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Measure CX to get ahead of the competition

By RachelP

Measure CX to get ahead of the competition

by Lithium Technologies RachelP 3 weeks ago - last edited 3 weeks ago by Lithium Technologies JaniceK

The number one reason why customers stop doing business with brands is because they don’t feel valued by the brand. Brands no longer primarily compete on product or price; 89% of brands believe the new frontier for differentiation is customer experience (Gartner).

 

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So how do you deliver customer experiences that are just as magical, memorable, and valuable for your customers at scale and at every stage of the customer journey?

 

Aside from having the right technology and strategy in place, you need to be able to measure how well you are serving your customers. The lifetime value of a customer, cost of customer acquisition, churn rate, NPS and CSAT are just a few key metrics but brands often struggle with how to leverage this data to improve their CX programs. And this gap exposes real costs to the business – 86% of consumers reported that they will not purchase from a business that has negative reviews (Dimensional Research).

 

A good experience often is appreciated with a brand, but a bad experience speaks louder when it comes to the digital world. Consumers are quick to report negative experiences that tarnish the perception and reliability of a brand.

 

While some people may rely on word of mouth to spread the good (and bad) news, brands are now tasked with analyzing the digital sentiment and metrics that are showcased throughout a customer’s journey.

 

Are you measuring the right metrics to get ahead of your competition?

 

Check out our webcast on March 15th @ 10 AM PT “CX: Measure What Matters Most” where NetApp and SAS will discuss how they made data-driven decisions to improve their CX programs. Reserve your seat here.

 

And in the meantime, take a look at our How-to-Guide: Using Customer Communities to Boost Loyalty & Retention.