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Almost half (49%) said that it was difficult to ensure a return on investment (ROI). It has trained and placed 11,000 graduates into entry-level jobs in four sectors: health care, tech, retail/sales, and skilled trades. These metrics can be converted into an estimate of ROI for the employer. and sixfold in India.
The fourth gap between strategy and execution is in measurement and metrics. The assumption is that financial measures like cost and revenue are sufficient metrics to measure progress. You need metrics that tell you how well your game plan is being executed — metrics that all of your players can organize around.
Companies deploying emotional-connection-based strategies and metrics to design, prioritize, and measure the customer experience find that increasing customers’ emotional connection drives significant improvements in financial outcomes.
In Grand Rapids, Michigan, for instance, Grid70 houses design, business innovation, and product development teams from a grocery chain, shoe retailer, and consumer goods manufacturer — no coding required. As one might imagine, demonstrating the ROI of this is difficult — most don’t even try.
Talk to someone like Lynn Hunsaker and she’ll tell you there’s some 24 metrics to convey the value of the customer experience. The “Four Gold CX ROIMetrics” webinar was the final episode in the three-part series hosted by ECXO. A 9700% CX ROI? She’s dissected and painstakingly diagrammed each one. No more layoffs.
Like many retailers, Macy’s has traditionally spent 85% of its marketing budget on driving sales. Each outbound communication is measured individually for immediate ROI. The metrics also changed. These members are 2.6 times more likely to stay with Kaiser Permanente two years later. The results?
Retailers routinely pay credit card companies 3% payment processing fees, while gas stations pay even more. Every time they open the app and spend at least a minute on it, the retailer can pay them a few cents or loyalty points’ worth of store credit, up to a maximum per day. The Marketing Impact of Near-Zero Transaction Costs.
How exactly are they doing that, and thereby realizing further gains in ROI? The digital director of the Dutch cosmetics retailer Rituals noted that improving its customer prospecting gives the firm more time to “develop creative and ad messaging that is most true to our brand.”
In one example, the company pursued a “strategy refresh” project for the firm’s retail business, and the CEO ensured the CMO was deeply involved. We’re working on a model for the ROI of a technology dollar, versus a marketing dollar, versus a sales dollar, so we can make trade-off decisions.
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