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Boost loyalty and bottom line results by putting customers first
 

Boost loyalty and bottom line results by putting customers first

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According to Forrester Research, you cannot outperform your competition by offering lower prices while ignoring customer experience. ...

According to Forrester Research, you cannot outperform your competition by offering lower prices while ignoring customer experience.
Their research shows that customer experience is a more powerful customer loyalty driver than price-value perception and, as examples, accounts for 55.1% of loyalty for banks and 46.5% for retailers.
What’s considered a customer experience? These not only include interactions through traditional channels, such as purchases, customer service requests and call centre communications but also, increasingly, through social CRM such as Twitter and Facebook.
To manage the customer experience, companies need to create a strategy that encompasses all customer touch points across the organisation. Stanley Marcus, former president and chairman of the board at Neiman-Marcus (US Luxury brand) quoted: "Consumers are statistics. Customers are people."
Customer experience management (CEM) is the collection of processes a company uses to track, oversee and organise every interaction between a customer and the organisation throughout the customer lifecycle. The goal of CEM is to optimise interactions from the customer's perspective and, as a result, foster customer loyalty.
This insightful Think! Event looks at how organisations are embracing CEM and utilising CRM tools to assist in growing loyalty amongst their customers.

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Boost loyalty and bottom line results by putting customers first Boost loyalty and bottom line results by putting customers first Presentation Transcript

  • Steven Foster, CRM Product Manager July 2013 Boost Loyalty and Bottom Line Results by Putting Customers First
  • Your Awesome Presentation Title {Segoe UI 12 pt.} “According to Forrester Research, you cannot outperform your competition by offering lower prices while ignoring customer experience.
  • Why should you care? Customer experience strategies What is customer experience management Topics for Discussion
  • What is Customer Experience Management?
  • Customer experience management (CEM) is the collection of processes a company uses to track, oversee and organise every interaction between a customer and the organisation throughout the customer lifecycle. The goal of CEM is to optimise interactions from the customer's perspective and, as a result, foster customer loyalty.
  • Customer Experience Management | 6 A typical customer journey
  • Customer Experience Management | 7 Bricks & Mortar Mobile Web Catalogue Customers: One to One engagement Retailer : Offer one channel to customer Customers: experience multiple touch points but little or no convergence Retailer: Silos of knowledge and operational activity Customers: experience multiple touch points within same brand Retailer: obtain single view of customer but operations remain in silo Customers: experience a brand, channel becomes redundant Retailer: single view of customer , strategic and co-ordinated opportunities. Social The Journey in the Retail Channel Offer:
  • Customer Experience Management | 8 So CEM or CX is … Consistent Experience across all interactions  From awareness, discovery, attraction, interaction, purchase, use, cultivation and advocacy  Experience that defines the value for both employees and customers  Web is but one channel, think about the whole journey  CRM is about recording the interactions, cultivating the relationships and managing the pipelines, CEM is about the experience of the interaction
  • Customer Experience Management | 9 What about your experiences? What did they look like? The Good? The Bad?
  • Customer Experience Management | 10 Kathmandu.co.nz Smooth transition from Catalogue to Order to pick up in store
  • Customer Experience Management | 11 Icebreaker.co.nz Connecting your purchase to animal welfare and to ethics
  • Customer Experience Management | 12 1day.co.nz Quick and Easy selection and Payment, its what you expect
  • Why should you care?
  • “Consumers are statistics, Customers are people” Stanley Marcus, former president and chairman of the board at Neiman-Marcus (US Luxury brand)
  • Customer Experience Management | 15 Forrester Customer Experience Index Customer experience continues to correlate to future business.
  • Customer Experience Management | 16 Can my teenager work it out? Think about the experience  When consumers can’t complete a goal online, the vast majority switch to more expensive channels, most often the phone. Others give up and go to a competitor, while still others abandon their goals entirely. (Forrester)  Negative experiences get quickly and broadly socialized—and can kill brand value
  • Customer Experience Management | 17 Can my teenager work it out? Think about the experience  89% of consumers began doing business with a competitor following a poor customer experience.  After a poor customer experience, more than one-quarter of consumers (26%) posted negative complaints on a social networking site such as Facebook or Twitter (2011 Customer Experience Impact Report conducted by Harris Interactive )
  • Customer Experience Management | 18 Better customer experience can be worth millions in annual revenue  Incremental purchases from existing customers in the same year.  Revenue saved by lower churn.  New sales driven by word of mouth
  • Customer Experience Management | 19 Experience matters
  • Customer Experience Strategies
  • Customer Experience Management | 21 What makes up a customer experience?
  • Customer Experience Management | 22 The challenges Consistency, Consistency, Consistency  Creating consistent brand experiences across all channels  Integrating channel and brand experiences  Consolidating data into a single view of the customer
  • Customer Experience Management | 23 Practical approach to CEM MaptheEnvironment Map out the Touch-points Define the Customer Journeys Customer Experience Ecosystem Customer Insights Identify and segment your customers Review Data Quality DeveloptheStrategy Organisation Change and Culture Capture the business benefits Wrap the numbers in a compelling story Process impact Understand the data needs Mobility Measurement Strategy ExecutetheExperience Motivate Sell the benefits Train Update systems and processes Monitor
  • Customer Experience Management | 24 Interact with a customer experience model  Plug in your actual numbers.  Include cost savings to complete the picture.  Wrap the numbers in a compelling story.
  • Customer Experience Management | 25 The quality of every customer experience depends on a complex interdependent ecosystem of employees, partners, processes, policies, and technology. Nokia's chief executive officer (CEO), Stephen Elop, captured the importance of this idea: "Our competitors aren't taking our market share with devices; they are taking our market share with an entire ecosystem."
  • Dynamics CRM can provide insight into the Customer Experience Website intelligence Loyalty details Recent touch points Purchase history Interests
  • Dynamics AX for Retail provides the tools to enable consistent Customer Experience across the buying journey
  • Any questions?
  • Email: steven.foster@intergen.co.nz Mobile: 0212462858 LinkedIn: nz.linkedin.com/in/stevefoster Twitter: @FozzyNZ Thank you