Customer Experience Leaders Must Deliver Gains That Justify Growing Budgets
“Organizations have matured in their understanding of the business outcomes that CX delivers,” said Augie Ray, VP analyst, Gartner for Marketers. “As a result, the budget outlook is expected to grow to match. This raises the stakes for CX leaders to select metrics that demonstrate impact and prove the value of CX to business results.”
“CX leaders should consistently measure the value of improved customer satisfaction to the organization to justify and sustain growing CX budgets,” said Mr. Ray. “This is especially important in a period where many expect an imminent economic recession and organization wide budget cuts.”
To positively demonstrate success and prove the value of CX to business results, Gartner recommends CX leaders take the following actions:
- Use customer data to demonstrate CX’s business impact : One of the keys to sustain attention from leaders and collaboration from peers is to make CX matter in terms of the results that are important to them. Prove how satisfied customers drive up revenue, lower churn, reduce costs and grow the business by combining customer satisfaction data with transaction and operational data.
- Budget for effective CX execution in the future : Developing a CX budget isn’t just a once-a-year process. Always monitor budget and performance and consistently promote the organization’s CX successes and impact. Plan ahead for the annual budgeting process by collaborating with key stakeholders, gathering data and drafting a persuasive budget to accomplish the organization’s CX goals.
