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Customer Experience Management by MIS Associates

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This presentation was made in April 2012 at the Text Analytics Summit in London. The presentation outlines Customer Experience Management (CEM) best practices and their value to both the customer and …

This presentation was made in April 2012 at the Text Analytics Summit in London. The presentation outlines Customer Experience Management (CEM) best practices and their value to both the customer and the vendor. In addition we look at the technical, operational and measurement challenges of CEM, and the customer decision journey.

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  • 2. Next best action for disgruntled high value call centre customers
  • South-Eastern airlines famously changed their finance staff to ‘happy people’
  • 27 sources
  • Recent research by the NCC shows that only 5% of organisations have a single complete view of all their customer data.25% have a CEM strategy (Foviance)Measurement is piecemealand immature
  • Transcript

    • 1. Text Analytics to Optimise Customer Experience Management (CEM) for increased Customer Retention and Shareholder Value Gerry Brown Director MIS Associates For: Text Analytics Summit Europe Date: Tuesday 24th April 2012 Location: Royal Gardens Hotel, London W8
    • 2. What does Gerry do?  Strategy advisor  Technology industry analyst  Marketing lecturer2 Text Analytics Summit Europe 24th April 2012
    • 3. Agenda 1. CEM: best practices, customer value and profitability 2. Technical, operational and measurement challenges 3. Conclusions3 Text Analytics Summit Europe 24th April 2012
    • 4. Who does CEM well?4 Text Analytics Summit Europe 24th April 2012
    • 5. 6 Behaviours of CEM Champions 1. Recruit and train to deliver the brand promise 2. Differentiate through service and personalisation 3. Promote from within and reward staff well 4. Innovate as a result of listening 5. Under-promise and over-deliver 6. Data-driven – measure everything5 Text Analytics Summit Europe 24th April 2012
    • 6. Most important attributes for delivering customer experience Foviance (2012)6 Text Analytics Summit Europe 24th April 2012
    • 7. Loyalty / Retention Strategies 1. Create targeted and unique interactions with high value customers based on a 360 degree view 2. Recognize and reward customers in real time across multiple channels 3. Integrate partners into loyalty programmes 4. Develop online communities using social media7 Text Analytics Summit Europe 24th April 2012
    • 8. How Loyalty & Retention Contribute to Shareholder Value 7 6 5 Acquisition Cost Year 4 Base Profit Revenue Growth 3 Reduced cost-to-serve 2 Referrals value 1 Price Premium -20 0 20 40 60 Customer Profitability ($) Fred Reichheld (1996)8 Text Analytics Summit Europe 24th April 2012
    • 9. Management Gurus Agree . . .  Reichheld: a 5% reduction in customer defection increases profits by 25% to 80%  McKinsey: retaining customers is 3 to 10 times cheaper than acquiring new However customer leakage is occurring . . .  Bain: 80% of organizations surveyed felt they did a great job in delivering customer experiences. Only 8% of their customers agreed  McKinsey: 7/10 customers switch to a competitor because of poor service  University of Pennsylvania: 96% of dissatisfied customers leave quietly, 68% of which never reveal their dissatisfaction because of perceived indifference9 Text Analytics Summit Europe 24th April 2012
    • 10. What is CEM & Key Concepts “The orchestration and integration of all touch-points and activities performed for the customer” What CEM advocates believe:  Customer acquisition is expensive, and profitability comes from longer term Life Time Value (LTV)  Delight the customer with product and service experiences beyond their expectations and be rewarded with customer retention, loyalty and advocacy  A satisfied customer is the most profitable customer. High value customer churn must be avoided at all costs10 Text Analytics Summit Europe 24th April 2012
    • 11. What text analytics does for CEM • Integrates raw unstructured data on customer experience from Integrates multiple enterprise applications and social media sources • Reveals customer sentiments, concerns, intentions, and issues Reveals • Refines data into categories, themes, sentiments, emerging issues Refines and root causes for analysis and reporting • Provides real time actionable insights Insight11 Text Analytics Summit Europe 24th April 2012
    • 12. What are the text sources?12 Text Analytics Summit Europe 24th April 2012
    • 13. Barriers preventing multichannel customer experience Foviance (2012)13 Text Analytics Summit Europe 24th April 2012
    • 14. The Traditional Linear AIDA Model Awareness Marketing Interest Desire Sales Action Services14 Text Analytics Summit Europe 24th April 2012
    • 15. McKinsey’s Consumer Decision Journey Active Evaluation Loyalty Loop Initial Moment of Consideration Purchase Trigger Post-purchase experience15 Text Analytics Summit Europe 24th April 2012
    • 16. Measuring CEM Important data sources Key measurement metrics  Web site analytics (77%)  Sales / revenue (66%)  Customer satisfaction  Customer retention / loyalty surveys (72%) (65%)  Social media (50%)  Customer satisfaction / net  Call centre (49%) promoter score (57%)  CRM (39%)  Call centre (36%)  Ad campaigns (36%)  Social media (36%)  Profitability (34%)eConsultancy (2012)16 Text Analytics Summit Europe 24th April 2012
    • 17. Conclusions  CEM is a core organisational strategy – it best suits ‘high service’ organisations e.g. travel, hotels, retail  Text analytics on the desktop enables service encounter personalisation by providing a 360 degree single customer view via multiple online feeds  Text analytics identifies issues and root causes for management corrective action and service continuity  A few organisations are advanced in CEM, most are early stage – culture and complexity are key challenges17 Text Analytics Summit Europe 24th April 2012
    • 18. Thank you
    • 19. Questions?Gerry BrownDirectorMIS Associates Limited5 Kew Road, Richmond TW9 2PRMobile: +44 (0)7855 525598Email: gerry.brown@misassocs.comWeb: www.misassocs.comTwitter: @gerrybrown. . . optimise your marketing strategies

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