Empowering Revolution in a New Customer Landscape

Empowering Revolution in aNew Customer Landscape Brian Vellmure Initium LLC / Innovantage http://www.brianvellmure.com http://www.twitter.com/CRMStrategies

A new era of revolution?

Economic Decline and Uncertainty

WHAT IF OURBASELINE ASSUMPTIONSARE WRONG?WHAT IF THE CORPORATE STATUS QUOIS VULNERABLE TO COLLAPSE?

A New Customer Landscape: Rapid Digital EvolutionBrian Vellmure http://www.brianvellmure.com @CRMStrategies

The Digitization of EverythingPortrait byPopeye Francom

Price/Performance Doubling every 18 months Source: Ray Kurzweil

"How far off is a future in which thecreative economyoverflows the thin boundarythat separates information from stuff?" Tim O’ Reilly

A New Customer Landscape: A Conversation EvolutionBrian Vellmure http://www.brianvellmure.com @CRMStrategies

"CRM is no longer just a model "Social CRM is the companysfor managing customers, programmatic response to thebut one of customer customers ownershipengagement" of the conversation” - Paul Greenberg Best Selling Author, Analyst, Consultant Photo Credit: Michael Krigsman

How do your customers prefer to communicate?

Kate Leggett Data For the first time, web self-service topped the phone channel as the communication channel most widely used by customers to interact with customer service organizations. - Forrester Research Forrester’s North American Technographics® Customer Experience Online Survey, Q4 2010

Brian Vellmure http://www.brianvellmure.com @CRMStrategiesCustomers are using more channels (and more devices too)

A New Customer Landscape: Customer ExpectationsBrian Vellmure http://www.brianvellmure.com @CRMStrategies

Brian VellmureFundamental Customer Expectations Help me to get Help me to my job(s) done feel good http://www.brianvellmure.com @CRMStrategies

Brian Vellmure http://www.brianvellmure.com @CRMStrategiesCustomers Want Know me6 Things #1

Brian Vellmure http://www.brianvellmure.com @CRMStrategies Competent #2 Be

Brian Vellmure http://www.brianvellmure.com @CRMStrategies Be Trustworthy6 Things Customers Want #3

Brian Vellmure http://www.brianvellmure.com @CRMStrategies6 Things Customers Want Be Likeable #4

Brian Vellmure http://www.brianvellmure.com @CRMStrategies6 Things Customers Want Be Relevant #5

Brian Vellmure http://www.brianvellmure.com @CRMStrategies #66 Things Customers Want Be Available

Brian Vellmure http://www.brianvellmure.com @CRMStrategiesFundamentals Remember the

How are Customer Expectations changing?

Growing expectations of immediacy

Brian Vellmure http://www.brianvellmure.com @CRMStrategiesGreat experience regardless of channel

Brian Vellmure http://www.brianvellmure.com @CRMStrategies

A New Customer Landscape: The EmergenceBrian Vellmure http://www.brianvellmure.com @CRMStrategies

Evolving Customer Relationship Dynamics Brian Vellmure They are now Active Value Chain Participants They (could be) Tech Support / Customer Service They (could) have input to product/service direction http://www.brianvellmure.comThey are your brand managers @CRMStrategies

Pioneering a new customer landscape Brian Vellmure  From Individual Customers… to Networks of Customers  From Delivering Value to Customers… to Co-Creating Value with http://www.brianvellmure.com Customers  From Hierarchical Command & Control… to Collaborative Hybrid Organizations  From Customer Lifetime Value… to Customer Network Value  From Stand-alone Companies… to an Ecosystem of Networked Partners  From Company Push… to Sensing and Responding in Real- Time to Customers @CRMStrategies Dr. Graham Hill: A Social Business Manifesto

Lurking in our Customer Base…Brian Vellmure http://www.brianvellmure.com @CRMStrategies

Brian Vellmure http://www.brianvellmure.com @CRMStrategiesJust a routine call in the call center…

Brian VellmureAlmost 1,000,000 Views on YouTube Over 1,000 Blog Comments http://www.brianvellmure.com @CRMStrategies An appearance on NBC’s Today Show (and countless other media outlets)

Brian VellmureAnd more funCustomer ServiceBedtime Stories… http://www.brianvellmure.com But are these simple manifestations of @CRMStrategies more deep seeded issues?

