Modeling Proves Return On CX Investment
Our client, a top direct bank and payments services company, had an initiative to better understand what the most important interactions were in the customer experience so they could emphasize these and improve the business.
The client also knew they would be challenged by leadership to not merely hypothesize the return on any investment made in improving the customer experience, but to prove it. They had previously collected CX metrics, but struggled to link these to business outcomes and gave Phoenix MI the opportunity to help with their new initiative.
What happened in the experience? How did our client perform? How does this affect their brand? What is the impact on business outcomes? What does this mean financially?
We created a multivariate model to link the incidence of customers experiencing specific touchpoints, their evaluations of our client’s performance on these interactions and perceptions of their brand as well as their decisions and actions based on their overall opinion of our client.
The client found that some interactions were, in fact, not the ‘moments of truth’ they previously believed them to be. We identified the positive and negative touchpoints which did matter most and quantified their impact to different areas of the business. We also developed a simulator so our client could evaluate impact and prioritize actions and then validated our model by tracking inputs and actual outcomes over time.