Global Journal of Management and Business Research, E: Marketing, Volume 22 Issue 3

Figure 7: Example Reporting Dashboard Across Key Metrics III. F indings and D iscussion a) Case Study Companies can leverage all the methodologies and frameworks to evaluate and elevate the customer experience. Let us look at real-life examples of how firms across different industries have adopted these techniques into their customer experience management program. Case Study 1 Focused on Customer Lifetime Value Challenge: a suburban bank was facing a challenge with effectively allocating budgets across the east and west coasts. They were spending marketing dollars evenly across the coasts but were not getting the best value for the spend. Solution: the bank analyzed data and gathered insights that most of their customers belonged to two specific postal codes, one from the east and one from the west. Upon calculating the Customer Lifetime Value (CLV), they also found that customers on the east had 30% of the customer base but were spending 4x that of customers on the west. This insight led to a change in the allocation of media spend effectively. Impact: by updating the spend allocation, they got more value for the same spend. Case Study 2 focused on Customer Churn Challenge: US telecom operator could not accurately identify customers who are likely to churn for the company to be effective with targeting efforts. Solution: The telecom company created a series of predictive algorithms based on customer behavior, and demographics to create churn prediction models. Impact: As a result, the company not only increased accuracy of predicting customers who are about to churn but also was able to save over 60% on acquisition costs through targeted marketing efforts. Case Study 3 focused on Net Promoter Score Challenge: Hotel Tonight did not have insights into a customer who had a terrible experience since such customers rarely take the time to write to the company. Solution: The company decided to collect feedback from the customers using the NPS survey and used it to prioritize future feature enhancements. They also supplemented it with industry trends and other insights with the NPS survey to enhance the experience. Impact: As a result, Hotel Tonight was able to overtime increase the NPS score to 75 b) Benefits of Improving Customer Experience Enhancing customer experience leads to business growth, customer retention, and loyalty. Below are a few key advantages of focusing on customer experience management and measurement: • Increased customer acquisition: excellent customer experience leads to satisfied customers willing to recommend the brand to their friends and families. Therefore, companies are focusing on enhancing customer experience to build trust and encourage © 2022 Global Journals Global Journal of Management and Business Research Volume XXII Issue III Version I Year 2022 ( ) E 55 The Three Most Critical Aspects for Implementing Holistic Customer Experience at Scale