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How Superior CX Action Plan Can Skyrocket NPS & Drive Revenue

By Kamil Ali, CCXP posted 16 days ago

  

Imagine you're on an exciting team at a bank, and your goal is to make sure that every time someone interacts with your bank, they walk away feeling positive. It's a bit like being a superhero for customer experience. But, there's a twist - it's not just about making customers happy; It's about finding that sweet spot between crafting incredible CX and driving the business forward.


You know, you have your secret weapon—The Net Promoter Score (NPS). It can guide you to the land of happy customers who stick around and even bring their friends along. And it's also a fantastic way to show your management and everyone else at the bank that what you're doing is really making a difference.

Here’s a step-by-step guide to do so.


Step 1: Spotting Where It Hurts


NPS isn't about one big thing; it's about lots of little moments. 


For example, in your latest NPS study for your bank, you’ve found 3 key pain points that are driving your NPS.

  • Branch Staff Attitude: An unfriendly and unempathetic behavior of the staff is a barrier to transform a routine transaction into a memorable customer experience
  • Competitiveness of Rates: While intangibles are crucial, the competitive market demands that rates and financial products be attractive.
  • Resolution of Fraud Cases: With digital transactions on the rise, resolving fraud cases swiftly have also raised. 

All these pain points can be resolved. But here's the big question: Which of these should you tackle first? All are important, but some you've got to do right now. You just need a well-thought plan.

Step 2: Crafting a Stellar CX Action Plan

Making things better for customers means figuring out:

  • What will make the biggest impact?
  • How long will it take?
  • How much will it cost?
  • Who needs to be involved?

See the ready-to-use template below:

Note: additional impact is on Revenue, but this can only be observed after 6-12 months of the implementation—explained in Step 3.

Here’s how to read that template:

Branch Staff Attitude

First off, improving the vibe at your branches could potentially boost your NPS by 10 points with an estimated increase in CLV by $150k. But, it's not something you can fix overnight. It involves changing the culture and, the highest investment.

Competitiveness of Rates

Then there’s tweaking your product rates. This one’s a slow burn but could improve your NPS by 3 points with an estimated increase in CLV by $100k. It involves a lot of back-and-forth with different departments, not to mention navigating through the maze of compliance. Important, but not exactly something you can rush into.

Resolution of Fraud Cases

And here’s where you can really make an immediate impact - tackling fraud cases faster using AI-driven platform. This could lead you to an 8-point jump in NPS with an estimated increase in CLV by $130k. It's not as huge as improving branch staff attitude, but the higher estimated CLV, budget, quick implementation, and immediate effects make it a smart play.

Step 3: Checking Out the Results—Analyzing the Impact on CX, Customer Value ($) & Revenue ($)

After rolling out your AI-driven platform for tackling fraud cases, it's exciting to see how your CX initiative has played out.

  • What you find is an amazing 40% of your Detractors have turned into Promoters! This is fantastic news! But, what exactly does this mean for you? —It translates into a significant boost in customer value. Imagine, the customer value for a Promoter is $300, compared to $150 for a Detractor. This switch from Detractors to Promotors has bumped up your Total Customer Value by an impressive $116,000!

  • But that's just the beginning. Over the next 6-12 months, keep a close eye on your NPS, revenue, and customer base. You're bound to observe a positive uptick in revenue.

    • By the time you hit the 12-month mark, the positive impact on revenue will be crystal clear. If you're wondering how the numbers stack up, here's a little glimpse how it should look like: Before this initiative, your NPS was at 25 with a total revenue of $900k. Fast forward to today, post-implementation; your NPS and revenue have skyrocketed—NPS to 35 and Revenue to $1,300k. Your efforts in improving Fraud Resolution have truly paid off.

    Now, isn't this something to celebrate? Make sure to share such results with your management team and take a moment to brag about this. 😉

    Kamil’s BONUS: Curious about my calculation method or creating a detailed business case? I've written articles to guide you. Start with this gem, then check out this one.

    And voilà! That’s how you transform NPS from just another number into a compelling narrative that makes you the top choice not only for your customers, but also for your employer.

    Wishing you an awesome adventure ahead!

    Did I miss something important? Let me know if you have any ideas, thoughts, or questions.

    More step-by-step guides:

    How to Focus on the Most Profitable Segment for Maximum Growth Potential

    Measuring the Impact: Discovering the Influence on CX, Value, and Revenue

    The Art of Staying Focused on the Right CX Strategy

#CXStrategy #VOCCustomerInsightUnderstanding #CXTools 

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