With only 8% of leading business’s able to use their customer feedback to create true change and the discipline's faltering ability to evidence ROIs, should CEOs continue to invest in major CX programs? Can the other 92% really afford to risk their customers leaving in a blaze of apathy?
Drawing on his experience of delivering global customer experience programs, Keith will reveal how the true innovators are able to quantify ROI from their cx program, providing examples of customer satisfaction driving gains in financial metrics such as life-time customer value, average spend, share of wallet and profitability.
By combining customer insight data with existing client information such as financials and operational information, SynGro enables its clients to develop detailed insight into their client accounts and relationships with sufficient depth to build strategic and tactical actions.Such views enables clients to quickly understand the amount of risk they have in their business and prioritise actions to mitigate. NPS – we are not tied to NPS, we will use whatever industry measures you need. Click on graph to drill downHeineken – where CX meets FinancialCEO couldn’t understand value behind NPS hard to see where to invest in CXCombined financial and customer feedback CEO called the detractors “Customer Risk” see value drop off and churn value of each customerPromoters spend x 2.3 moreDetractors spend will decrease and drop offAway to keep eye on value to businessFocus on driving outcome. Though even the process of consulting customers helps.Helped focus on mobilisation of workforce and prioritisationHeineken found was the process to the resolution of the problem was what effected the customer score. So could focus in on the process and bring customers back on board.2.5x full time employees doing approx 2000 surveys a month78,000 outlets- on premise, off-premise, tradiontal trade (corner shops) and retails stores (supermarkets)Closed loop action and segmentation means that people who are locally responsible take steps when there is an issue. Empowers them to take control of their own fate – not just a stick to beat regional sales guys with from HQ.By combining customer insight data with existing client information such as financials and operational information, SynGro enables its clients to develop detailed insight into their accounts with sufficient depth to build strategic and tactical actions.Such views enables clients to quickly understand the amount of risk they have in their business and prioritise actions to mitigate.
Promoter aren't worth more than detractors forstoraenso. Commodity producer, price takers and not price makers. Risk that profits are spent on keeping customers. 2010 lots of surveys conducted: if detractors remain detractors, sales fall off a cliff. Stora Enso prioritised the detractors. Drive best operating practice – Understand why customers in each segment like you. How you deal with detractors effects customer value. Process of resolution alone is a boost.Detractor worth ¼ billion to StoraThey use SEAMS to for pattern analysis (9 moves to 7 etc) – need to set appropriate triggers and research what it means in each company/industry/sector when someone goes from 9-7 etc. A meaningful measure.Drive down to segment to understand which customer are worth focusing on and drive closed loops
Comparative analysisTop 5 things that are important to clients - key issues with respect to competitiveness, areas where costs can be safely cut etcBottom 10 where you can make savings/reduce focusWhat important to the clientMust be able to drill down to give you granularity to have valueThe top five priorities will be where there needs to be no cut – non-priorities is where costs can be cut.N = scores. CN – competition score.How to benchmark appropriately? Ask customer to rank similar company/next best competitor.What do Satmetrix do? Arbitrary comparison with outdated market research of ‘groupings’ e.g. Media Group may contain Skype, Virgin, BT etc…not direct comparison, and more importantly not the organic comparison a customer may make.