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Customer enchantment - NACUSO conference
 

Customer enchantment - NACUSO conference

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Presentation to The National Association of Credit Union Service Organizations (NACUSO) about developing a customer focused approach to achieve business goals. Gaining a deeply intimate understanding ...

Presentation to The National Association of Credit Union Service Organizations (NACUSO) about developing a customer focused approach to achieve business goals. Gaining a deeply intimate understanding of customer behavior is at the heart of the relationship required to engage both customers and employees. An organization’s ability to understand, act upon and internalize customer information has a direct and tangible impact on business performance.

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    Customer enchantment - NACUSO conference Customer enchantment - NACUSO conference Presentation Transcript

    • Beyond  Customer  Loyalty…   Customer  Enchantment NACUSO  CONFERENCE April  16,  2013
    • WHO CALLS THEIR FINANCIAL SERVICES COMPANY AT A TIME LIKE THIS? 2
    • PART OF THE ANSWER LIES IN THE SECOND PART OF THE STORY… PAGE  3      ©  Endeavor  Management  2012 3
    • WHAT THE REP DID •  Looked  at  each  contact  as  an  opportunity  to   fulfill  the  mission •  Looked  at  the  interaction  from  the  customer’s   perspective  as  opposed  to  her  line  of  business   perspective This  didn’t  happen  by  accident… 4
    • AFTER 34 YEARS, HERE IS WHAT I KNOW… •  Mission  is  filter  through  which  everything  passes •  Successful  leaders  are  customer  zealots •  Dedication  to  workforce  yields  dedication  to   customers •  Voice  of  the  customer  is  regularly  sought  and   valued •  Commitment  to  excellence  permeates  the   organization •  Customers  are  “enchanted”,  not  just  “satisfied” 5
    • HOW ENCHANTMENT IS DIFFERENT Loyal  Clients Clients  are  satisfied  and  come  back   •  •  •  •  •  Enchanted  Clients Clients  are  raving  fans  and  spread  the  word   Will  recommend  you  if  asked   “May”  give  you  a  second  chance   Have  minimum  investment  in  your  future   See  you  as  a  supplier/vendor   More  about  the  product/service   •  •  •  •  •  Go  out  of  their  way  to  recommend  you   They  forgive  you   They  want  to  help  shape  your  future   They  feel  sense  of  ownership   More  about  the  relationship   Word-­‐of-­‐mouth  advertising  is  the  least  expensive   and  most  effective  form  of  promotion 6
    • ENCHANTMENT   encompasses  a  customer’s  first  impression   of  a  brand  to  their  latest  interaction  with  it.     Achieving  enchantment  requires  both   an  “intrinsic”  association  with  a  product  or  service   as  well  as  an  “extrinsic”  association   with  the  brand’s  history,  beliefs  and  behaviors. 7
    • ENCHANTMENT CYCLE Reinforce  the  promise   and  deliver  in  all   communications  &   interactions   Reinforce Listen Listen  to  customers,   their  influencers  and   other  stakeholders   Client Define/ Design Deliver Deliver  flawlessly  on   the  Promise   Define  and  Design  how   your  organization  will   meet  or  exceed  needs   Promise Communicate  a   resonant  Promise     8
    • FULFILLING THE PROMISE… EVERY TIME •  Your  culture  and  brand  promise   are  linked  through  the   experience  delivered,   supported  by  leadership •  Leaders  translate  customer   expectations  through  the  brand   and  desired  experience  into   employee  behavior •  This  alignment  creates  an   exceptional  experience  and    a   sustainable  competitive   advantage   9
    • THROUGH TRANSFORMATIONAL LEADERSHIP CUSTOMER  ENCHANTMENT 10
    • WHERE IT BEGINS TRANSFORMATIONAL LEADER Aligns  the  culture   Builds  trust  on  all  levels   Challenges  the  status  quo   Develops  and  enables    others  to  act     Creates  a  shared  vision   Motivates  the  heart     Models  moral  behavior   Advocates  for  the   customer   Transformational  leadership  is  the  process  whereby  a  person  engages   others  and  creates  a  connection  that  raises  the  level  of  motivation  and   morality  in  both  the  leader  and  the  follower  (Northouse). 11
    • LEADER’S ROLE TRANSFORM PEOPLE TRANSFORM CULTURE Most  visible  customer  fan Listen  to  the  customer •  Surveys   •  Social  Media   •  Customer  Panels   •  Listening  Posts   Turn  information  into  action Measure  performance   against  expectations 12
    • LEADER’S ROLE TRANSFORM PEOPLE TRANSFORM CULTURE Culture  alignment •  Values   •  Messaging   •  Decision  making   •  Rewards   •  Punishments   •  Rituals   Lead  through  the  “Red   Zone” 13
    •  A WORD ABOUT “RED ZONE MANAGEMENT” The  Red  Zone  is  a  critical  time  and  place  in  the  life  of  a  company   that  is  characterized  by  the  simultaneous  presence  of   •  The  opportunity  for  Great  Gain     and •  The  real  likelihood  of  Great  Loss   14
    • RED ZONE MANAGEMENT Future Business Model The  Red  Zone Customer  Enchantment   Mergers  &  Acquisitions   Culture  Re-­‐Design   Brand  Re-­‐design   Today’s Business Model PAGE  15      ©  Endeavor  Management  2012 15
    • RED ZONE MANAGEMENT – CRITICAL SUCCESS FACTORS •  Define  desired  future  state •  Motivate  workforce  to  share  vision •  Energize  activities  to  achieve  success  quickly •  Provide  support  systems  to  stay  the  course •  Maneuver  through  the  zone  while  Running  the   Business  (RTB)  and  Changing  the  Business  (CTB) 16
