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Understanding the Customer Experience Ecosystem to Succeed in the Age of the Customer
Access to full webinar: Understanding the Customer Experience Ecosystem to Succeed in the Age of the Customer (session 2) - http://goo.gl/In3RiE In this webinar you will learn how customer experience affects customer loyalty, which drivers of the experience impact loyalty the most, and best practices for establishing a disciplined system for customer understanding. This highlights the importance of having a virtual single view of information and advanced customer analytics across touch points and contexts. In addition to that, Denodo will provide examples of companies delivering great customer experience across industries using data virtualization.
Understanding the Customer Experience Ecosystem to Succeed in the Age of the Customer
- 1. © 2015 Denodo CraigLeClaire VP, Principal Analyst Megan Burns VP, Principal Analyst Cory Munchbach Analyst Holger Kisker, Ph.D. VP and Research Director Session 1 CIO’s Must Enable Business Agility via Modern Data Management in the Age of the Customer Session 2 Understanding the Customer Experience Ecosystem to Succeed in the Age of the Customer Session 3 Build a Contextual Marketing Engine and Fuel it with Data Session 4 Business Agility Must Be Based on a New Flexible and Agile Data Approach Data Virtualization for Business Intelligence and Business Agility in the Age of the Customer Four sessions providing insights and best practices for the Age of the Customer WEBINAR SERIES featuring FORRESTER RESEARCH
- 2. © 2015 Denodo DataVirtualization for Business Intelligence and Business Agility in the Age of the Customer Suresh Chandrasekaran Senior VP, Denodo
- 3. © 2015 Denodo Understandingthe Customer Experience Ecosystem to Succeed in the Age of the Customer Megan Burns Vice President, Principal Analyst SESSION 2
- 4. © 2014 ForresterResearch, Inc. Reproduction Prohibited 4 Making Leaders Successful Every Day
- 5. © 2014 ForresterResearch, Inc. Reproduction Prohibited 5 Understanding the Customer Experience Ecosystem to Succeed in the Age of the Customer Megan Burns, Vice President and Principal Analyst Forrester Research Inc.
- 6. © 2014 ForresterResearch, Inc. Reproduction Prohibited 6 Agenda › Why is customer experience important? › What type of an experience improves customer loyalty? › What do companies need to do to design, implement, and manage customer experiences?
- 7. © 2014 ForresterResearch, Inc. Reproduction Prohibited 7 Agenda › Why is customer experience important? › What type of an experience improves customer loyalty? › What do companies need to do to design, implement, and manage customer experiences?
- 8. © 2014 ForresterResearch, Inc. Reproduction Prohibited 88 Customer Experience is… How customers perceive their interactions with a company
- 9. © 2014 ForresterResearch, Inc. Reproduction Prohibited 9
- 10. © 2014 ForresterResearch, Inc. Reproduction Prohibited 10 CX drives three types of loyalty
- 11. © 2014 ForresterResearch, Inc. Reproduction Prohibited 11 A 20-year business cycle in which the most successful enterprises will reinvent themselves to systematically understand and serve increasingly powerful customers. The Age of the Customer
- 12. © 2014 ForresterResearch, Inc. Reproduction Prohibited 12 The Age of the Customer Power Flip
- 13. © 2014 ForresterResearch, Inc. Reproduction Prohibited 13 The Age of the Customer Power Flip
- 14. © 2014 ForresterResearch, Inc. Reproduction Prohibited 14 Firms are actively trying to improve CX
