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Strategies for Calculating the ROI of Your VoC Programme and How to Account for the Value in It
A digital Voice-of-the-Customer (VoC) initiative can result in huge financial gains and returns for any organization, but it can be very difficult to measure the monetary value of CX programs, as the benefits are not necessarily quantifiable. While it should seem obvious that improving customer satisfaction, loyalty and brand advocacy is a long run game to improving profitability, executives and investors often expect an immediate understanding of potential results to justify the monetary expenditure of their investments into VOC programs.
In this White Paper, we set out some strategies that will enable you to develop a process for measuring the ROI of a VoC programme implementation. People often forget some of the value that is being brought and here we bring some of the lessons that we have learnt at CX Index on our journey to date.