12 Apr 2022
Forbes says CLTV is important
According to Leah Pope, Forbes Council Member, you need to start by understanding what comprises good CX.
Why is this important?
75% of customers say they’ll spend more for good CX
80% will switch to a competitor if CX is lacking
What makes good CX could be a mix of many things; convenience, reliability, and personalised online and offline interactions. This makes it difficult for brands to quantify what does and doesn’t make good CX. Their perception of what is good may differ vastly from that of the customer.
So how can you evaluate your CX strategy? According to Forbes, the answer is in customer lifetime value (CLTV) which CX drives.
But it’s not as straightforward as that because if you’re wondering how to measure CX, what you’re really asking is:
“will changes to my CX strategy positively impact my CLTV?”
And the answer to that lies in holdout testing across all channels.
This involves customer segmentation and excluding certain segments from initiatives or campaigns to see how these contribute to your CX performance. This can be backed up further by qualitative customer feedback to identify any issues with a specific channel.
If you have any questions or want to discuss your CX strategy, get in touch, we're here to help.