Predicting the Impact of Your CX Improvement Efforts on Revenue

ENGINE’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 ENGINE’s ROI simulator covering changes in overall KPI and individual CX drivers.

To create the simulator tool ENGINE:

  • 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 ENGINE 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

ENGINE most recently partnered with a grocery store chain to create a CX ROI simulator. ENGINE 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.
ENGINE’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 ENGINE Insights.

Curious to Learn More About ENGINE’s CX ROI Simulator? Contact Us!

 

ABOUT ENGINE

ENGINE is a global, full-service media and marketing services company that unites culture and commerce to move brands forward faster. We are: Driven by data. Fueled by imagination. Powered by technology. Founded in 2005, ENGINE has global headquarters in New York and 16 offices across North America, the UK, Europe and Asia-Pacific. ENGINE empowers clients to outperform in the present and win in the future with its vast range of marketing solutions including – insights, creative, media, data and technology. Find out more at enginegroup.com and follow @engineworldwide.