CX value realization has become recognized as the latest “big thing” in customer experience. That’s because value realization offers some uniquely powerful advantages, including building customer loyalty, demonstrating value at every customer touchpoint, and empowering your customer success teams to win over customers time and time again.
While value realization isn’t new, it’s rapidly becoming standard as companies like yours recognize its potential for building long-lasting and collaborative customer relationships. Learn more about the advantages of CX value realization.
However, for some organizations, the biggest hurdle to achieving the benefits of value realization is simply getting started. The following are five practical steps you can take to get up to speed with CX value realization and start reaping the benefits of a winning customer experience strategy–and scale from there!
The very first step is to understand your customer’s value journey, also known as the customer outcome lifecycle. The customer value journey is the journey you take with your customers to help them discover, quantify, and track the value of your solution for their organization. To execute a seamless customer journey, every team member throughout your organization must be involved in the process of discovering and demonstrating value for your customers–from marketing and sales to your customer success teams to the executive leadership team.
The customer value journey has many moving parts, and every person on your team plays a role. For example:
For more information, see Why You Should Care About the Customer Value Journey
To effectively execute CX value realization, you need to have the right people on board who can nurture your customer relationships in this way. Building the right team of people can make all the difference, but it’s also important to note that value realization is a skill that can be learned.
That’s why we recommend “hiring for attitude, and training for skill” when it comes to your customer success team. From there, it’s important to make sure your team is appropriately supported with tools, resources, training, and coaching to help them help your customers succeed.
To learn more about hiring and training the right CX value realization team see: Customer Success: How to Hire the Right People
Another key to success is having a solid CX value realization framework. Virtually all customers will expect you as the vendor to provide a framework for value realization, so this step is a must. Fortunately, you don’t have to start from scratch. At Ecosystems, we provide a model known as the Value Trinity to help you create a value realization framework that avoids common gaps and pitfalls.
The Value Trinity centers around how we make decisions as humans, appealing to every element of persuasion: logic, emotion, and credibility.
Learn more about the Value Trinity and How to Gauge Your Value Realization Framework
Even when you have the right people and framework in place, it’s important to make sure your team is equipped with the right tools so that they can be as effective as possible. Your customer success team needs time to build and nurture the human side of your customer relationships, and manual value tracking and reporting can take away much of their incredibly valuable time.
That’s where a value realization platform comes in. Your customer success team can lean on the platform to automate many reporting tasks that don’t require a human touch. A CX value realization platform like Ecosystems also helps increase visibility and transparency between your customer and your customer success team by providing a central location to access up-to-date performance metrics and dashboards.
To learn more see: Customer Success: How to Implement the Right Platform for your Team
Finally, to be successful with CX value realization, you need to make sure your team is reporting on the right metrics. It’s easy to fall into the trap of reporting on too many metrics, but this dilutes the impact when communicating with customers.
Ultimately, every customer will have slightly different KPIs that are most important to them. However, there are a few fundamental success metrics that you should be monitoring for all of your accounts.
Net Dollar Retention (NDR) and Net Revenue Retention (NRR) – these metrics indicate the growth of a business. These are key metrics to report on as they show the contribution of your solution to a business’s bottom line and growth targets.
Time to Solution Go-Live – this is a measure of the amount of time to onboard and implement the solution. Keeping this metric on track is key to being able to show your solution’s ability to hit the ground running and not get stuck in the implementation phase.
For more information on what to track and how to improve your measurement strategy, see: 5 Ways to Improve Your Business Value Realization Metrics
For more information on how CX value realization can work for your organization, we invite you to get in touch with our team of experts. We are here, ready to help. Or for more information, watch our webinar recording on scalable value realization.