According to a recent Forrester Report, titled “Drive Revenue with Great Customer Experience, 2017” many customer experience (CX) professions are challenged when it comes to finding a connection between CX and growing revenue. The report analysed revenue potential from improving CX in 13 industries that Forrester covers in its CX Index and provides data that CX professionals can use to build a case for investing in CX. In every industry analysed Forrester saw positive revenue potential from improving CX. According to the report, there are four industry-specific factors that shape CX revenue models. The first is to find out what the barriers are to switching from one service provider to another. For example, if customers are charged for switching, they’re unlikely to move, despite poor customer experience. The second factor is relationship value. Forrester’s model looks at the size and frequency of transactions when calculating revenue potential. For example, though purchasing a car ...
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