    • RED ZONES REQUIRE CONCURRENT ACTION Future Business Model The  Red  Zone  Managers            Run     Employees Transformational   Leaders   “We  must  continue  doing   business  today    while   simultaneously  changing   the  way  we  do  business.”   Today’s Business Model PAGE  17      ©  Endeavor  Management  2012 17
    • THROUGH CUSTOMER EXPERIENCE MANAGEMENT CUSTOMER  ENCHANTMENT 18
    • CUSTOMER EXPERIENCE AS SEEN FROM THE EYES OF THE CUSTOMER CUSTOMER  EXPERIENCE “is  the  sum-­‐totality  of  how  customers  engage  with  your  company   and  brand,  not  just  a  snapshot  in  time,  but  throughout  the  entire   arc  of  being  a  customer.” Adam  Richardson,  Harvard  Business  Review 19
    • TOUCHPOINT MANAGEMENT IS CRITICAL •  A  Touchpoint  is  the  interaction  between   an  organization  and  its  customers   •  It  is  the  means  by  which  a  customer  or   prospect  realizes  the  promise  of  your   brand   •  These  touchpoints  are  service  clues  and   require  management   Environments   Personal   Interactions   Written  and     Digital  Communications   20
    • EXPERIENCE MAPPING: FITTING IT ALL TOGETHER In-­‐depth  qualitative  research  technique   Utilizes  visual  cue  to  help  stakeholders   recall  specific  episodes  in  their  journey Reviews  the  total  experience: •  Expectations  prior  to  the  first  encounter   (decision  factors)   •  Activities  (e.g.,  product  offer,  sales  support,   applying  for  product)   •  Touchpoints  (e.g.,  materials,  conversations,   website)   •  Recognizes  changes  in  attitudes,  if  any,   through  each  stage  of  the  experience   Provides  a  framework  for  action 21
    • EXPERIENCE MAPPING – DELIVERY ON THE PROMISE Awareness Evaluate Key  Touchpoints   Key  Touchpoints   How  do  we   raise   awareness  and   interest  in     brand? What  are   initial   perceptions? What’s   important  to   the   prospective   customer?   How  do  we   help  them   evaluate  our   value   proposition? le    -­‐   Examp  by   ized  custom nt   segme Purchase Key  Touchpoints   What  is  the   first   impression? How  easy  is  it   to  buy? How  do  we   express   appreciation? Deliver/Support Refer/Retain Key  Touchpoints   Key  Touchpoints   How  do  we   deliver  our   value   proposition? How   accessible  are   we? How  do  we   retain   customers? How  do  we   listen  to  their   voice?  How  do   we  assist   referrals? Touchpoints   22
    • TOUCHPOINT ASSESSMENT •  In  what  areas  can  we  deliver  an  exceptional  experience?   •  What  are  ways  to  surprise  our  customers  that  we  currently  do   not  do? •  What  should  be  done  more  consistently  that  should  be   reinforced? •  Where  are  we  not  achieving  the  expected  outcome? •  How  can  our  messaging  reinforce  the  experience  and  brand? Awareness Evaluate Purchase Deliver / Support Refer / Retain   Review  for  each  step   23
    • PRIORITIZATION High Satisfaction Competitive  Pressure Enchantment   Needs   Unexpected  and   unspoken,  adds   value  but  not   required   Enchanted   The  Kano  model  shows  how   tangible  customer  needs,  wants,   and  suggestions  can  be   segregated  into  3  separate   requirement  categories:       Performance   Needs   Quality Satisfied   Basic  Needs   Expected,  minimum   requirements   Basic  Requirements Meet  these  requirements  quickly   and  with  the  lowest  cost  possible   Performance  Requirements Selectively  meet  these   requirements  to  achieve  highest   ROI   Enchantment  Requirements Meet  these  requirements  to   achieve  elite  status   Dissatisfaction 24
    • THE PAY OFF •  Brand  distinction •  Over  the  top  retention •  Steady  stream  of  referrals •  Reduced  cost  of  acquisition •  Reduction  in  “blind  spots” •  Greater  efficiency •  Employee  retention 25
    • Endeavor Management is a management consulting firm that leads clients to achieve real value from their strategic transformational initiatives. Endeavor serves as a catalyst by providing the energy to maintain the dual perspective of running the business while changing the business through the application of key leadership principles and business strategy. The firm’s 40 year heritage has produced a substantial portfolio of proven methodologies, enabling Endeavor consultants to deliver top-tier transformational strategies, operational excellence, organizational change management, leadership development and decision support. Endeavor’s deep operational insight and broad industry experience enables our team to quickly understand the dynamics of client companies and markets. 2700 Post Oak Blvd Galleria Tower 1, Suite 1400 Houston, TX 77056 +1 713.877.8130 www.endeavormgmt.com PAGE 266 PAGE  2   Combined with our Gelb Consulting experience (founded in 1965) we also offer clients unique capabilities that focus their marketing initiatives by fully understanding and shaping the customer experience through proven strategic frameworks to guide marketing strategies, build trusted brands, deliver exceptional customer experiences and launch new products. Our experienced consultants and analysts use advanced marketing research techniques to identify customer needs and spot high potential market opportunities.    ©  Endeavor  Management  2012