Elegant automation can save everybody a lot of precious time, and save brands a lot of money. That’s why the biggest part of any business case for customer experience scrutinises the money saved, as well as the gains in key metrics like NPS.
Far harder to pin down is the potential revenue benefit from greater customer engagement, satisfaction and brand integrity. How much upside can you count on?
The VoxGen approach to building a business case is based on these considerations and has been adopted by some of the world’s leading brands to hammer down the value of their customer experience ambitions. Here it is; why not use it in your thinking?
Here’s another thought: imagine if your customer experience was so good, that a direct consequence was to let you charge customers more for the product you provide?
In the UK water utility industry, major players control local monopolies, which means the industry regulator OFWAT has a big part to play in setting prices. Its Service Incentive Mechanism (SIM), which enables the regulator to enact annual price changes of between -0.5% and +1% based on each water company’s track record on customer experience, has been operational for several years and was put out for public consultation on prospective improvements earlier this month. “Why change such a fantastic policy?” is likely to be a consistent response.
Take Anglian Water, the company that controls water resources over a larger area than any other in the UK. Its ability to rise to the challenge of SIM has benefited its millions of customers with a much improved experience, and through its work with VoxGen has placed the company at the top of its industry league table and unlocked significant financial rewards.
Now that’s what I call a business case for customer experience!