In order to build the best possible customer experience, you need to have the right technology. Sometimes the main roadblock in getting this technology is budget related, so it’s very important to build an effective CX business case and strategy to show how vital this technology can be. We want to help you build that CX case, so here is information you should gather to help show the effect this technology can have on your company’s ROI.
1. Identify stakeholders and how they will benefit
Key stakeholders may vary depending on how your organization operates. Examples include financial team members, IT personnel who would benefit from more efficient technology, process and systems owners who are looking to streamline their operations and company executives like the COO, CTO, VP of Sales, etc. It’s important to note how each of these people and their responsibilities will benefit from the new CX technology.
2. Data and key metrics
You are going to need data to support the claims made in your CX business case. So, what are you going to measure and what data should be gathered? These measurements should speak to the key stakeholders you’ve identified. Focus on the impact the technology will have as well as areas of the company that needs to be improved. Look for known problems with processes and how the new CX technology will alleviate those issues. Be sure to set a benchmark to gauge the impact once the technology has been implemented.
3. Identify pain points that need to be addressed
Focusing on nagging issues within the company can grab the attention of the decision makers. The CX technology should be presented as a solution to relieve those issues. Don’t stop at just an explanation of what the CX technology is and what is does. Go deeper into the how’s and why’s. This will help give your CX case clarity and relevance.
4. Outline the capabilities of your new CX solution
Writing a CX business case means you’ve chosen a CX solution to present to stakeholders and decision makers. Now it’s time to go into more detail about the benefits of your choice and the impact it will have on your company. It’s very important that this is done in a clear, concise and easily digestible format. Everyone needs to be able to understand what is being presented, especially if they are not as technical as some others. Go into detail about specific capabilities that directly impact the pain points you listed earlier, and describe new opportunities that can be taken advantage of with the new CX solution.
5. Circle around to ROI, total investment and monetary returns
The last step is to circle back to the financial numbers. Everyone will want to know what the solution is going to cost to implement and how much the company will benefit from it. Focus on benefits such as increased efficiency, higher conversion rates, lower customer turnover, better customer service, etc. Although these numbers will be estimated, they should be thorough, as accurate as possible and have good reasoning behind them. Develop a timeline for the implementation of the new technology and call out key milestones like when the company should start seeing results.
Customer experience is of ever-growing importance for all organizations and having the right technology is critical. To explain this importance and ultimately obtain the technology, you need to have a solid CX business case in your corner, and we’re here to help! Contact our team with questions about how we can help your company and even help build your CX business case.