{"id":3547,"date":"2019-01-09T11:17:10","date_gmt":"2019-01-09T11:17:10","guid":{"rendered":"https:\/\/thecxacademy.org\/?p=396"},"modified":"2024-01-24T10:26:51","modified_gmt":"2024-01-24T09:26:51","slug":"the-economics-of-the-cx-framework-making-the-business-case-for-cx-excellence","status":"publish","type":"post","link":"https:\/\/thecxacademy.org\/the-economics-of-the-cx-framework-making-the-business-case-for-cx-excellence\/","title":{"rendered":"The Economics of ‘The CX Framework’"},"content":{"rendered":"\t\t
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Delivering Customer Experience Excellence offers companies many benefits which in turn create greater shareholder value. By consistently focusing on \u2018The CX Framework\u2019, companies will create an emotional connection with customers, creating behaviours and relationships that deliver growth. But what economic impact will \u2018The CX Framework\u2019<\/strong> have on your company?<\/p>

The following diagram illustrates the economics of The CX Framework and CX Excellence:<\/strong><\/h4>

\u00a0<\/p>

\"\"<\/span><\/p>

\u00a0<\/h6>

Let us make a case for how your company will benefit from CX Excellence<\/strong><\/h4>

\u00a0<\/p>

Increased Retention<\/h4>

1<\/strong><\/a><\/h5>

Customers who have a high-quality experience are 2.7 times more likely to keep doing business with you.<\/p>

\u00a0<\/h6>

Increased Cross Sales<\/h4>

2<\/strong><\/a><\/h5>

Customers who have an excellent experience are 7 times more likely to try a new product or service.<\/p>

\u00a0<\/h6>

Lower Price Sensitivity<\/h4>

3<\/strong><\/a><\/h5>

86% of customers state that the experience is now more important than price and even product.<\/p>

\u00a0<\/h6>

Increased Employee Satisfaction<\/h4>

4<\/strong><\/a><\/h5>

Companies who deliver an excellent customer experience have much higher employee satisfaction and greater employee longevity.<\/p>

\u00a0<\/h6>

Lower Costs to Serve<\/h4>

5<\/strong><\/a><\/h5>

Satisfied customers make fewer service and support calls resulting in less staff being required to service customer queries.<\/p>

\u00a0<\/h6>

Increased Profits<\/h4>

6<\/strong><\/a><\/h5>

Customer-centric companies were\u00a060% more profitable compared to companies that were not focused on the customer.<\/p>

\u00a0<\/h6>

Lower Acquisition Costs<\/h4>

7<\/strong><\/a><\/h5>

Sales are driven from positive word of mouth rather than expensive sales and marketing campaigns.<\/p>

SOURCES:<\/strong><\/h5>
1. Forrester\u00a0<\/a>2. Experience Matters\u00a0<\/a>3. Forbes\u00a0<\/a>4. Forbes\u00a0<\/a>5. Digitalist Mag\u00a0<\/a>6. Deloitte<\/a>\u00a07. Get Feedback<\/a><\/h6>

\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Delivering Customer Experience Excellence offers companies many benefits which in turn create greater shareholder value. By consistently focusing on \u2018The CX Framework\u2019, companies will create an emotional connection with customers, creating behaviours and relationships that deliver growth. But what economic impact will \u2018The CX Framework\u2019 have on your company? The following diagram illustrates the economics […]<\/p>\n","protected":false},"author":17,"featured_media":3570,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[31],"tags":[17,18,20,21,29,24,28,30,32],"class_list":["post-3547","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-cx-framework","tag-customer-experience","tag-customer-experience-excellence","tag-cx","tag-cx-excellence","tag-cx-framework","tag-e-learning","tag-the-cx-academy","tag-the-cx-framework","tag-thecxcompany"],"acf":[],"_links":{"self":[{"href":"https:\/\/thecxacademy.org\/wp-json\/wp\/v2\/posts\/3547","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thecxacademy.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thecxacademy.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thecxacademy.org\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/thecxacademy.org\/wp-json\/wp\/v2\/comments?post=3547"}],"version-history":[{"count":7,"href":"https:\/\/thecxacademy.org\/wp-json\/wp\/v2\/posts\/3547\/revisions"}],"predecessor-version":[{"id":7333,"href":"https:\/\/thecxacademy.org\/wp-json\/wp\/v2\/posts\/3547\/revisions\/7333"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thecxacademy.org\/wp-json\/wp\/v2\/media\/3570"}],"wp:attachment":[{"href":"https:\/\/thecxacademy.org\/wp-json\/wp\/v2\/media?parent=3547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thecxacademy.org\/wp-json\/wp\/v2\/categories?post=3547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thecxacademy.org\/wp-json\/wp\/v2\/tags?post=3547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}