In these Weekly Reviews I share the highlights of CX content from board-level trusted sources like McKinsey, Harvard Business Review, Forrester, Medallia, Qualtrics, etc.
3 Key Insights
- Improving CX increases revenue by 2-7%, profitability by 1-2% and shareholder return by 7-10%
- Surveys are not enough to be in the driving seat of customer experience, you also want to use available data: customer, operational and financial data.
- As a starting point, CEO’s and boards need to embrace CX and put it on the agenda.
3 Quotes to use
- “The future of growth will be experience-led and customer-centred.”
- “Many organisations still struggle to understand what really drives customer experience.”
- “Take a journey-based view: it’s often only 2-3 journeys that really drive 70% of the experience”
3 Points to confirm
- The financial impact has been proven extensively, this adds to that as well
- The struggle to find what drives CX –> watch my slideshare video on journeys, surveys and drivers if you are stuggling with this as well.
- You need to understand the sense and nonsense of using surveys
3 Points to challenge
- Be careful when using operational data, it will help you fix the dissatisfiers for sure, but you need surveys to assess the satisfiers or you are going for a 7 or 8 tops, but will never reach the 9+ that will start yielding financial results.
- Always be aware: yes, CX will yield substantial financial results, but only from an 8 or 9+ score in satisfaction or NPS.
- Even though it has become the industry standards in the last decade, be aware of the risks of using NPS –> check out my slideshare Your NPS Assessment Toolkit.
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