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Equifax QA with Forrester - Thought Leadership

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Copyright © 2018, Equifax Inc., Atlanta, Georgia. All rights reserved. Equifax and EFX are registered trademarks of Equifax Inc. 18-100869 Next, hone in on the right benefits for your business case. List your firm's key goals (e.g. increase revenue per customer) and the customer behaviors that drive those goals (e.g. customers buy more products or pay higher prices). Follow this with a quick back of the envelope analysis to determine whether customers who like their experiences show the desired behaviors significantly more than customers who report poor CX. If that's not the case, it is likely not CX that drives the desired customer behavior. Now, estimate the investments required to improve CX. Most investments fall in areas like training, technology, and professional services. Finally, once you know benefits and costs, you can calculate the ROI of CX transformation. What are the top insights from Forrester's Customer Experience Index? Forrester's CX Index measures how well companies provide experiences that create and sustain customer loyalty. Industry-specific business impact models quantify the upside of improvements in CX Index score. Industry-specific drivers let customers identify the improvement priorities that will have the biggest impact on financial success. How do I get people in my organization to act on CX metrics? Are you frustrated that stakeholders aren't "getting" CX and are indifferent to using available CX metrics? Chances are that's because they fail to see them as relevant or actionable, and sometimes find them too hard to access or understand. To overcome those challenges, you need to make metrics relevant, specific, easy, and appealing. For example, you must link metrics to stakeholders' success, show specifically which employee behaviors drive metrics, share metrics in channels that stakeholders use for their daily work, and entice stakeholders to use the metrics by making it more fun to do so. To improve customer experience, you note that we must create and drive loyalty, and that emotion is one of the best predictors of loyalty. If we want to build strong emotional connections, how do we start to measure customer emotion? Measuring emotion is hard because we can only measure emotion cues: what customers say they feel; how customers' social-expressive behaviors change (e.g. face, voice, or body language); and how customers' neurophysiology reacts (e.g. heart rate and perspiration). Taking several emotion cues together plus considering the situation and personality as context increases the chance to identify the right emotion. Most emotion analysis in CX measurement today focuses on self-reported emotions. For example, survey questions that use emotion scales or by mining comments or reviews for sentiment and emotions. New machine-learning-based tools make it easier to detect self-reported, social-expressive and neurophysiological emotion cues. For example, technology providers have created proprietary algorithms to identify frustration and distress of customers who call the contact center (e.g. using tone and pitch) or interact online (e.g. clicking and scrolling). And what's more, these tools can run multi-modal emotion analysis, i.e. combine emotion cues to emotion signatures that apply to a specific context. This makes it more likely to realize that a customer who smiles (facial expression) while struggling to enter a captcha code (situation) and who swears at the screen (self-expressed) because he lacks patience for technology (personality) as frustrated. CONTACT US 1-866-519-4800 equifax.com/instatouch Forrester's CX Index measures how well companies provide experiences that create and sustain customer loyalty.

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