- 15. © 2014 ForresterResearch, Inc. Reproduction Prohibited 15 Base: 112 large North American brands scored in Forrester’s Customer Experience Index, 2007 Source: North American Technographics Customer Experience Online Survey, Q3 2007 (US) Customer Experience Index Scores, 2007 12% 23% 40% 25% Very Poor 0 to 54 Poor 55 to 64 Okay 65 to 74 Good 75 to 84 85+ Excellent
- 16. © 2014 ForresterResearch, Inc. Reproduction Prohibited 16 Base: 112 large North American brands scored in Forrester’s Customer Experience Index, 2007 Source: North American Technographics Customer Experience Online Survey, Q3 2007 (US) Customer Experience Index Scores, 2014 1% 10% 42% 37% 11% Very Poor 0 to 54 Poor 55 to 64 Okay 65 to 74 Good 75 to 84 85+ Excellent
- 17. © 2014 ForresterResearch, Inc. Reproduction Prohibited 17 Improving CX quality boosts top line growth Wireless service providers $1.6 billion Airlines $1.4 billion Credit card providers $825 million Hotels $729 million Retailers $572 million Health insurance plans $494 million Insurance providers $328 million Car rental providers $320 million Banks $161 million TV service providers $138 million Consumer electronics manufacturers $102 million Investment firms $85 million Internet service providers $55 million Total annual impact
- 18. © 2014 ForresterResearch, Inc. Reproduction Prohibited 18 Higher CXi scores boosted business metrics AT&T U-verse • Revenue up by nearly 28% year over year • More than 900,000 subscribers added Citibank • Double-digit drop in customer attrition • Increase in the average number of products per household Cablevision • Lowest levels of voluntary attrition in years • Double digit declines in call volume • 26% fewer repair visits to customer homes
- 19. © 2014 ForresterResearch, Inc. Reproduction Prohibited 19 Agenda › Why is customer experience important? › What type of an experience improves customer loyalty? › What do companies need to do to design, implement, and manage customer experiences?
- 20. © 2014 ForresterResearch, Inc. Reproduction Prohibited 20 Three core dimensions of CX quality Ease Emotion Customers get value from the experience. Customers get that value without difficulty. Customers feel good about the experience. Effectiveness
- 21. © 2014 ForresterResearch, Inc. Reproduction Prohibited 21 Loyalty dynamics vary by industry Effectiveness Ease Emotion Effectiveness Ease Emotion
- 22. © 2014 ForresterResearch, Inc. Reproduction Prohibited 22 Emotion dominates in 11 of 17 industries Airline Automotive Retail Banking Government Car Rental Insurance Credit Cards Internet Service Investment Firms Parcel Shipping
- 23. © 2014 ForresterResearch, Inc. Reproduction Prohibited 23 “People will forget what you said. They’ll forget what you did. But they will never forget how you made them feel.”
- 24. © 2014 ForresterResearch, Inc. Reproduction Prohibited 24 © Copyright phillip andrew carl taylor and licensed for reuse under this Creative Commons Licence Strengthen Erode
- 25. © 2014 ForresterResearch, Inc. Reproduction Prohibited 25 What drives customer experience and loyalty?
- 26. © 2014 ForresterResearch, Inc. Reproduction Prohibited 26 Universal drivers of CX and loyalty 1. Make customers feel valued 2. Resolve customer problems or issues quickly 3. Talk to customers in plain language
- 27. © 2014 ForresterResearch, Inc. Reproduction Prohibited 27 Agenda › Why is customer experience important? › What type of an experience improves customer loyalty? › What do companies need to do to design, implement, and manage customer experiences?
