How can businesses measure the ROI of implementing customer feedback and data analytics into their CX strategies, and what are some key metrics they should track to ensure they are staying competitive in the market?

Businesses can measure the ROI of implementing customer feedback and data analytics into their CX strategies by tracking metrics such as customer satisfaction scores, Net Promoter Score (NPS), customer retention rates, and customer lifetime value. These metrics can provide insights into the effectiveness of their CX strategies in improving customer experience and loyalty. To ensure they are staying competitive in the market, businesses should also track metrics related to customer acquisition costs, average order value, and customer churn rates to understand the impact of their CX initiatives on revenue and profitability.