CX Tip #6: Measure the Value of Key CX Metrics

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CX Tip #6: Measure the Value of Key CX Metrics
(Customer Connectedness)

If you know the value of improving a CX metric, then it’s easier to make the case for investments. JetBlue has previously measured that every promoter is worth $33 extra dollars ($27 from referrals and $6 from loyalty) to while a detractor is worth $104 less than average. One point change in JetBlue’s NPS is worth $5 to $8 million. Temkin Group research shows that a modest increase in the Temkin Experience Ratings can result in a gain over three years of up to $382 million for US companies and up to £263 million for UK firms, depending on the industry. It’s important for companies to develop this type of analysis for their business. Click for more info

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I am an experience management transformist, helping organizations improve business results by engaging the hearts and minds of their customers, employees, and partners. My "job" is Head of the Qualtrics XM Institute. The Institute is still being established, but our goal is to help organizations around the world thrive by mastering Experience Management (XM). As part of this focus, I examine strategy, culture, interaction design, customer service, branding and leadership practices. And, as many people know, I love to speak about these topics in almost any forum. Prior to joining Qualtrics, I was managing partner of Temkin Group (leading CX research, advisory, and training firm), co-founder and chair of the Customer Experience Professionals Association (CXPA.org), and a VP at Forrester Research. I'm a fanatical student of business, so this blog provides an outlet for sharing insights from my ongoing educational journey. Check out my LinkedIn profile: www.linkedin.com/in/brucetemkin

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