AUGUST 2022 | VOL. 3
Linking CX Performance to Economic Outcomes
What if there was a better way to measure the financial impact of your customer’s experience? We are very excited to announce a new development in the CX measurement and strategy industry.
 
Most organizations use metrics such as NPS to measure, manage and invest in the customer experience. The challenge is that most legacy CX performance indicators lack the diagnostic acuity required to consistently drive financial performance, resulting in questions regarding the efficacy of the data as often customer measurement scores move in the opposite direction of financial performance.
 
Verde Group launched an initiative in 2020 to create an improved metric for measuring and managing the customer experience. The goal was to create a metric that was highly correlated to revenue outcomes and that was easy to understand and simple to deploy. Today, we are announcing that a new CX beacon metric has been built using that data and knowledge ascertained from Verde Group’s work with global brands and Fortune 500 companies for over 20 years, and insights resulting from over 15,000 customer interviews.

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Did you know that the presence of friction in the shopping journey reduces customer loyalty. Shoppers who have problems are 35% less loyal than those who are problem-free. Download the report HERE
ICYMI
BLOG - How "breaking the rules" can save a customer

Find out more in this inspiring story created from the collision of CX protocols and employees using basic common sense
PODCAST - Understanding friction in the customer experience

Continuing their previous discussion, Paula Courtney and Chris Grainger of EECO Asks Why talk about understanding the friction in CX, when customers make a decision to walk away versus when they will stick around even if the experience isn't perfect

IN THE NEWS
The Far-Reaching Impact of Supercharged CX Friction

Nightmare is the last word any business wants to hear when it comes to the CX they offer. Unfortunately for airlines around the world, nightmare has become synonymous with their customer experience. Air Canada made headlines in July for extremely lengthy waiting times, lost luggage and disappointing customer service after ramping up flights during a time where employees are overworked and underpaid.
Which customer experience metrics are you tracking?
In our last poll, we asked “what is the greatest CX challenge in the retail industry?”. The challenge receiving the greatest number of votes was "the inability to measure CX efforts". This is not surprising given what we’ve seen across not only the retail sector, but others as well. So, we thought it made sense to build on this finding. In this edition, we’d like to learn about how your company is tracking CX performance. We’ll share the findings in next month’s newsletter.
What measurement tool does your company use?
Net Promoter Score (NPS)
Customer Effort Score (CES)
Customer Satisfaction (CSAT)
Other
None
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