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The Customer Experience Revolution
The document discusses the importance of customer experience (CX) as a key competitive advantage for organizations, with 89% intending to focus on it in 2016. It emphasizes closing the relevance gap by understanding customer needs and engaging them through digital transformation and innovation. Additionally, it notes that many CX investments are ineffective, highlighting the need for actionable insights and a shift from mere transaction metrics to empathetic engagement.
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The Customer Experience Revolution
- 1. The Customer Experience Revolution withBrian Solis #CXrevolution
- 2. Brian Solis Best-selling author, DigitalAnalyst and Principal Altimeter Group @briansolis Nick Stein SVP, Marketing Vision Critical @stein_nick
- 3. LISTEN TO THE TheCustomer Experience Revolution: an exclusive webinar with Brian Solis visioncritical.com/webinars
- 6. Gartner Group 89% Of organizationsintend to compete primarily on customer experience in 2016
- 7. Brian Solis Best-selling author, DigitalAnalyst and Principal Altimeter Group @briansolis
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- 9. Attrition < Retention RelevanceDrives Acquisition + Retention Shared Experiences are the Next Competitive Advantage
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- 11. Brand What we sayand do Experience What people feel and share ExperienceDivide
- 15. Relevance signifies thatyou are closely connected to something or someone. Before you can compete for relevance, you have to understand how someone else defines and measures relevance. Your work, in all you do, must close the gap that exists between you and engagement now and over time. More importantly, you have to connect your value to the way others interpret (and appreciate) value. Earning relevance is a constant.
- 16. “If I askedcustomers what they want, they would have told me a faster horse.”
- 17. “If I askedcustomers what they want, they would have told me a faster horse.” “If there is any one secret of success, it lies in the ability to get the other person’s point of view and see things from that person’s angle as well as from your own.”
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- 20. What I want. WhatI think they want CUSTOMERS BRANDSCo-Creation Innovation: Unlock New Value
- 21. CUSTOMERS BRANDS CollaborationLeads toUnplannedInnovation Close theRelevance Gap Does it fulfill their needs? Does it complete their lives? Will it brighten their days? Does it arouse their curiosity? Will it simplify their lives? Will it help them finish their tasks better/faster? Does it give them new hope? Does it bring them closer to their goals Does it resonate with them? Does is solve their problems?Does it offer new possibilities and outcomes? Does it give them something to share or talk about? Does it make them want to help others?
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- 24. The rise ofdigital transformation. The re-alignment of, or new investment in, technology and business models to more effectively engage digital consumers and create new value in every touchpoint in the customer journey.
- 25. Digital transformation represents thequest to understand how innovation can shape the new customer experience.
- 28. Inspired by MattBallantin There is no 1 way to succeed in the future. Success is dependent on a balance of iteration, innovation and disruption. If you do not disrupt yourself, it will be a gift given to you by someone else.
- 29. Innovation Takes ManyShapes
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- 31. Innovation in Perspective Leads toEntirely New Experiences
- 32. Innovation in Perspective Leads toEntirely New Experiences
- 36. Return on Investment(ROI) Sentiment Customer Lifetime Value (CLV) Recency Frequency Monetary (RFM) Share of Wallet (SOW) Past Customer Value (PCV)
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- 41. If you’re waitingfor someone to tell you what to do, you’re on the wrong side of innovation.
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- 44. Brian Solis bsolis@prophet.com Altimeter Group,a Prophet Company briansolis.com @briansolis Linkedin.com/influencer/briansolis Facebook.com/thebriansolis
- 46. CRM transactional data NPS and CSAT trackingstudies and surveys Customer support ticketing systems Call center data Social media monitoring
- 47. NPS and CSAT trackingstudies and surveys HOW DO YOU FIND ACTIONABLE INSIGHT IN THE NOISE?
- 48. MOST CX INVESTMENTSARE NOT IMPACTFUL 11% of CX investments made a significant impact on business results (Temkin) 18% 53% of US consumers switched companies due to a poor service experience (Accenture) 44% OF OVERALL MARKETING BUDGETS ARE SPENT ON CX (GARTNER) of B-B executives do not have access to the customer data they need to create superior customer experiences (Accenture)
- 49. Delivering metrics insteadof building empathy Recording Individual transactions instead mapping journeys Describing historical event not impactful prescriptions Point in time snapshots instead of continuous engagement Isolated data not actionable insight
- 52. IMPROVE CSAT Fix dissatisfiers immediatelywhen they are discovered by customers OPTIMIZE CX INITIATIVES Get customer input early before investing in full scale programs REDUCE CHURN Track customers over time to predict dissatisfaction triggers INCREASE CROSS-SELL Present the right products to the right customers, via the right channel at the right time IMAGINE A WORLD WHERE YOU CAN...
