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Executive Overview - Building the case for Customer Centricity

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Customer Centricity has taken center stage for enterprises seeking to transform for the digitial age. Managing proactively Customer Experience wins the Triple Crown - Lower Costs, Higher Revenue and Enhanced Service concurrently.

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Executive Overview - Building the case for Customer Centricity

  1. 1. Building the Case for Customer-Centricity and Outside-In Convince your top team, your colleagues and peers, in fact… everyone
  2. 2. Amazon did not kill the retail industry They did it to themselves with bad customer service Netflix did not kill Blockbuster They did it to themselves with ridiculous late fees Uber did not kill the taxi business They did it to themselves with too few taxis and fare control Spotify did not kill the music industry They did it to themselves by forcing people to buy full-length albums Airbnb did not kill the hotel industry They did it to themselves with limited availability and pricing options There is no place to hide, and there is No mercy
  3. 3. “Customer experience is at the very top of everyone’s priority list – from the CEO to the CMO to the CIO. The emergence of new channels, new customer behaviors, new design breakthroughs, new customer expectations and new sources of customer data offer new opportunities to improve the CX and deliver sustainable competitive advantage.” Gartner 2017
  4. 4. Customer-centricity is a tough sell We have to become customer-centric That sounds difficult, veryexpensive … and toovague
  5. 5. Why do we need to be more customer centric? Convince your top team, your colleagues and peers, in fact everyone
  6. 6. It makes money It reduces costs It boosts motivation and oh, there is no choice… Four Reasons…
  7. 7. It makes money It reduces costs It boosts motivation and oh, there is no choice… Four Reasons…
  8. 8. Often times… The argument for customer- centricity is “soft and fluffy” I will give you a great experience because I really like you…
  9. 9. However there is actually a ‘hard as nails’ business case Happy customers come back, buy more and stay longer Through understanding specific customer needs you can do more value added activity Focusing on delivering Successful Customer Outcomes speeds up delivery Prioritizing Successful Customer Outcomes identifies the stuff you no longer need to do (removing the friction from the process) Employees delivering customer needs are more motivated
  10. 10. However there is actually a ‘hard as nails’ business case Organizations that dismantle their product silos will quickly differentiate themselves from competitors by staying profitable in an era of shrinking revenues and expanding regulation (PWC) “The One to One program was created for one purpose: to build a customer for life. It’s based on a simple premise – the more a customer understands and appreciates a product, the more likely they are to make a deeper emotional connection with that product, and to return or to recommend the product/service to a friend.” (Carmine Gallo, Apple) Wireless pay TV will rapidly grow and change with 5G Before this transformation, the cable television industry sold cable TV, period. Then they started to sell Internet. Now they are selling wireless. Think of Comcast Xfinity Mobile, Charter Spectrum Mobile and Altice Mobile. Along the way, Comcast also acquired NBC Universal, which gave them loads of content. They are doing this because the telephone companies are selling competitive television services. AT&T, for example acquired DirecTV and transformed it into DirecTV NOW. They expanded their IPTV service and also introduced wireless TV or mobile TV. They also recently acquired Time Warner, which they renamed Warner Media. This gives them their own source of new content. New players Today, AT&T DirecTV NOW and Comcast Xfinity are the two leading pay television companies. Ten years ago, these two companies were not direct competitors. Today they are. The industry has been reinventing itself over the last decade or two and it not done yet. Competitors and the entire industry will continue to transform themselves and grow. IDG – October 2018
  11. 11. Better CX Correlates With Higher revenue Growth in Most industries Jon Picoult's research at Watermark Consulting, compares the market performance of CX Leaders and CX Laggards (based on Forrester's Customer Experience Index). An organization’s customer satisfaction performance, as measured by the American Customer Satisfaction Index (ACSI) methodology, can predict how well the firm will perform in terms of corporate revenue and earnings growth.
  12. 12. Reason #1: It makes money
  13. 13. It makes money It reduces costs It boosts motivation and oh, there is no choice… Four Reasons…
  14. 14. Winning the Triple Crown – simultaneously reducing costs, growing revenues, and improving service Cutting bureaucracy/red-tape reduces costs Simplifying processes reduces costs Optimizing work on successful customer outcomes reduces costs
