How to Achieve and Communicate Results
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Learn from Qualtrics professionals how to build and execute a customer experience program. The final part of a four-part series, this session illustrates tracking customer outcomes, demonstrating ROI, driving executive and business communication, and defining a path forward.
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How to Achieve and Communicate Results
- 1. How to Achieve & Communicate Results Kyle Groff, Ph.D. Principal Consultant, CX Qualtrics
- 2. 2 o The recording and slides for today’s presentation will be made available on cxweek.com along with other content and webinars from throughout the week o Please use the chat window to submit questions throughout the webinar – we will have time designated at the end for Q&A o Join the conversation on Twitter by tweeting @Qualtrics using #cxweek Housekeeping ©2015QUALTRICSLLC.
- 3. 3 Executing a Customer Experience Program Day 1: How to Build a CX Vision Bruce Paul Principal Consultant, Customer Experience o Building a Plan o Creating Alignment o Implementing a Platform o Planning Key Milestones Day 2: How to Execute Your Vision Jamie Morningstar Product Management Leader o Omni-Channel Measurement o Identifying Key Drivers o Analysis & Reporting o Testing & Iterating Day 3: How to Change Your Culture Benjamin Granger, Ph.D. Principal Consultant, Employee Insights o Understanding Different Cultures o Promoting an Ideal Culture: Organizations o Promoting an Ideal Culture: Managers o Promoting an Ideal Culture: Employees Day 4: How to Achieve & Communicate Results Kyle Groff, Ph.D. Principal Consultant, Customer Experience o Tracking Customer Outcomes o Demonstrating ROI o Driving Executive & Business Communication o Defining a Path Forward ©2015QUALTRICSLLC.
- 4. Kyle Groff, Ph.D Principal Consultant, Customer Experience (CX) ©2015QUALTRICSLLC.
- 5. What is ROI to you?
- 6. “NPS is up 10 points!!!!!” -(NON-ESSENTIAL) VOC MANAGER ©2015QUALTRICSLLC.
- 7. “Our CSAT has never been higher!!!!!” -(SOON-TO-BE LOOKING FOR EMPLOYMENT) CUSTOMER INSIGHT DIRECTOR ©2015QUALTRICSLLC.
- 10. “NPS is up 10 points!” 77% $ ©2015QUALTRICSLLC.
- 12. 0% 100% 0 1 2 3 4 5 6 7 8 9 10 Actual Behavior B E H AV I O R AL L I K E L I H O O D CUSTOMER SATISFACTION ©2015QUALTRICSLLC.
- 13. 0% 100% 0 1 2 3 4 5 6 7 8 9 10 Actual Behavior B E H AV I O R AL L I K E L I H O O D CUSTOMER SATISFACTION 100% ©2015QUALTRICSLLC.
- 14. 0% 100% 0 1 2 3 4 5 6 7 8 9 10 Actual Behavior B E H AV I O R AL L I K E L I H O O D CUSTOMER SATISFACTION 9% ©2015QUALTRICSLLC.
- 15. 0% 100% 0 1 2 3 4 5 6 7 8 9 10 Actual Behavior B E H AV I O R AL L I K E L I H O O D CUSTOMER SATISFACTION 9% 40% ©2015QUALTRICSLLC.
- 16. 0% 100% 0 1 2 3 4 5 6 7 8 9 10 Actual Behavior B E H AV I O R AL L I K E L I H O O D CUSTOMER SATISFACTION 9% 40% 90% ©2015QUALTRICSLLC.
- 18. Repurchase
- 19. 0% 100% 0 1 2 3 4 5 6 7 8 9 10 Repurchase B E H AV I O R AL L I K E L I H O O D CUSTOMER SATISFACTION 16% 44% 81% ©2015QUALTRICSLLC.
- 20. Company X FINANCIAL PROFILE CUSTOMER PROFILE $100 Million 50% 34% 16% ©2015QUALTRICSLLC.
- 34. 34 -( )ROI = Future RRI Current RRI Current RRI x Current Revenue ©2015QUALTRICSLLC.
