Big Village’s CX analytics provide the tactical knowledge, tools, and consultation to meaningfully define, achieve and monetize success. Among the advanced analytical tools we recommend is the CX Return on Investment interactive simulator that predicts the impact of your CX improvement efforts on revenue.
Translating CX into Revenue
The interactive ROI simulator allows you to define what a one-point increase in your CX KPI equates to in actual revenue. Confidently invest in your CX improvement initiatives by understanding the anticipated revenue associated with incremental performance improvement across individual key drivers and their relationship to overall CX. The results are provided via Big Village’s ROI simulator covering changes in overall KPI and individual CX drivers.
To create the simulator tool Big Village:
- Conducts key driver analysis
- Identifies the aspects of the CX journey that have the greatest impact on the KPI
- Evaluates customer spend data to determine anticipated revenue gain
After determining the impact of each touchpoint on the KPI, the most important performance indicators or key drivers will be identified and analyzed within the context of CX performance.
This analysis guides action planning and improvement efforts such that the areas of experience with the most influence and substandard performance will emerge as focus areas.
Through our CX ROI simulator Big Village can provide insight to the ROI that is needed to drive changes on key drivers.
This simulator tool allows you to:
- Project revenue increases or declines associated with increased or decreased KPI performance
- Adjust the target performance on individual drivers to determine the overall impact these changes have on the KPI and corresponding revenue
- Identify aspects of focus that will garner the greatest ROI from improvement initiatives
Putting the Simulator to Work
Big Village most recently partnered with a grocery store chain to create a CX ROI simulator. Big Village surveyed the store’s loyalty card holders and extracted spend data from their loyalty card database. The ROI simulator helped target and fine tune the store’s improvement efforts, and allowed goals to be set for the most important individual drivers, while simultaneously predicting revenue gain.
Big Village’s CX ROI simulator will shed light on where to expend your CX improvement efforts!
Written by Terri Hansel, Senior Associate, Insights Data Science at Big Village Insights.