Brian Vellmure 70% Roughly http://www.brianvellmure.comof customers are either upset or extremely upsetabout a problem they had with a product or servicein the last 12 months. @CRMStrategies Source: Customer Rage Study – 2003, 2004, 2005, 2007

Highlight stats about irate customershere

What’s lurking in your customer base?   What if your customers were to spark their own revolution?   Whatwould it take? What would they say?  How would you respond?

A New Customer Landscape: Identifying the OpportunitiesBrian Vellmure http://www.brianvellmure.com @CRMStrategies

Brian VellmurePERSONAL STORIES  Greatexperiences  What made them great http://www.brianvellmure.com  Impact @CRMStrategies

Increased ConnectionIncreased Expectations This presents aIncreased Opportunities tremendous opportunity for organizations who have theOur customers will continue to reveal ability and desiremore and more about themselves, in to understand, show empathy,an unstructured manner and respond with something that resonates

A New Customer Landscape: Measuring (True) Customer ValueBrian Vellmure http://www.brianvellmure.com @CRMStrategies

Measuring Customer Value $9,432.00 Historical Spending

Horse and Buggy – customer spendingCLV (Single Customer View)NPSCLV (Holistic View)Next Gen Automobiles: CEV (incorporates CLV, CIV, CRV, CNV)

Measuring Customer Value $87,950.00 Customer Lifetime Value Historical Spending

Measuring Customer Value “Hi, I’m a Promoter” $87,950.00 + “8” CLV + NPS Customer Lifetime Value (CLV) Historical Spending

Brian VellmureNot just would you, but DID YOU? http://www.brianvellmure.com If you did, did they BECOME A CUSTOMER? @CRMStrategiesIf they did BECOME A CUSTOMER,WERE THEY PROFITABLE?

Brian VellmureMeasuring (True) Customer Value http://www.brianvellmure.com Referrals Network Influence @CRMStrategies Transactions Ideas and Feedback Community Support

Measuring (True) Customer Value CLV (Customer Lifetime Value) + CRV (Customer Referral Value) + CIV (Customer Influence Value) + CKV (Customer Knowledge Value) _______________________________________ Customer Engagement Value Undervalued or Overvalued Customers: Capturing Total Customer Engagement Value V. Kumar, LerzanAksoy, Bas Donkers, RajkumarVenkatesan, Thorsten Wiesel and Sebastian Tillmanns

Companies empowering Customer RevolutionsBrian Vellmure http://www.brianvellmure.com @CRMStrategies

Key Takeaways Brian Vellmure-  Societal and business landscape(s) are shifting-  Spark and lead your customer’s revolution, don’t be surprised by it http://www.brianvellmure.com-  Focus on fundamental customer needs, but recognize the shift in expectations-  Invite and include your customers in core business operations; leverage combination of structure and unstructured feedback-  Capitalize on new opportunities by providing a superior customer experience-  Customer value measurement is ripe for innovation @CRMStrategies-  Every interaction is a marketing opportunity, Every mention is an opportunity to listen-  Stand out – and experience the amplifier effect, and higher profitability

Key Questions Brian Vellmure1.  If your customers were to start a revolution, what would it look like? http://www.brianvellmure.com2.  How can your organization provide the platform to empower your customer’s revolution (or evolution)?3.  How would customer interactions (and underlying technology and processes) change if you truly did understand Customer Engagement Value? @CRMStrategies

THANK YOU !Empowering RevolutionIn a New Customer LandscapeBrian VellmureInitium LLC / Innovantagehttp://www.brianvellmure.comhttp://www.twitter.com/CRMStrategies

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Empowering Revolution in a New Customer Landscape

by Brian Vellmure on Sep 26, 2011

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Empowering Revolution in a New Customer Landscape — Presentation Transcript