A collaboration with Freeform Strategy
The NPS wasn't invented for measuring your entire customer experience, so why are you using it that way? The Customer Value Indicator was invented in Silicon Valley to help startups craft a customer experience that helped them gain traction and disrupt market leaders.
Perfected in Australia, the CVI is being adopted by brands who want more from their customer intelligence programs.
The CVI measures how irreplaceable (or replaceable!) your brand is in-comparison to your competitors and your industry. Unlike the NPS, the CVI is invented to be asked via pulse surveys, meaning that you don't have to invest in CX technology in order to get an accurate reading. The CVI is useful for measuring Customer Experience, value proposition, and potential for disruption.
The CVI uses the same questions the the "The Product Market Fit Leading Indicator", created in Silicon Valley, uses to optimise startups such as Slack and Superhuman. By posing a simple question and follow-up discovery questions, the CVI enables brands to segment their customers into three categories for future optimisation efforts:
Unlike most other customer metrics, CVIs are designed to be understood via pulse surveys. Depending on the cadence of your business, you may run a pulse every month, quarter, half, or event year. Contact us to find out how frequent your business should run a CVI pulse.
Anonymised to protect IP, we have successfully implemented the CVI for the following use cases:
Running a CVI in-parallel with a Brand Health Tracker helped a client focus their product roadmap on key value requirements.
A startup client used the CVI to identify how they can optimise their positioning strategy and value proposition as they "cross the chasm" into maturity.
A client used both the CVI and NPS to measure the value of their new event series. The CVI was able to provide much more actionable insights than the NPS.
Contact us today to find out more about the CVI and how it can help your brand.