I was talking with a friend who works in the public relations field about an issue he was having with receiving funding for a project at his company. Even though this conversation occurred several months ago, a comment he made continues to linger in my mind: “It’s making a difference, but if you can’t prove it works with financial figures, you might as well kiss it good-bye.”
I think we can all relate to that statement. It’s no secret that companies are more and more strategic and stringent with how they go about allocating resources across their organizations. This is a good thing. But, for those who are charged with demonstrating and quantitatively proving the value and return of their projects and activities, particularly if they don’t have a concrete, black and white, dollars and cents way to measure success, it can cause headaches.
A Touchpoint Dashboard Map can help you determine the return on investment (ROI) of all your touchpoints and identify and prove their value and effectiveness. It will show you the areas that give you the most bang for your buck and the one that aren’t cutting it. You can then use this data to show the impact your project’s and touchpoints make and receive the resources and support you deserve.
Follow this 5-step process to find your Touchpoint ROI.
1) Analyze Your Customer Data & Touchpoints & Map it Out: Take a look at your overall customer journey and all the touchpoints and customer feedback involved. Analyze and organize all of this information in a map format (we recommend using the user-friendly Touchpoint Dashboard tool to build your map – it takes the guesswork out of the mapping process). I’ve outlined this data analysis and mapping process in previous posts, so I won’t go into the “how to” here. But please reference the following posts for all the details if you need them:
- Cooking Up a Winning Customer Journey Map Part I – The Ingredients
- Cooking Up a Winning Customer Journey Map Part II – The Recipe
2) Score Your Touchpoints from a Customer Point of View: Regardless of how you create your map, once you have your touchpoints plotted, you’ll want to rank them in terms of value and effectiveness (Touchpoint Dashboard has an intuitive touchpoint scoring system to assist you with this.)
- Assign a Value Score: First, look at the customer data associated with each touchpoint and use this information to determine how important this touchpoint is to your customers and the influence it has on their purchasing decisions —is the importance low, medium or high?
- Assign an Effectiveness Score: Next, look at the touchpoints and customer data again. How does each touchpoint measure up to your customers’ expectations? Does a specific touchpoint wow the socks off your customer and exceed expectations? Does it meet their needs? Is it just so/so, and could use some improvement, or does the touchpoint flat out cause disappointment and frustration?
3) Score Your Touchpoints from Your Employees’ Point of View: Repeat the same process is step #2 and flag the areas where there are gaps between the customer and employee perception.
4) Document the Cost of Each Touchpoint: You will also want to look at the current resources required to support each touchpoint, as well as the touchpoint frequency. Document the reach, the cost, time, staff, technical or structural resources involved, etc. What is the total estimated cost to the company to provide this touchpoint?
5) Total Each Touchpoint’s Value, Effectiveness & Cost: If a touchpoint has a high value score and a high effectiveness score, whether the cost is low cost or high, it’s worth retaining, refining and perhaps some extra investment. On the other hand, if it a touchpoint has a high value and is not effective, you can illustrate how it negatively impacts your business and requires immediate attention. If a touchpoint has a low value (whether it is effective or not) and a high cost, you may consider directing some of the resources you’ve allocated to that area to something of higher value.
While this process may seem simple on paper, it can get quite complicated when it comes to actually capturing and organizing all of this data into a format that can be easily understood and then shared with decision makers. And this is where Touchpoint Dashboard can help. The unique, auto-generated touchpoint maps and touchpoint management and measurement system will show you how all of your touchpoints affect your bottom line so you can put the right plans in place to improve it.
Contact us today and discover how Touchpoint Dashboard can help you find your touchpoint ROI!