customer segments that are most
  valuable to the company. The longer a customer
  continues to purchase from a company, the greater
  their lifetime value becomes. Know more the right
  way for measure customer experience please visit
  our blog here https//www.groupfio.com/are-you-m
  easuring-cx-the-right-way/