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Equifax QA with Forrester - Thought Leadership

Issue link: https://resources.datadrivenmarketing.equifax.com/i/1004699

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The Impact of Digital Transformation on Customer Experience Are You Leaving Money on the Table? frequently asked questions Equifax asked webinar guest speaker, Maxie Schmidt-Subramanian, PhD to answer compelling questions and provide insights on the topic of the impact of digital transformation on customer experience (CX). How do I measure CX and how do I start? Customer experience are customers' perceptions of their interactions with your organization. And CX measurement is quantifying the quality of experiences and their link to the organization's overall metrics. You need three types of metrics in your CX measurement framework: interaction, perception, and outcome metrics. Interaction metrics measure what happens during customer interactions (e.g. wait time, number of transfers). Perception metrics measure how customers feel about their interactions (e.g. customer satisfaction). Outcome metrics help understand what customers do because of their perceptions (e.g. NPS or actual churn). To establish your CX measurement program, be focused and pragmatic: Start by selecting an important customer segment. Then pick a few interactions within that segment that likely drive desired customer behaviors. Next, define and track metrics for the experience at the relationship level, i.e. how do customers feel about their relationship with your firm overall. And metrics for the CX quality of the key interactions you picked (e.g. customer service call, opening account). Once the feedback tracking is in place, plan to roll out tools and processes for sharing measurement insights. How can firms translate CX improvements into business benefits/ROI? Start making the case for CX by thinking of the possible upside of improving CX. Companies have reported benefits in categories such as higher customer retention, cross-/upsell of existing customers, new customer acquisition at lower cost through word of mouth, and lower costs to serve. And firms have seen CX lead to a higher willingness to pay a price premium, higher employee engagement, or lower regulatory pressure. The specific benefits of improving CX vary in type and size depending on the industry and the circumstances of a particular company. For example, in a recent study, Forrester found that a large manufacturer of mass market cars could benefit to the tune of $873 million from improving their CX Index scores by just one point. frequently asked questions Equifax Q&A with Forrester Maxie Schmidt- Subramanian, PhD Principal Analyst, Forrester

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