| Copyright © 2015 Tata Consultancy Services Limited

Is the New Experience Working?

How to Measure Success

Lisa Fairbanks, Lead – Customer Experience Strategy and Insight

Global Consulting Practice, TCS

November 2015

Traditionally, companies undertook market research on a quarterly or annual basis.

The ease with which customers can switch brands means businesses need to continually monitor their changing expectations and adapt accordingly.

The key to success is knowing what to measure, how often, and the best sources of data.

Customer Experience, 2015

Introduction: Market Research

Each customer segment will have different behaviors, engagement criteria, and loyalty drivers.

For actionable insight, companies need to segment their customers and monitor the specific Key Performance Indicators (KPIs) by segment.

Customer Experience, 2015

Identifying Audience Segments

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Companies must analyze social data and benchmark customer experience criteria for each segment.

After identifying the criteria, companies need to group them into logical themes.

Recognizing themes that drive customer experience will help companies determine which theme to monitor.

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Identifying Themes

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Determining where and why expectations are met, or missed, for each theme is critical to the measurement of meaningful KPIs.

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Determining Actionable KPIs

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Companies need to find the right data sources for customer experience KPIs.

There are multiple data sources: internal data, third-party data, primary data, and social and unstructured data.

Of the four data sources, social and unstructured data provide the greatest opportunity for insights into CX performance.

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Determining Data Sources

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To normalize data gathered from multiple sources, companies have to map each source back to the KPIs.

If a source doesn’t provide accurate or meaningful data, then it must be removed from the data set to avoid skewing true performance.

For example, social media comments better reflect customer support experience than surveys.

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Normalizing Data Sources

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The next task is to monitor and report on KPIs at the correct frequency for the business.

For example, a major e-retailer, whose CX theme is related to seasonal order processing, may report annually. If a bank can only make quarterly changes to its ATM systems, it may report on KPIs quarterly.

Companies should aim to respond faster—tobecome more agile—and increase reporting frequency.

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Determining KPI Measurement Frequency

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Comparison to competitors will help businesses identify where they’re losing out.

Companies must identify and closely monitor the key themes that cause customers to switch from one brand to another.

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Competitive KPIs

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To ensure that KPI reports are created and reviewed frequently, companies should apply the Responsible, Accountable, Consulted, Informed (RACI) matrix.

RACI will help identify those responsible for delivering reports on a timely basis.

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Assigning Ownership

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Monitoring performance indicators and delivering quality customer experience are crucial to all companies.

Businesses can make real progress in attracting new customers and creating long-term loyalty if they tap social and other unstructured data to measure customer experience.

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Conclusion: Measuring CX

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