- 35. 35 -( )ROI = 58.67 58.02 58.02 x $100 M ©2015QUALTRICSLLC.
- 38. The single biggest problem in communication is the illusion that it has taken place. -GEORGE BERNARD SHAW ©2015QUALTRICSLLC.
- 40. General Value Quick Wins Metrics Biz Impact Content ©2015QUALTRICSLLC.
- 41. Weekly Newsletter Company Intranet CX Dashboards Leadership Meetings Trainings Email Media ©2015QUALTRICSLLC.
- 42. CEO Product Operations Audience Development Marketing Call Center EXECUTIVE VP DIRECTOR ©2015QUALTRICSLLC.
- 43. Q & A
- 44. 44 Executing a Customer Experience Program Day 1: How to Build a CX Vision Bruce Paul Principal Consultant, Customer Experience o Building a Plan o Creating Alignment o Implementing a Platform o Planning Key Milestones Day 2: How to Execute Your Vision Jamie Morningstar Product Management Leader o Omni-Channel Measurement o Identifying Key Drivers o Analysis & Reporting o Testing & Iterating Day 3: How to Change Your Culture Benjamin Granger, Ph.D. Principal Consultant, Employee Insights o Understanding Different Cultures o Promoting an Ideal Culture: Organizations o Promoting an Ideal Culture: Managers o Promoting an Ideal Culture: Employees Day 4: How to Achieve & Communicate Results Kyle Groff, Ph.D. Principal Consultant, Customer Experience o Tracking Customer Outcomes o Demonstrating ROI o Driving Executive & Business Communication o Defining a Path Forward ©2015QUALTRICSLLC.
- 45. Thank You!
Notas do Editor
- story about my degree, the field of IO psychology, the navy and my wife’s advice difference between RESULTS and IMPACT ROI is equal parts RESULT and IMPACT; combined, you can generate your ROI so now, let’s explore the difference between IMPACT and REVENUE
- this is a GREAT result; at least until this non-essential manager was let go because they are a cost center and not a revenue generator
- wow, CSAT is doing well; that sounds like a great result
- how about this? Industry CX leader stock prices outperformed industry laggards by 77% over a 5 year stretch (2007-2012) this is Impact; its a bit vague (what is a CX leader?), but it is impact
- or this? this is impact on average, promoters have around a 30% lower cost of service than detractors
- what if I was to tell you that THIS is ROI; equal parts RESULT and IMPACT leading to REVENUE even in this form, the relationship is still a bit hazy to really understand how we can show ROI through our results we all need to understand a key concept
- At this point, it is pretty common to say “YOU”RE DOING IT WRONG” or “LOYALTY METRICS ARE BROKEN” The truth is that there isn’t any singular metric that will simply, yet holistically, quantify your customer experience; it just doesn’t exist Anyone telling you otherwise is likely trying to sell you something; most likely themselves Instead, let’s use metrics that already exist and change our focus to actual customer behavior; in this case, a concept that comes from Psychology (myself being a Psychologist) the concept that we will call Behavioral Likelihood simply means that certain types of customers are more or less likely to exhibit certain behaviors these behaviors can be good or bad, but generally speaking, as we will show, happy customers are more likely to exhibit good behavior than are unhappy customers NOTE- this is when controlling for other antecedents of consumer behavior such as consumer tenure it is really as simple as this; we want our customers to engage in behaviors that are beneficial to our business our goal is not to achieve a higher CSAT or NPS or WAR number...it is to encourage better behavior now, these common metrics are a means of gauging our progress, but they are not the end goal for the purpose of this presentation we will use a very common customer segmentation, that found in the Net Promoter System (Promoters are happy; Detractors are unhappy)
- so how does this concept of behavioral likelihood play out in practice on this chart we have Customer Sat on the X-axis and Behavioral Likelihood on the Y-axis let’s see how these two relate to a one another
- in a perfect world we would automatically have 100% of our customers engage in this behavior, regardless of how their experience was instead, what we typically find is that customers have a differential likelihood to exhibit certain behaviors based on their level of specific attributes we find is that our Promoters (our happy customers) are also the most likely to engage in this behavior and note, this same concept applies all walks of business, and generally, life more engaged employees are less likely to quit, show higher levels of job performance, etc. spouses that are happier in their relationship are more likely to exhibit extra-role behaviors such as buying roses on Valentine’s Day
- first up we have our unhappy customers, our detractors; these poor souls hardly ever engage in this behavior; this is not a good thing
- as we move up our happy customer index, we find that our neutral customers have a 40% likelihood of engaging in this behavior
- finally we have our happiest customers; on average, we find that our Promoters engage in this behavior 90% of the time
