The new and improved Customer Experience Glossary is filled with the terms and various acronyms that every CX expert needs to know like: NPS, VoC, CS, CSAT, CDT, SOW, CBCV, CES, NLP and more.
Customer-based corporate valuation is the process of valuing a firm by forecasting current and future customer behavior using customer data in conjunction with traditional financial data.
A metric that measures how “worth it” a product or experience is to a customer. It can be explained by analyzing the 5 key Decision Drivers (Price, Social Proof, Quality, Relationship, Brand Identification) and determining the impact that specific experiences have on the customer’s decisions.
Any customer feedback captured through various channels that can be used to determine customer expectations, preferences, and aversions.
A measure of the market your brand owns compared to your competitors. It acts as a gauge for your brand visibility and how much you dominate the conversation in your industry. The concept is similar to a brand being “top of mind” when customers think of a product or service.
An approach to measuring experiences by observing signs and phenomena via non-numeric data, such as human actions, reactions, and behaviors. In most cases, this is done through interviews and focus groups.
A model where the outputs of a system are monitored and/or altered by a user. Example: An AI program using HITL is monitored by humans for inaccuracies and screened for biases.
Customer Experience is everything perceived, felt, and remembered by a customer, empathetically related to both their social reality and personal (or professional) needs before, during, and after a purchase. CX is comprised of perceptions of quality, social status, relationship, brand identification, and relative price.
The Customer Experience Glossary is always growing, and we’ve even included a few of our own terms to help it along. Whether you’re new to CX or just need a refresher, you can start here!