Companies Still Struggle with Measuring Customer Experience ROI, According to New Report
2020 State of Customer Journey Management and CX Measurement survey reveals widespread dissatisfaction from inability to quantify the impact of Voice of Customer (VoC) data on business metrics
Pointillist, an award-winning provider of customer journey analytics software, identified that quantifying the ROI of customer experience (CX) initiatives is the top CX challenge for the second consecutive year. In its 2020 State of Customer Journey Management and CX Measurement report, Pointillist surveyed over 1,050 CX, analytics, customer service and marketing professionals from various industries worldwide to discover what separates leaders in customer experience from laggards.
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“Top performing organizations are succeeding today by using a data-driven, journey-based approach to measure and improve CX”
“Top performing organizations are succeeding today by using a data-driven, journey-based approach to measure and improve CX,” said Steve Offsey, VP of Marketing at Pointillist. “This year’s report provides a wealth of insights on CX management and measurement challenges, effective strategies for measuring and improving CX, and key capabilities that separate top performers from their peers. CX, analytics, customer care and marketing teams can use this information to benchmark their customer journey management maturity and lay out a strategy for improvement.”
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Organizations struggle to connect customer behavior and journeys to business-critical KPIs, such as revenue, churn, cost to serve and more. Only 21% of respondents are very or extremely satisfied with their ability to quantify the impact of CX on business metrics. As a result, only 23% of under-performing CX teams had an increase in CX budget in 2020, compared to 50% of high performers. Those who struggle to quantify ROI are much less satisfied with their performance and the outcomes of their CX investments.
The survey found that data silos are still the primary barrier for effectively measuring and improving customer experiences. Cross-channel customer data is unified and fully accessible to drive CX initiatives in only 14% of enterprises. In addition, high-performing CX teams are 9.7 times more likely than under performers to connect behavioral data across three or more channels.
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