- the goal that we are aiming for is to make our unhappy customers happy; not for the result by itself but because it increases the likelihood of positive behaviors which increases our impact lets show how this works in terms of real, important customer behaviors
- this essentially means that a customer has been retained and as a result will continue to do business with a specific brand/company; this is a good thing the opposite of this is typically called churn to show how important this: financial services (specifically credit cards) have ~25% churn subscription media (e.g., news sites) have ~60% churn industries like telecomm and SaaS have comparable numbers this is obviously an important metric as we discussed earlier; retaining a current customer is 7x cheaper than attracting a new one as we go through this discussion today, I want you to think of Repurchase/Renewal in terms of a behavior our goal is going to be to show how an improved customer experience will increase the behavioral likelihood that customers will engage in this positive behavior and how this behavior leads to greater impact
- if we examine industry-agnostic studies on consumer behavior, these are the general behavioral likelihoods associated with promoters, neutrals and detractors as you can see, it is advantageous to have more promoters than detractors however, as we touched on during the intro to this presentation, these percentages by themselves aren’t super helpful aside from showing that Promoters are more likely to engage in positive behavior note- these are simply general benchmarks; to make this useful for your specific situation it is advisable to conduct some research on your customers’ behavior this may require some customer segmentation as, for example, it is typical to find that loyalty members (or those with many interactions with your company) score lower on CX metrics, yet exhibit more positive behavior this doesn’t mean that CX metrics are broken, it simply means that your research needs to be more sophisticated to translate these behavioral likelihoods into hard outcomes, we need to introduce a company profile customer profile has how many of our customers are promoters vs. passives vs. detractors financial profile has the current revenue of this company
- their current annual revenue is $100 million and their customer profile is something that many companies would be happy with 50% of their customers are promoters; 34% are neutrals; 16% are detractors but, the leaders at ACME have been up at night lately pondering a burning question: “how can we drive more revenue” one answer to this question is simple: improve the customer experience we’ve just shown that happy customers are more likely to engage in positive behaviors; so lets start there what would happen to that revenue figure if we increased the percentage of promoters in our customer profile? well, lets see
- in order to calculate the potential impact of an improved customer experience, lets take two pieces of information we have covered and see how they interact the first piece is our customer profile which looks like this
- the second piece is information is the behavioral likelihood associated with Repurchase for each of these customer segments as we look at these two metrics in unison we can start to see the bigger picture; keep in mind that this customer profile is responsible for our current $100 million revenue figure almost half of our customers are pretty likely to repurchase with us thereby shielding our current revenue remember early we discussed how expensive it can be to acquire new customers in order to take this to the next level, lets see just how much of our current revenue is protected in the future
- to do this we need only multiply our customer profile by their corresponding likelihoods
- finally, we sum these outcomes to arrive at what I call a Retained Revenue Index this number represents the percent of current income that will be guaranteed going forward via retained customers
- our current state retained revenue index now, lets see what happens if we drive a result through our customer experience program
- this should seem familiar...it is our current customer profile for ACME Co. in order to examine the impact of the CX on our bottom line, lets change something... lets imagine we have invested in a closed-loop program focused on our detractors lets see what happens if we take just 1% of our detractors and move them into the promoter segment
- now, lets insert the behavioral likelihood for these groups
- now, lets insert the behavioral likelihood for these groups
- and multiply as we did before
- Now, sum
- and we arrive at our new Retained Revenue Index number
- our future retained revenue index some might say that this increase in RRI is IMPACT now lets compare this with our current RRI to see what kind of improvement we have made
- we use this formal to calculate the percentage increase in revenue that is attributed to an improved customer experience
- plugging in our numbers and doing the math (remember your order of operations!) results in this...
