Customer Experience has been on the agenda for business leaders for some time, but with the rapid acceleration of digital adoption brought about by the pandemic, investing in digital strategies and CX programmes are key for future success. It would therefore be reasonable to assume that companies are more open to investing in CX strategies, but that’s generally not the case. Although the pandemic has increased the appetite for risk – with an 88% increase to risk-taking in Retail and 53% in Finance there are still some clear barriers that make business leaders hesitant to invest.
Our recent report, RISK. No longer a 4 letter word, provides some interesting insights into business appetite.
By exploring these challenges, we’ve been able to develop Foresee, a tried and tested framework that enables businesses to achieve rapid progress without the risk.
STEP 1: Understanding data and delivering audience insights
Even if businesses recognise the importance of collecting data, not all of them are doing it or are able to translate that data into valuable insights. In a survey of 200+ global decision-makers, Forrester Consulting discovered that 54% of respondents stated, the lack of customer knowledge is their biggest challenge for their CX strategy. And even more surprisingly, 53% weren’t even able to reliably identify visitors to their websites.
By producing quantified insights, we can understand the market at scale. Speaking to existing and current customers we can quickly identify what a proposed solution might mean to them, what their current needs are and what further features and services they might expect. This raw data is used to provide specific insight when creating new opportunities. This is also bolstered by sector analysis to identify emerging trends and understand performance against the competition.
STEP 2. Prioritising customer value
Before you can identify key areas of investment, you need to understand the value of each initiative by mapping them against expectation and conversion. As our survey highlights, 48% of all brands report matching competitors’ offerings was a key focus area of CX investment. This copycat culture means that companies are missing out on the opportunity of delivering what their customers really want, as opposed to what they think they want because it’s what their competitors are doing.
Impact mapping is our way of assessing propositions against customer expectation and their ability to cause a direct impact on conversion propensity. This evaluation matrix is then used to rate projects in priority order. We then build on this by layering on complexity to delivery across technological, operational, and cultural factors. Finally, we normalise conversion data to create realistic growth projections. Our intent data is normalised by assuming a secondary conversion rate and subtracting adjusted negative propensity from adjusted positive propensity.
STEP 3. Applying those all-important ROI metrics
This is a big one. Our research shows that a lack of modelling of CX performance against ROI is the second biggest barrier for businesses to invest (37%), so the lack of commercial modelling is a largely contributing factor to this figure. Being able to define metrics for measuring success is what Foresee has been developed to do – it’s how we can confidently de-risk investment for our clients.
How do we quantify the impact of CX with predicted commercial impact? By modelling our predicted conversion rates to existing financial performance figures, we can give an indication of the predicted uplift of identified initiatives, as well as the cumulative benefit across each stage of the decision journey.
STEP 4. Track, prove, learn and adapt
Finally, the work doesn’t stop there. A rinse and repeat type approach for any CX initiative is crucial for businesses to keep learning and evolving their offering to further optimise and deliver results. By monitoring KPI and quant trackers, we can deliver live revenue and conversion tracking and help clients better understand mindset and behaviour change over time.
The Nimbletank solution
To learn more about Foresee and how it can de-risk your CX strategy and help you produce solutions that will deliver rapid results, speak to us today.
Call us on: +44 20 3828 6440