  15. 15. Needless complexity creates breakdowns, rework and unnecessary costly activity
  16. 16. If it looks a mess, it’s because it is a mess. Expensive, broken and takes a long time…
  17. 17. accident claim Optimizing the Customer Experience significantly reduces costs
  18. 18. Reduced Process Costs plus… • Reduced Fraud • Lower Disputes • Reduced legal fees • Shorter cycle times • Lower IT Costs • Higher renewal rates • Increased revenues per customer • Higher referrals • Lower marketing cost • Lower retention costs • Improved Satisfaction Optimizing the Customer Experience significantly reduces costs
  19. 19. Reason #2: It reduces costs
  20. 20. It makes money It reduces costs It boosts motivation and oh, there is no choice… Four Reasons…
  21. 21. POSITIVITY NEGATIVITY INDIFFERENCE Fact #1 Everything you do creates a customer emotion
  22. 22. Kill me, please Fact #2 Customer emotions directly impact your employees “Case study: a return to work after sickness absence due to mental health”. Flemming F (2017).
  23. 23. 69% of employees say that they would work harder if they were better recognised 49% of employees say they would leave their current job for a company that clearlyrecognised employees for theirefforts Source: Salesforce.com, 2012 Fact #3 And employee performance “Recognition doesn’t just come from colleagues and managers. It can also come from customers”
  24. 24. YOU ARE IDIOTS !! YOU ARE INCREDIBLE !!! Where would you prefer to work?
  25. 25. Employees enjoying their work make more profit Happier customers (they’ll want more) Lower levels of staff turnover (training & recruitmentcosts come down) Better brand reputation =access attracts better talent Lower levels of absenteeism Increased employee productivity Happy People make more profit* > *10 Ways Having Happy Employees Can Increase Profit – Recruitloop, 2016 > Make More Money by Making Your Employees Happy - Dr. Noelle Nelson, 2012 > ”Companies that effectively appreciate employee value enjoy a return on equity & assets more than triple that experienced by firms that don't. When looking at Fortune's '100 Best Companies to Work For' stock prices rose an average of 14% per year from 1998-2005, compared to 6% for the overall market.” Jackson Organization
  26. 26. Reason #3: It is motivating
  27. 27. It makes money It reduces costs It boosts motivation there is no choice… Four Reasons…
  28. 28. INDUSTRIAL SERVICE EXPERIENCE FARMING INDUSTRIAL RETAILING LEISURE SERVICE HEALTHCARE Customer experience management is the new battlefield
  29. 29. Amazon did not kill the retail industry They did it to themselves with bad customer service Netflix did not kill Blockbuster They did it to themselves with ridiculous late fees Uber did not kill the taxi business They did it to themselves with too few taxis and fare control Spotify did not kill the music industry They did it to themselves by forcing people to buy full-length albums Airbnb did not kill the hotel industry They did it to themselves with limited availability and pricing options There is no place to hide, and there is No mercy
  30. 30. • physical product • digital footprint • employees • services • T&C’s • process efficiency • reputation • brand • call centre • guarantees • social media • price • ethics • leadership • … Customers now assess their complete experience and every interaction The experience has become THE product
  31. 31. 75% of the C-Suite see the development of stronger customer relationships as a crucial driver of future growth IBM, Global C-Suite Study, 2017 Customer-centricity: a condition for successful business 88% of CEO’sare concerned about customer loyalty and recognise that mastery of the customer agenda is essential KPMG, Customer First, 2016
  32. 32. Those who build and deliver Successful Customer Outcomes will survive those who don’t The disrupter has you in their sight Books Electronics Clothing Groceries Movies TV content Cloud computing Package delivery Home services Healthcare Industrial equipment Pharma machines Retail stores Coming soon Banking/insurance Real Estate Meal preparation Home improvement
  33. 33. Reason #4: there is no choice
  34. 34. Why do we need to be more customer centric? Convince your top team, your colleagues and peers, in fact everyone
  35. 35. OK, I get why we should do it, but it still sounds vague to me Getting ‘it’ precedes implementation
  36. 36. Customer-centricity is challenging, but it’s not brain surgery There’s a proven tried and tested approach from the BP Group – The CEMMethod™ (v.11)
  37. 37. • www.BPGroup.org www.CEMMethod.comLet’s help you get there double quick Do you want to make your company more customer-centric?
  38. 38. Building the Case for Customer-Centricity and Outside-In Convince your top team, your colleagues and peers, in fact… everyone
  39. 39. Building the Case for Customer-Centricity and Outside-In Contact us: US: +1 970 369 5454 UK: +44 7480 140170 E: stevetowers@gmail.com W: www.cxobsession.com T: @stowers www.linkedin.com/in/stevetowers/ www.theexperiencemanager.com www.bpgroup.org www.stevetowers.com

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