{"id":6990,"date":"2020-08-11T00:00:00","date_gmt":"2020-08-11T00:00:00","guid":{"rendered":"http:\/\/prodim2020.wpengine.com\/4-ways-to-measure-and-prove-b2b-cx-program-results\/"},"modified":"2021-07-26T07:43:57","modified_gmt":"2021-07-26T07:43:57","slug":"4-ways-to-measure-and-prove-b2b-cx-program-results","status":"publish","type":"post","link":"https:\/\/inmoment.com\/blog\/4-ways-to-measure-and-prove-b2b-cx-program-results\/","title":{"rendered":"4 Ways to Measure (and Prove) B2B CX Program Results"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">If you\u2019re a practitioner who won support for your B2B experience program and have since <\/span><a href=\"https:\/\/inmoment.com\/blog\/three-ways-b2b-brands-can-promote-experience-programs-internally\/\"><span style=\"font-weight: 400;\">implemented it across your organization<\/span><\/a><span style=\"font-weight: 400;\">, congratulations! Garnering sponsorship for experience programs is not easy, but doing so means that you\u2019ve built trust at and received investment from both the frontline and executive levels.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now comes the hard part: proving results and justifying <\/span><a href=\"https:\/\/inmoment.com\/resource\/the-four-pillars-of-customer-experience-roi\/\"><span style=\"font-weight: 400;\">ROI<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tying experience program results to improved outcomes often proves to be the most challenging aspect of running an experience program, especially since stakeholders usually express at least a little skepticism alongside all the buy-in. Luckily, there are several tried-and-true metrics that practitioners can track to justify ROI, and we\u2019re going to hit them all right now:<\/span><\/p>\n<ul>\n<li><b>Customer Acquisition Growth<\/b><\/li>\n<li><strong>Customer Retention &amp; Recovery<\/strong><\/li>\n<li><strong>Upselling Established Customers<\/strong><\/li>\n<li><strong>Profitability From Lowered Costs<\/strong><\/li>\n<\/ul>\n<h2><b>Metric #1: Customer Acquisition Growth<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">This is one of the biggest goals that most brands set for their experience programs, which makes it a vital metric for practitioners to keep track of as their initiatives take off. Acquiring new customers is neither simple nor cheap, and if there\u2019s one group of stakeholders who constantly bears this fact in mind, it\u2019s the C-suite.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tracking customer acquisition is thus a must for any <\/span><a href=\"https:\/\/inmoment.com\/resource\/retaining-and-acquiring-customer-in-b2b\/\"><span style=\"font-weight: 400;\">B2B experience program<\/span><\/a><span style=\"font-weight: 400;\">. Doing so demonstrates an experience program\u2019s merit to all stakeholders involved, especially since, as we just mentioned, acquiring new customers is no small task. Experience platforms that can track changes and monitor new growth are especially useful here since they make proving acquisition relatively straightforward.<\/span><\/p>\n<h2><b>Metric #2: Customer Retention &amp; Recovery<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">There are two big reasons why customer retention is a powerful and pertinent B2B experience metric: first, retaining customers is far cheaper than acquiring new ones, and second, most brands begin experience programs to, well, improve experiences for their existing customer base. Experience practitioners can prove their programs\u2019 effectiveness at hitting both goals by tracking customer retention and recovery.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There\u2019s a myriad of ways to demonstrate experience initiatives\u2019 value when it comes to customer recovery. For example, these programs often make it simple for practitioners to survey customers who reach out to contact centers, garner feedback, and turn it into actionable intelligence. That intelligence can then be used to meaningfully improve both call center processes and customer retention along with it. All of those metrics can be tied directly to experience programs.<\/span><\/p>\n<h2><b>Method #3: Upselling Established Customers<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Retaining existing business is great, but many B2B brands set their sights on a more ambitious goal: increasing their share of wallet with their established customer pool. The tools, improvements, and processes afforded by experience programs make this goal possible, and practitioners can and should tether the improvements brought about by their efforts to any increase in share of wallet.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Practitioners commonly use experience programs to upsell existing customers by honing in on those individuals\u2019 needs and wants. They can also use these programs to call upon a backdrop of operational and financial data, which grants B2B organizations a 360-degree view of who these individuals are. Practitioners and customer experience (CX) teams can then identify and act upon upsell opportunities.<\/span><\/p>\n<h2><b>Method #4: Profitability from Lowered Costs<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">This ROI metric can be less flashy than sporting new customers or increased share of wallet from existing ones, but the C-suite loves it no less.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition to providing meaningful experience improvement opportunities, a well-run experience program can help brands identify ways to eliminate waste and save costs. Experience practitioners can establish their programs\u2019 value by showing stakeholders such opportunities as their initiatives reveal them, giving B2B organizations the chance to save money while also being empowered to improve experiences. To put it candidly, nothing screams \u201cvalue\u201d to an organization quite like increased profitability.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Acquiring sponsorship for an experience program isn\u2019t easy. Harder still is proving that program\u2019s worth. However, practitioners who focus on proving their programs\u2019 worth through these four lenses will have a markedly easier time actually doing so. They can then secure additional resources to expand their programs\u2019 scope and reap additional success for themselves, the <\/span><span style=\"font-weight: 400;\">B2B brands<\/span><span style=\"font-weight: 400;\"> they serve, and the customers who sustain those organizations.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Learn more about B2B experience programs, proving ROI, and creating continued success <\/span><\/i><i><span style=\"font-weight: 400;\"><a href=\"https:\/\/inmoment.com\/resource\/retaining-and-acquiring-customer-in-b2b\/\">here<\/a>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tying experience program results to improved outcomes often proves to be the most challenging aspect of running an experience program, especially since stakeholders usually express at least a little skepticism alongside all the buy-in. Luckily, there are several tried-and-true metrics that practitioners can track to justify ROI.<\/p>\n","protected":false},"author":9,"featured_media":6991,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[57],"tags":[],"industry":[],"class_list":["post-6990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-practices"],"acf":[],"_links":{"self":[{"href":"https:\/\/inmoment.com\/wp-json\/wp\/v2\/posts\/6990","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/inmoment.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/inmoment.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/inmoment.com\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/inmoment.com\/wp-json\/wp\/v2\/comments?post=6990"}],"version-history":[{"count":0,"href":"https:\/\/inmoment.com\/wp-json\/wp\/v2\/posts\/6990\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/inmoment.com\/wp-json\/wp\/v2\/media\/6991"}],"wp:attachment":[{"href":"https:\/\/inmoment.com\/wp-json\/wp\/v2\/media?parent=6990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/inmoment.com\/wp-json\/wp\/v2\/categories?post=6990"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/inmoment.com\/wp-json\/wp\/v2\/tags?post=6990"},{"taxonomy":"industry","embeddable":true,"href":"https:\/\/inmoment.com\/wp-json\/wp\/v2\/industry?post=6990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}