- 28. © 2014 ForresterResearch, Inc. Reproduction Prohibited 28 discipline
- 29. © 2014 ForresterResearch, Inc. Reproduction Prohibited 29 The extent to which an organization routinely performs the practices required to design, implement, and manage customer experience in a disciplined way. Customer Experience Maturity
- 30. © 2014 ForresterResearch, Inc. Reproduction Prohibited 30 Consistently deliver and improve that experience. Define the right experience. The Six Disciplines of CX Maturity Strategy Customer Understanding Design Measurement Governance Culture
- 31. © 2014 ForresterResearch, Inc. Reproduction Prohibited 31 Mature customer experience companies › Value qualitative and quantitative insights
- 32. © 2014 ForresterResearch, Inc. Reproduction Prohibited 32 Customer Understanding Measurement Call transcripts, emails, social media posts, etc. Customer interviews & field observations Employee input Operations & process data, metrics Behavioral analytics e.g. web, call center, mobile Financial data Goal: Understand who customers are and what they want from their interactions with the company Goal: Quantify CX quality and it’s relationship to business health to guide management decisions. Inherently qualitative Inherently quantitative Structured questionsSurvey responses VoC Programs
- 33. © 2014 ForresterResearch, Inc. Reproduction Prohibited 33 Image: Wikipedia
- 34. © 2014 ForresterResearch, Inc. Reproduction Prohibited 34 February 2014 “You Are Here: Location Analytics And The Rebirth Of Customer Experience” Location Data Drives Real-Time Customer Understanding And Modeling
- 35. © 2014 ForresterResearch, Inc. Reproduction Prohibited 35 Photo: Jacom Stephens
- 36. © 2014 ForresterResearch, Inc. Reproduction Prohibited 3636 Mature customer experience companies › Value qualitative and quantitative insights › Treat customer understanding as an ongoing activity, not a project
- 37. © 2014 ForresterResearch, Inc. Reproduction Prohibited 37
- 38. © 2014 ForresterResearch, Inc. Reproduction Prohibited 38 Released in 2007 Released in 2010
- 39. © 2014 ForresterResearch, Inc. Reproduction Prohibited 39 June 2014 “Business Agility Starts With Your People” The Age Of The Customer Ushers In New, Digitally Based Events
- 40. © 2014 ForresterResearch, Inc. Reproduction Prohibited 40 Mature customer experience companies › Value qualitative and quantitative insights › Treat customer understanding as an ongoing activity, not a project › Democratize data across the customer experience ecosystem
- 41. © 2014 ForresterResearch, Inc. Reproduction Prohibited 41 Image: Wikimedia
- 42. © 2014 ForresterResearch, Inc. Reproduction Prohibited 42 The web of relations among all aspects of a company — including its customers, employees, partners, and operating environment — that determine the quality of the customer experience. Customer Experience Ecosystem
- 43. © 2014 ForresterResearch, Inc. Reproduction Prohibited 43© 2014 Forrester Research, Inc. Reproduction Prohibited May 2014 “Want A Healthy Customer Experience Ecosystem? Free Your Workers” Your Employees Need Three Freedoms To Successfully Support Your Customers
- 44. © 2014 ForresterResearch, Inc. Reproduction Prohibited 44 November 2013 “The CIO Mandate: Engaging Customers With Business Technology” Systems Of Engagement Provide Your Business Boundary
- 45. © 2014 ForresterResearch, Inc. Reproduction Prohibited 45 Summary › Customer experience is critical to loyalty › Leaders are continually raising the bar › Getting CX right can mean millions in revenue › Success hinges on how well you make customers feel valued, solve their issues quickly, and talk to them in language they can understand › Need a constant stream of quantitative and qualitative data to maintain an accurate customer understanding › Everyone in the ecosystem needs to know customers equally well regardless of how far removed they seem
- 46. © 2014 ForresterResearch, Inc. Reproduction Prohibited 46 Thank you Megan Burns +1 617.613.6294 mburns@forrester.com
- 47. © 2015 Denodo Ageof Customer – Power shift CX drives loyalty, sustained competitive advantage Market dimensions show biggest gaps in age of customer Need for Modern Customer Information Platform Organization & Process Dimensions Forrester Take Aways Denodo Enablers Fast data access; Information- as-a-service; Agile integration Organize canonical business entities used across dimensions Single View of Customer; Data distribution across channels Structured & unstructured; Internal & external; Real-time; Self-Service; Less replicated; Virtual Unified data abstraction layer democratizes access to single source of truth across and beyond organization boundaries Customer Experience (CX) – How Denodo drives it
- 48. © 2015 Denodo CustomerExperience (CX) – R Cable Example Multi-channel Single Customer View
- 49. © 2015 Denodo CustomerExperience (CX) – Drives R Success and Growth
- 50. © 2015 Denodo CustomerExperience (CX) – Data Virtualization Enabled
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- 52. © 2015 Denodo CoryMunchbach Analyst Session 3 Build a Contextual Marketing Engine and Fuel it with Data Thank you! NEXT SESSION Data Virtualization for Business Intelligence and Business Agility in the Age of the Customer Four sessions providing insights and best practices for the Age of the Customer WEBINAR SERIES featuring FORRESTER RESEARCH