- 53. Improve end-to-end customerexperience
- 54. Align what yourcustomers value with what your business values Focus on engaging digital consumers at every touch point Connect with your customers “between” the big tracking studies
- 55. Explore the world’s premier customer intelligence platformnow. Brian Solis Digital Analyst & Principal Altimeter Group Nick Stein SVP, Marketing Vision Critical TWEET YOUR QUESTIONS @visioncritical #CXrevolution visioncritical.com/demo
- 56. LISTEN TO THE TheCustomer Experience Revolution: an exclusive webinar with Brian Solis visioncritical.com/webinars
- 57. Discover how authentic, ongoingcustomer insight helps DEWALT and Chico's create and sell better products. April 28, 2016 2pm ET/11am PT REGISTER NOW: visioncritical.com/webinars UPCOMING WEBINAR The Human Side of Product Innovation
Editor's Notes
- #3 Brian Solis is a principal analyst at Altimeter Group, a Prophet company. He is also an award-winning author, prominent blogger/writer, and keynote speaker. A digital analyst, anthropologist, and futurist, Solis has studied and influenced the effects of emerging technology on business, marketing, and culture. His research and his books help executives, and also everyday people, better understand the relationship between the evolution of technology and its impact on business and society and also the role we each play in it. As a result of his work, Solis also helps leading brands, celebrities, and startups develop new digital transformation, culture 2.0, and innovation strategies and that enable businesses to adapt to new connected markets from the inside out.
- #5 Technology — the Internet, social media, mobile devices – has empowered your customers, providing them access to more information, more choices and more opportunities to broadcast their opinions, widely and loudly, than ever before. And if you don’t give them outlets to share their feedback in a meaningful way – and ensure they know you are truly hearing them – they will take their business elsewhere.
- #6 Your customers are becoming their own intelligence ecosystems. Three billion people are now connected over the web. By the end of this year, there will be 2 billion people using smartphones—500 million in China alone. And what are they doing with that connectivity? They are assembling knowledge about your products and services and then delivering opinions about them in real time…every so often, shifting the fate of your company. We live in an age when one angry social media post can start a mass protest that hits your stock price and damages your brand. That’s right: one empowered customer—the fate of your company. But we are also in an age when one customer can tell you a story that inspires a new product or a great campaign – or gives you the insight you need to totally transform the customer experience.
- #7 Gartner tells us that 89% o organization intend to compete primarily on customer experience in 2016. A further increase from the Temkin Group’s 2014 study which reported that two-thirds (66 percent) of companies with revenues >$500 million were planning to dedicate more money and personnel to improving customer experiences (CX) in 2015 year than they did in 2014 The Temkin Group also found voice-of-the-customer software is the top area for spending in 2015. "It's been growing every year," Temkin says. "It's seeing a lot of activity right now.” The reason, he says, is that companies are looking to get more detailed information than they can get from traditional customer satisfaction surveys conducted annually. 81% of respondents expect to put more focus on customer insights and analytics. So why the renewed focus on customer? There is an opportunity to manage the micro moments.
- #21 Give them something they didn’t know they wanted and now they can’t live without it.
- #22 Give them something they didn’t know they wanted and now they can’t live without it.
- #46 Re-cap of Brian’s session and transition to solution. We understand some of the challenges CX professionals are facing: It is an emerging discipline – with unstructured reporting structures and fuzzy budget responsibilities It’s challenging to set measurable goals and gauge the impact you’re having. There is too much data and the data you do get is not actionable.
- #47 We all agree that as todays business’s we have access to incredible amounts of data. But more data isn't the answer Spending on marketing tech is at crazy levels and is showing no signs of slowing down. As marketers put more investment in digital tools and in delivering a better customer experience, the importance of gaining a deeper understanding of the customer will only grow. Even with access to all this technology and information it’s really hard to figure our how to extract actionable insight and develop develop strategic solutions. The fact of the matter is most of the information is decentralized, unstructured and lacking context. . Most of us are familiar with the various sources so we’ll focus on NPS and CSAT surveys. For the marketer it makes it very difficult to determine if your campaign is going to resonate. For the CX professional it highlights were you’re struggling or where you’ve failed, but it doesn’t illuminate why and more importantly it doesn’t help you understand if the changes your making are making an meaningful impact. And if you are not making an impact it certainly doesn’t help you understand how to react in a timely way. Why? Because The conversation about marketing tech still does not focus enough on customer intelligence and uncovering insight that supports CX design to engage and quantify customer feedback throughout the CX design and improvement cycle The vast majority of these new technologies do nothing but help you collect more data. You’re making the investment but you’re still struggling.
- #48 There are three main challenges in dealing with all that data: There is a ton of data, but you just can find the actionable insight you need. First, the ability to analyze data has not kept pace with the amount of data we produce. In 2012, IDC found that less than 1% of potentially useful big data ever gets analyzed. The challenge is how to find the strongest signal – the right signal – in all that noise. Second, all that transactional data only gets us so far. It may be possible to predict a customer’s next mouse click or purchase, but no amount of quantitative data can tell you why she made that click or purchase. Big Data may be able to quantify human behavior, but it cannot explain its motivations. That is to say, it cannot arrive at a “why.” You need a way to dig into those peaks and valleys on your dashboards to understand their significance. Third challenge is very little of the data you have is actionable. Annual NPS surveys are expensive, slow and deliver unwieldy rear view data. That problem is compounded by the fact that the best most companies can do is read the verbatims – but the meanings are often ambiguous – it is hard to tell if it is a service problem, a product problem, a feature problem and so on. It is this combination of limitation that have conspired to make CX all the more challenging and in some cases dangerously close to failure.
