In the old days, customer experience was usually considered an operating expense, not a revenue driver. However, things have changed. Nowadays, with the explosion in popularity of revenue performance management, smart leaders recognise the possibilities of CX to drive revenue through customer retention, expansion, and the creation of customer advocates. And the data backs this up – in the largest survey on B2B RevOps, conducted by Lean Data and Sales Hacker, 95% agree that customer experience is crucial for unlocking growth.
The Revenue Cycle
Leandra Fisherman, Chief Revenue Officer of Intercom, describes guiding a person through their journey as a customer as passing the baton in a relay race: “We’re all in a relay,” she says, “and the customer is the baton.” The sales and support teams must work in tandem, providing an excellent customer experience to retain the buyer’s loyalty and incentivize them to purchase more products.
In this analogy, you could consider the salesperson – or even the marketing team, if an ad is the first touchpoint – as the first person in the relay.
After the sale is made, the baton is passed on to the support team. The customer service reps will be the first people to come to the consumer’s aid if they experience any problems or restrictions that a higher tier product would solve.
Let’s take the example of a customer who downloaded the free version of product. They call customer support, saying that they want access to a feature that will streamline their workflows. The support agent tells them that feature is only available in the paid version of the software. Would they like to learn more?
Thus, the customer – AKA the baton – gets passed back to sales. And so the revenue cycle continues….
Strategies To Drive Revenue Performance With Customer Experience
1. Prioritize quality and set standards within your CX teams
If you don't have one in place already, a solid quality assurance strategy is key to keeping customers happy and CX on point. Having a structured framework and the right QA software in place drives quality by offering up smart insights into where your CX teams excel – as well their blindspots which may need a little more coaching and training.
This results in a better experience for your customers who'll spend more, stay loyal, and let others know about your product.
2. Take action to motivate CX team performance
Encourage delightful customer experiences by rewarding CX teams based on their performance. In a connected, revenue performance driven company, incentives aren't just for sales! Connect incentive plans with CX results and improve the metrics that matter. Depending on your particular organization, these may include:
- Customer satisfaction ratings (e.g. NPS/CSAT)
- Quality assessment scores
- Customer retention rates
3. Go beyond the standard CX metrics of success and incentivize cross-sells and upsells
Turn your CX team into a revenue generating powerhouse by adding them to your connected commission plans. Whereas cross and upselling have historically been sales centric activities, in this new world of RevOps and connected teams, CX can play their part to increase profits – and should be rewarded for it too. CX can do this by:
- Offering upsells based on a customer’s future goals
- Focusing on added value
- Targeting the most satisfied customers at the right time
The key here is to keep the focus on what a customer needs and can benefit from — and not simply on pushing for that sale.
4. Consider Gamification
Gamification, which combines game mechanics and data to improve performance, can help motivate CX teams, make their work a little more enjoyable, and improve the quality of customer experience. At Leaptree, we’ve added Gamification to our dynamic QA scorecards with leaderboards, badges, and other game elements to keep employees engaged, happy, and motivated. This helps to take customer interactions from inconsistent to unforgettable – which results in happier customers and more sales.
Conclusion: Boost Your Customer Experience, Boost Your Revenue
The bottom line is this: if you improve your customer experience, you improve your revenue performance.