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Posts Tagged ‘Customer’

What should you do to start the journey of constituent experience?

The effect of everyone jumping on the constituent experience bandwagon is a slowdown in the maturation of this new business discipline. Confusion abounds as does disbelief. No one wants to risk exposing their constituents (and their job security) to new engagement practices that might increase instead of decrease frustration and churn.

However, the growing confusion opens unique opportunities. Here are a couple of strategies to start action plans around.

  • Creating a disruptive mindset by reimagining your business and constituent relationships in a digital world.
  • Making trusted content the center of your business strategy and constituent experience.
  • Infusing social constituent experience across all business functional and digital touch points.
  • Repeatedly measuring and proving the financial results.

If you haven’t begun the journey, now would be the time to start.

“Lithium’s blueprint is in direct response to customer requests for advisory and insight services to help them make their social customer experience strategy a reality.” He defines social customer experience as “unlocking the passions of your customers in the digital world in a way you can capture those insights, measure them and empower your organization to bring your customers along.” ~~Rob Tarkoff, Lithium Technologies President and CEO

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Growing Constituents And Revenues Are Top Priorities For 2013

As more signs point to strengthening economic activity in the US and selected regions of other parts of the world, corporate austerity is fading and growth is back in the spotlight. Acquiring customers, improving the customer experience, and growing revenues have returned to center stage. Forrester Research recently asked more than 2,000 global business decision-makers at large organizations what their “critical” and “high” priorities are for the next 12 months. We found that:

  • Their top priority is acquiring and retaining customers (73%).
  • Tied for the top spot is growing overall company revenue (73%).
  • The third most important priority is addressing the rising expectations of customers and improving customer satisfaction (68%).
  • Lowering operating costs now only takes sixth place on the priority list (63%).

It is evident from these data that effectively managing customer relationships has become the top priority for business success.

Better customer experiences drive improvement for three types of loyalty: willingness to consider another purchase, likelihood to switch business to a competitor, and likelihood to recommend to a friend or colleague. Forrester’s models estimate that the revenue impact from a 10-percentage-point improvement in a company’s performance, as measured by Forrester’s Customer Experience Index (CXi) score, could exceed $1 billion.

More here: Carpe Diem With The CRM Playbook: Growing Customers And Revenues Are Top Priorities For 2013 | Forrester Blogs.

5 questions to ask about your customer focus

February 11, 2013 Leave a comment

Whether you are a business leader of a department or the CEO, these questions make sense to ask and get answers about.

Asking the right questions is most of the job some days. Thanks to Peppers and Rogers for their insight into these questions. They have been at the customer focus for a long time now.

1. How many new customers are you attracting and what is their value?

2. How many customers are you losing; why and what is their value?

3. Why are your continuing customers loyal to you?

4. What is the profitability of each customer group?

5. Are your customers vouching for you?

Read more: Customer Strategy | Making Customers an Asset of Your Business

What is the Customer Experience Index? Why should you care?

January 18, 2013 Leave a comment

Is it ok to your investors to ignore money on the table by providing a mediocre customer experience?

Kerry Bodine, Vice President and Principal Analyst at Forrester Research, discusses what Forrester’s Customer Experience Index is and what it means for you at Customer Experience Forum 2012 in Los Angeles.

What is the future of customer surveys in our brave new world of customer experience?

January 8, 2013 3 comments

What is the future of customer surveys in our brave new world of customer experience?  As more companies thirst for customer feedback, the number of surveys has escalated. But there is a limit to customers’ willingness to complete surveys. I know, as a customer myself, that I am growing weary of completing the long, almost narcissistic surveys. 15 to 30 minutes, really???

As completion rates get more difficult to maintain, companies will become more efficient with the questions they ask, target questions at specific customers in specific situations, and stop relying as much on multiple-choice questions. Tidbit: When the Tempkin Group asked large companies with Voice of the Customer programs about the changing importance of eight listening posts, multiple choice survey questions were at the bottom of the list.

Why Customer Experience? Why now?

December 27, 2012 Leave a comment

Kerry Bodine at Forrester, in a great blog post, writes that “For decades, companies have been promising to delight customers, while simultaneously disappointing them in nearly every channel. That tactic won’t cut it anymore. Why not? We’ve entered a new era that Forrester calls the age of the customer — a time when focus on the customer matters more than any other strategic imperative.”Customer Age

Here are 3 reasons why now:

  • Commoditization has stripped away existing sources of differentiation. Competitive barriers of the past like manufacturing strength, distribution power, and information mastery can’t save you today – one by one, each of these corporate investments has been commoditized.
  • Traditional industry boundaries have dissolved. Companies in every industry find themselves competing with new types of competitors – automakers with services like Zipcar, newspapers with Google News, travel agents with Expedia, and the entire retail industry with Ebay.
  • Customers have more power than ever. With online reviews, social networks, and mobile web access, it’s easy for your customers to know more about your products, services, competitors, and pricing than you – and to share their opinions of your company with their friends.

How should we measure results for our customer strategy?

December 23, 2012 Leave a comment

Let’s talk a little about customer measurements. 2 measures have gained traction in the last few years. One is Net Promoter Score and the other is the Customer Experience Index. We are beginning to experiment in using them. They give us a basis of comparison to public data that is common to many companies today. Please let me know if you have questions. I’ve also included links to additional resources for each one. There is a great book on the Net Promoter Score.

Net Promoter

Read more…

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