This great tip will help anyone get bigger budgets…
Some CEO’s and CFO’s still can’t get past seeing customer experience as a cost. So, if you can calculate the cost of customer complaints it helps you create a baseline unit that can help you forecast the cost savings on any new CX ideas you are trying to get budget for.
In my recent chat with Yvette Mihelic on the Customer Smarts Podcast she gave a great example where she calculated the cost of a customer complaints at $170 per customer query. So, when pitching new business cases she would then estimate how many calls a new initiative would prevent in a year, lets say it prevents 5,000 interactions in a year which would save $850,000 in one year or $4.25 million in the next 5 years.
It shows how great customer experiences can save the business a lot of money over the long term, so reframing it this way helps you get the attention and support of the CFO.
There are many other great insight in this episode.
If you’re keen to watch or listen to the full episode, the link is in the first comment below.
Strategic Finance Consultant | Finance - Business Partner | SAAS Pricing
6moThanks for sharing!