What's more important than the ROI of CX?#2023#MetricsMeasurementandROI
“Harvard Business School professor Gerald Zaltman says that 95 percent of our purchase decision making takes place in the subconscious mind.”
Recently I wrote about the importance the CX leader’s need to demonstrate the ROI of CX to the C-Suite.
To be more accurate, it’s more about telling the story about the VALUE than calculating the ROI.
ROI is a mathematical equation (ROI = Net income / Cost of investment x 100.). If I spent X on something, what did I get back for my investment.
In theory, the C-Suite evaluates initiatives based on their comparative ROI.
It's devoid of emotion...and emotion matters.
That’s not how we work and that’s not how the C-Suite works... because they are humans too.
Value is a better formula because there’s room for intangibles…and they matter.
Because BUYING DECISIONS ARE BASED ON EMOTION AND JUSTIFIED WITH RATIONALE.
...Even in the C-Suite.
It’s why you:
❤ Get the engagement ring you know she’ll love
❤ Pay more to park closer on a date
❤ Buy the car that has the bigger GPS screen
❤ Buy the more expensive security system
I’m not saying you don’t need to do math, you do.
But doing math without telling the story and connecting the value to emotions is a big miss.
What do you think?