- #49 Most CX investments are not successful. 44% of B-B executives do not have access to the customer data they need to create superior customer experiences (Accenture) https://www.accenture.com/t20151013T060823__w__/us-en/_acnmedia/Accenture/Conversion-Assets/DotCom/Documents/Global/PDF/Industries_18/Accenture-Strategy-B2B-Customer-Experience-2015-Research-Report.pdf#zoom=50
- #50 Current (vendor-driven) implementation of NPS requires Big Frameworks, corporate dashboards Most vendors are about transactional and in-journey score carding There is very little focus on how to support improving the journey or design Although NPS providers do have sophisticated capabilities that enable them to automatically trigger deeper surveys to get more detail about NPS answers, MOST COMPANIES DO NOT HAVE THESE CAPABILITIES enabled. Passive listening misses the big trends Design tools still rely on very small intimate samples.
- #51 Most companies try to understand their customers with a simple tool: the survey. But in the age of the empowered customer, the traditional survey has lost its usefulness. Most of the surveys companies send go unanswered or are abandoned part way through. Worse, spamming your customers with surveys sends them a message that they don’t matter. Spam surveys feel more like an interrogation than a genuine request for feedback—an inconsiderate interruption to your day. They are one-way conversations, strictly about the results the survey company wants to acquire, not the interests of the customer. When was the last time you filled out a spam survey? How was that experience for you? Annoying, right? Some countries, recognizing how the barrage of surveys annoy their constituents, have banned robocalls and spam texts—blocking survey distribution. We have reached that moment, that inflection point, in which people will no longer agree to answer surveys unless you first establish that they are personally relevant. Unless they receive real value from their participation. A recent report from Gartner says that by 2017, half the investment companies spend on product development will be diverted to improving the experience of customers. Yet those same companies are negating that investment by spamming customers with unwanted surveys.
- #52 The only way to truly connect with you customers is to redefine your relationship with customers and recognize them as people, not data-points. And that process begins by engaging your customers in a regular ongoing conversation that deepen and improve over time. As that dialogue becomes richer, you can hone in on the information and insight that forms the foundation of an operating model built with a deep understanding of your customers, what they value and the contribution each makes to the profitability of your company – success that is achieved by overcoming four key business challenges that traverses in industry verticals and roles – the kind of business problems that keep CMO’s up but executives and directors at all levels of the business.
- #54 CX design is a natural fit for Insight communities · Our opportunity is drive broader feedback and quantification to de-risk development. Great quote from Nationwide Insurance about culture “There is a lot of lip service in our industry to being more agile and failing fast – but you know the first time you deliver an MVP and it sucks, there will be a big long project retrospective and repercussions” – THIS IS OUR OPPORTUNITY TO DE-RISK THE DEVELOPMENT WITH MORE QUANIFIABLE CUSTOMER FEEDBACK THROUGHOUT DESIGN PROCESS Our approach is designed to help companies get to know the people behind the data. And the stories behind those people. To provide the insight you need to feel confident in making major decisions. And to do it on a platform that can scale. That is secure. That is engaging for you and your customers. First, with continuous trusted insight, direct from your customers Vision Critical’s customer intelligence platform, Sparq, was born from the idea that when you engage a community of your customers, employees and partners in an ongoing conversation, you develop a better understanding of their motivations, preferences and needs. To harness actionable insight from your customers, you don’t just need a community—you need an engaged one. Sparq offers new, innovative ways of making sure that your community is active and thriving so you can grow your customer understanding with each activity you deploy. Get real-time access to metrics like community size, engagement activity and community profiles. With this insight, you can increase the level of engagement in your community—a critical step to generating quality insight from your community over time. Second, with Member Engagement at the Speed of Business Our Member Engagement capabilities and experiences enable administrators and members to interact in exciting new ways, regardless of the device they’re using. With our new mobile app, Engage by Vision Critical, you can quickly engage with your community when it matters most. The app supports iBeacon and geolocation technology, allowing you to connect with community members based on their location and unlock opportunities to get in-the-moment feedback from your customers when the activity is most relevant to them. Third, we have the Science of Market Research built-in Drawing on our 15 years of proven experience in marketing research, the tools and templates in the Sparq platform are infused with industry-leading best practices designed to help you get a fuller, deeper understanding of your customers. These capabilities help to streamline processes and make it easier for you to search, analyze, create, and share comprehensive stories about the insight you generate with your community And forth, with Enterprise-Grade Technology We know that keeping proprietary data safe and maintaining customer privacy is important to you. Vision Critical completes annual independent audits receiving SOC2 reports and implement comprehensive security mechanisms, so you can feel confident in knowing that your organization’s data and your customers’ personal information are always protected with our industry standard, enterprise-grade software. Our cloud based software gives you the scale and flexibility required to support ongoing , global insight and delivers automatic updates that ensure the platform is always up to date.
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