Budgeting will remain a high priority for businesses in light of the world’s latest economic crisis. According to the World Bank, global economic growth will drop from 5.5 percent to 4.1 percent over the course of 2022, with only 3.5 percent growth expected in 2023.
Proving a tangible return on CX investments, therefore, is critical to securing budget as these CX Network statistics prove:
- 60 percent of CX practitioners told a CX Network survey they doubt their brand’s ability “to calculate the linkage between CX initiatives and business benefits”.
- 50 percent of people responding to the same survey said they feel pressure to prove ROI.
- 57 percent of CX practitioners have said there is a growing urgency to prove returns on customer experience initiatives.
Ultimately, brands need to identify the objectives of each CX decision and determine the most appropriate means by which to measure its success. ROI calculators are a great place to start.
Qualtrics: what is the value of experience?
This calculator from Qualtrics allows CX leaders to calculate the impact of their customer care center.
To maximize this calculator, some figures already need to be known. Users are asked to input the number of calls they receive in a day, the average cost per call, the AHT, total number of agents, employee attrition, FCR and working days.
From there they can discover the value of improving their customer care function. When analyzed Qualtrics says this information be used to identify “improvements that will have the biggest impact on your business”.
This isn’t the only calculator from Qualtrics. The software company also has tools that can measure such things as the employee experience.
If there was ever any doubt about the value of customer care, Colin Groves, customer service director at FedEx UK, says customer care ensures every step in the customer journey is handled with intentionality. Good customer care could turn “a one-time consumer into a true brand advocate”.
Talkdesk: self-service authentication ROI Calculator
This calculator from Talkdesk focuses on identity self-service authentication – or, in layman’s terms reducing fraud in the call center.
The difficulties around customer authentication are detailed here, but the key takeaway is that as global fraud trends continue to grow, the use of caller authentication tools must also increase.
In exchange for a small amount of personal data, CX leaders can download an Excel spreadsheet, complete its fields and instantly see where savings can be made.
The spreadsheet allows users to input their industry, average number of inbound calls, average percentage of calls handled and other data in order to present three key, personalized targets. These are: the average monthly decrease in AHT, average call cost savings per month and average call cost savings per year.
Pointillist: how to calculate CX ROI
This resource from Pointillist illustrates the steps needed to calculate CX returns, costs and ROI, and how to use that return to build a successful CX program.
To do this, Pointillist details a number of methods and equations that can present meaningful, actionable figures to work with. It explains how metrics such as revenue, customer retention, satisfaction and cost-to-serve can all be utilized when balancing the books and even provides example calculations.
It also provides real-life examples of how these methods can be applied to certain industries and businesses.
Discover four different ways to calculate ROI in this article from CX Network