To demonstrate how much return on investment (ROI) your customer journey mapping tool provides, you need to show how it ads value, either by increasing revenue or through cost savings. You can do that easily by examining key metrics pre- and post-implementation of your customer journey mapping tool.
Here are several strategies you can use to demonstrate this:
Define objectives and key performance indicators (KPIs): Establish clear goals and related KPIs for what you hope to achieve by implementing your new customer journey mapping tool. Your objective could be as simple as improving customer satisfaction or reducing your churn rates. To measure that, your KPIs could be your NPS (net promoter score) or CSAT (customer satisfaction score), or your customer retention rate over time.
Calculate cost savings: Evaluate how the software has helped you optimize your processes, improve efficiency, and reduce manual effort. Then, calculate the cost savings resulting from these improvements.
Measure revenue impact: Determine if key metrics like your customer conversion rates, upselling, and cross-selling opportunities have gone up or down since implementation. If they have gone up, the additional revenue generated can be attributed to the improved customer experience you've created.
Gather qualitative feedback: Survey your customers and employees to ask for feedback on the changes you've made since implementing the tool. Use this feedback to supplement quantitative data for a more holistic view of the tool's impact.
To help you get the most out of your customer journey data, take a quick scroll through our simplified guide to customer journey analytics.