Does your business know what it needs most to enjoy optimal growth?

Welcome to the Now That's CXy Newsletter with a fresh summer look. Why the refresh? Because business strategy needs refresh. Duh!

Many businesses still do business the way they did business 5 or more years ago. That no longer applies IF... your business doesn't have the insights and approaches that top companies have today. This topic can go for weeks but I'll attempt to consolidate and add value. Ready? Let's GROW! #NowThatsCXy!

360 Degree Customer View:

Businesses that lead their industry tend to have a comprehensive feedback strategy that helps them enhance customer satisfaction, improve products and service offerings, and optimize marketing efforts. That involves being able to capture Direct, Indirect and Inferred Customer Feedback. Some businesses do a great job getting direct customer feedback and there are revenue-related reasons for that: The Journal of Marketing found that companies actively capturing AND acting on direct customer feedback enjoy 10-20% increase in customer satisfaction and revenue growth between 2-7% per year.

But for those analyzing indirect customer feedback (analyzing social media feedback and online reviews), their business is able to identify and address issues more quickly, resulting in 5-10% improvement in customer loyalty and a revenue boost of 3-5% according to the Journal of Interactive Marketing.

BUT WAIT...THERE'S MORE! (I love that saying)

For those businesses capturing and acting on inferred customer feedback, the Journal of Business Research Insights shares that business leveraging big data and inferred feedback for personalized customer experiences saw an increase in sales conversion rates by 10-15%, contributing to overall revenue growth of 5-8% per year. Additionally, Harvard Business Review adds that companies using inferred feedback through data analytics to predict customer behaviour can achieve revenue growth of 6-10% by tailoring their offerings and marketing to meet anticipated customer needs. #NowThatsCXy!

"Businesses integrating direct, indirect and inferred feedback experienced revenue growth rates 2-3X higher than those relying on a single type of feedback. The study found that a multifaceted feedback approach led to a 15-25% increase in customer retention and 10-20% improvement in customer acquisition, driving significant revenue growth."

source - International Journal of Market Research

But how do we capture all of that feedback...and analyze it...and gain actionable insights before the end of this millennia? I heard your question. The answer?

Voice of Customer Technology (VoC):

VoC tech empowers companies in remarkable ways that were not possible AND affordable before. A basic Customer Experience unit could average between $385K-$500K (before benefits) per year in salaries before you invest in VoC tech at $100K to $500K per year. Factors affecting cost of a VoC platform include:

• Number of users
• Volume of Feedback
• Level of Customization
• Support & training needed
• Geographic Coverage
• Contract Length

Yup...it can be costly especially since some VoC platforms need support from other platforms to offer a 360degree view of the customer and many don't include modular customization or modular pricing. It's one of the reasons we partnered with SANDSIV for our customers in the Caribbean and US. We needed a partner with multi-industry experience, superior customization and support, real-time insights, differentiating AI-enablement, and modular pricing - comprehensive value.

Get to know SandSIV+ here

Even with the investment in VoC tech, the ROI to the business usually far exceeds the investment because of improved: customer insights; enhanced customer experience; product development and innovation; competitive advantage; reduced churn and increased customer retention; improved brand reputation management; data-driven decision-making; and improved customer communication. #NowThatsCXy!

A Customer Experience Management (CXM) strategy:

CXM strategy is a systematic approach designed to improve customer retention, loyalty and acquisition by managing interactions and relationships with customers effectively. Key components of CXM include: customer segmentation; customer relationship management; customer journey analysis; feedback mechanisms; personalization; loyalty programs; customer service excellence; retention strategies; customer acquisition; performance management reviewing metrics like Customer Lifetime Value and Net Promoter Score. #NowThatsCXy!

CXM can be customized to your industry, your company size and your budget. That's why it's worth investigating what CXM can do for your business.

While, for optimal business growth, this list of needs is not exhaustive, it is a great place to start. Think this is a good place to stop before I bore you to death.

To get an idea of your company's level of CX Maturity, check out our free assessment supported by a FREE 30min. consultation:

IAM CX Maturity Assessment

Lead a Business Development or Sales Team? To get an idea of some of the hidden psychological barriers that can inhibit you or your team's performance, check out our free Sales EKG designed by our partner at Behavioral Sciences Research Press, Inc :

BSRP's Free Sales EKG based on the Science of Call Reluctance

Stay tuned for our upcoming webinar on the telecom industry. Our speakers will include a top 30 global telecom and a top tier Voice of Customer platform provider. Our discussion will be titled:

'How Telecom wins using VoC Tech & CX'

You can RSVP early by leaving a 'count me in' in the comments.

That's it for this edition of the #NowThatsCXy Newsletter. Please leave feedback or questions in the comments section. We want to keep improving for you.

Yours always in CX, Roger Nicholas. Let's Go WiN!