do you have the right customer experience strategy?
TRANSCRIPT
By Kate Feather
DO YOU HAVE THE RIGHT CUSTOMER EXPERIENCE
STRATEGY?
Want the handouts? info.peoplemetrics.com/elfa
By Mark Tomaselli First American Equipment Finance
What You Will Learn Today
1. What customer experience really is.
2. The 5 elements of a successful customer experience strategy (and 2 that differentiate).
3. Where you should focus in 2016.
William Henry Perkin (1838-1907)
August Wilhelm Von Hoffman (1838-1907)
Royal College of Chemistry
in London
Let’s cure malaria!
Don’t we all take work
home?
Chemical mauveine
Look familiar?
How about this?
Yards and yards of purple fabric goes on top
For Perkin, this stuff…
…became this stuff.
Honestly,
why is purple mucus important to me?
Open your mind.
Historical context is key to understanding.
1900 - 1960 AGE OF MANUFACTURING
1960 - 1990 AGE OF DISTRIBUTION
1990 - 2010 AGE OF INFORMATION
We have entered a new age.
2010 - ? AGE OF THE CUSTOMER
So, what is customer experience?
The best companies are the ones who strive to leave the safety net
behind. For good.
Why does it matter?
Source: Watermark Consulting (2015)
“…customers who had the best past experiences spend 140%
more compared to those who had the poorest past experience.”
“…on average, a member who gives the lowest score will likely
only remain a member for a little over a year. Compare that to a member who gives the highest
score — they are likely to remain a member for another six years.”
Source: HBR, The Value of Customer Experience, Quantified (August 2014)
33 pts
42 pts
40 pts
27 pts
In PeopleMetrics own research, growth Banks adopt customer-centric disciplines more than non-growth banks.
Source: PeopleMetrics (2013)
Let’s see how ready you are.
EXECUTIVE BUY-IN
EDUCATE AND ENGAGE
TARGET CUSTOMERS
UNDERSTAND CUSTOMERS
LISTEN TO CUSTOMERS
5 Elements of a Successful CX Strategy.
Want the handouts? info.peoplemetrics.com/elfa
Customer Experience Assessment
Activity Time
UNDERSTAND CUSTOMERS
LISTEN TO CUSTOMERS
EXECUTIVE BUY-IN
EDUCATE AND ENGAGE
TARGET CUSTOMERS
5 Elements of a Successful CX Strategy.
EXECUTIVE BUY-IN
EDUCATE AND ENGAGE
TARGET CUSTOMERS
UNDERSTAND CUSTOMERS
LISTEN TO CUSTOMERS
EXECUTIVE BUY-IN
EDUCATE AND ENGAGE
TARGET CUSTOMERS
UNDERSTAND CUSTOMERS
LISTEN TO CUSTOMERS
Fanatical SupportTM fuels growth
47% 18% 24% 31% 28% 15% 13% Yearly growth %
EXECUTIVE BUY-IN
EDUCATE AND ENGAGE
TARGET CUSTOMERS
UNDERSTAND CUSTOMERS
LISTEN TO CUSTOMERS
In an increasingly price competitive world, differentiating on the client experience was
Signature’s last line of defense.
In 2006, we identified ACCOUNTABILITY as key to their success…
Email Alert Generated to Individual(s) Responsible
Customer Submits Survey
Email Invitation to Brief Online
Survey
Customer Has Experience
Actions Tracked Online
Action Is Taken
Data is Aggregated and Analyzed
Take Action to Improve Customer
Experience
Daily shift meetings
25pt lift in engagement
16,000 fewer problems
30% increase in revenue
24% increase in worldwide locations
Where should you focus first?
Want the handouts? info.peoplemetrics.com/elfa
One Year Plan Activity Time
Successfully Executing Activity Time Want the handouts?
info.peoplemetrics.com/elfa
Your turn.
Summing Up – You Tell Me
• What is customer experience (really)?
Summing Up – You Tell Me
• What is customer experience (really)?
• What are the 5 elements of a successful CX Strategy?
Summing Up – You Tell Me
• What is customer experience (really)?
• What are the 5 elements of a successful CX strategy?
• What is your priority for 2016?
Thank You! Questions?
Kate Feather, EVP [email protected] 215.979.8037
@katefeather
Want the handouts? info.peoplemetrics.com/elfa