- VoC programs have a difficult task. Quantifying the customer experience, driving action across an organization and, in the end, driving more revenue. one of the biggest and most prevalent questions is how much should be invested in improving the customer experience; here is your answer put aside research by companies that clearly show customer experience has become the largest driver of consumer purchase behavior and is only becoming more important we are talking real money here we have walked through a very conservative estimate of what an action-driven VoC program can accomplish a single customer metric, a small improvement; yet, we are talking a sum of money that offsets even the most robust program investment imagine what could be done with the right tools, partners, team and culture
- Having a solid communication strategy will enable a more effect CX program today we will introduce the typical pieces of a Communication Strategy we will end with a hands-on group activity aimed at applying what we learn
- this quote sums up what typically happens with most organizational initiatives those in the weeds assume that others understand their point of view and the potential benefits generated from an initiative in fact, the opposite it what often happens others in your organization don’t understand or, in some cases, haven’t the time to care it is your job to insure that your story is told
- it is not enough to simply launch a VoC program and expect that results will be instantly absorbed by the organization additionally, expected your internal audience to buy-in into your program on their own volition is not a great way to navigate towards success the fact of the matter is that every successful VoC program is backed by a well-articulated Communication Plan to develop an effective Communication Plan, there are 3 primary factors that need to be considered: the first, and likely the most obvious, is what we will call Content; this refers to WHAT will be communicated the second factor is Media; this refers to HOW communication will happen and finally we have Audience; this is WHO we are communicating with lets examine each of these factors in more detail
- when designing the content that will be shared internally via your communication plan, sticking to a proven method will be vital this method can be best depicted by the following graphic: the first thing that you should notice about this graphic is that it is aiming to tell a story General Value- we start with exploring the general value of CX; establishing, in the minds of your internal audience, that CX is a vital mechanism to establishing long-term success Quick Wins- with an established focus on CX, it is now time to transition to creating some quick wins these wins can come in two primary forms (micro & macro) Micro- 1:1; fixing an issue for a specific customer; lends itself well to creating customer stories or vignettes e.g., “look at what we did for Susie” Macro- 1:Many; finding a wide-spread or deep seeded issue that, when addressed, will have a large impact on the CX aim to turn these quick wins into compelling stories what was the issue? how was the issue identified? what was done to correct the issue? what impact was felt by the customer? CX Metrics- while quick wins focus on action and outcomes, Metrics aim to standardize measurement; this enables comparisons with industry leaders and tracking of progress Biz Impact- CX metrics are a great way to track progress on your journey towards customer centricity; however, over the long-haul it will be necessary to establish business impact establishing link between CX wins and KPIs leveraging customer feedback to influence cross-departmental teams or programs
- having a content plan is vital, but without a means for distributing all that great content, it is essentially useless care should be taken to leverage all media resources at your disposal; never underestimate the impact of a great propaganda campaign what are some common sources? (see slide) each of these have obvious strengths, weaknesses and applications the goal is to align these (as an example) with the specific content you are looking to push
- alignment with the right audience will allow the right content framed in the right media to have maximum impact lets think about this using the Content and Media factors we just discussed creating a quick win at the micro level and turning that into a single slide (or one-pager) could prove to be a very effective way of gaining momentum however, would that same one-pager be interesting across all departments and all levels of the hierarchy? likely not; and this same truth holds across all content and media types as such, care should be taken to understand what resonates with each department and each job level in this example, perhaps this one-pager is exactly what the VP of Operations would find useful to share in a leadership meeting; giving your team instant credibility conversely, a micro win may not be enough to convince your Executive level of the importance of CX might need to aim for a macro win or long-term trend to prove value