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Workforce Engagement Management Masterclass: Redefining Customer Experience Metrics for Better Performance
- 1. Redefining Customer Experience Metrics for Better Performance Lynn Hunsaker Emily Murphy With: Moderated by: TO USE YOUR COMPUTER'S AUDIO: When the webinar begins, you will be connected to audio using your computer's microphone and speakers (VoIP). A headset is recommended. Webinar will begin: 11:00 AM (PST) TO USE YOUR TELEPHONE: If you prefer to use your phone, you must select "Use Telephone" after joining the webinar and call in using the numbers below. United States: 1 (631) 992-3221 Access Code: 400-374-178 Audio PIN: Shown after joining the webinar --OR-- Workforce Engagement Management Masterclass
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- 4. Click on the Questions panel to interact with the presenters https://www.customerexperienceupdate.com/webinar-series/workforce-engagement-management-masterclass/ https://www.customercontactcentral.com/webinar-series/workforce-engagement-management-masterclass/
- 5. About Lynn Hunsaker Lynn Hunsaker is Chief Customer Officer of ClearAction Continuum where she co-founded its flagship ClearAction Value Exchange as a 24x7 mentor for marketing and CX roles to bridge silos. Lynn’s roles at Applied Materials (semiconductor equipment manufacturer) included Director of Marketing & Business Development, Director of Marketing Communications, Head of Global Quality, Customer Satisfaction Improvement Manager, and Voice of the Customer Manager. After receiving her MBA from Vanderbilt University, Lynn’s role as Strategic Information Manager in Sonoco Products’ strategic planning department led to her renown as a customer experience (CX) expert. She serves on the Board of Directors for CXPA and is a top author on CustomerThink.com where she is one of five Hall of Fame award recipients. She taught advertising, marketing and business at UC Berkeley Extension, Mission College and San Jose State University; she is currently teaching marketing operations at UC Santa Cruz Extension. Lynn is author of four titles on Amazon Kindle, including Metrics You Can Manage for Success. About Emily Murphy Emily earned a Bachelor of Arts from the University of California, Santa Cruz, for her major in Film and Digital Media and minor in Literature. With experience in writing, publication, and teaching, she continued her work after college as a research writer and an online blog contributor. She has now joined the Aggregage team and is the Editor for several sites in our network, including Customer Experience Update, Customer Contact Central, and Supply Chain Brief. Workforce Engagement Management Masterclass
- 6. 6 Workforce Engagement Management Masterclass Webinar Series Redefining Customer Experience Metrics for Better Performance Agenda © Copyright ClearAction Continuum. 1) Measuring Customer Experience 2) Connecting to Business Results 3) Employee Engagement 4) Organizational Empowerment
- 7. 7 Workforce Engagement Management Masterclass Webinar Series Redefining Customer Experience Metrics for Better Performance © Copyright ClearAction Continuum. MEASUREMENT QUANTIFIES CUSTOMERS’ THOUGHTS & ACTIONS ROI RETURN ON INVESTMENT & CLV CUSTOMER LIFETIME VALUE METRICS TRACK YOUR PROGRESS TOWARD STRATEGIC OBJECTIVES First contact resolution, action alert closure Action plan progress (defects, timeliness, etc.) Employee and organizational engagement levels Share of budget, market share, revenue growth VALUE (ROI) = GROWTH COSTS Satisfaction Intentions Perceptions Loyalty NPS® Effort Preferences Sentiment Metaphors Response rate Cookies Loyalty cards UPC barcodes Up/cross-sell Abandonment Attrition Penetration Engagement 𝐶𝐿𝑉 𝑆𝑒𝑔𝑚𝑒𝑛𝑡 = 𝑡=0 𝑛 𝑅𝑒𝑣𝑒𝑛𝑢𝑒 𝑆𝑒𝑔𝑚𝑒𝑛𝑡 − 𝐶𝑜𝑠𝑡𝑠 𝑆𝑒𝑔𝑚𝑒𝑛𝑡
- 8. 8 Workforce Engagement Management Masterclass Webinar Series Redefining Customer Experience Metrics for Better Performance turnover = churn = lost customer rate % of product line the customer buys participation in social media, events, campaigns, offers, etc. Very Likely Customer Satisfaction Index (CSAT) Net Promoter Score® (NPS ®) 1) CUSTOMER THOUGHTS 2) CX INDEXES 3) CUSTOMER BEHAVIORS Very Unlikely ATTRITION PRODUCT PENETRATION ENGAGEMENT © Copyright ClearAction Continuum.
- 9. 9 Workforce Engagement Management Masterclass Webinar Series Poll • Which customer experience index do you use? • Net promoter score® • Customer effort score • Secure customer index • Customer satisfaction index • Other Redefining Customer Experience Metrics for Better Performance © Copyright ClearAction Continuum.
- 10. 10 Workforce Engagement Management Masterclass Webinar Series Redefining Customer Experience Metrics for Better Performance © Copyright ClearAction Continuum. • Long-term customers purchase more • Long-term customers are more desirable than short-term customers • Share of wallet increases as customer lifetime increases • Customer share-of-wallet is driven by increasing customer loyalty • Loyal customers are less sensitive • Loyal customers cost less to service than non-loyal customers • Loyal customers are always profitable customers • Customer satisfaction brings customer loyalty • Customer revenue is a good predictor of profitability Loyalty Myths – Keiningham, Vavra, Aksoy, Wallard LOYALTY MYTHS
- 11. 11 Workforce Engagement Management Masterclass Webinar Series Redefining Customer Experience Metrics for Better Performance © Copyright ClearAction Continuum. 1) IMMEDIATE FINANCIAL ROI 2) STRATEGIC ROI • Net profit divided by investment • Consider future returns made possible • Consider future costs with status quo Value (ROI) = Growth Costs Revenue, profit, capabilities Resources, time, lost opportunities = ROI = Gain from Investment – Costs of Investment Costs of Investment $500 – $400 $400 $100 $400 =ROI = = .25 = 25% 3 hours – 4 hours 4 hours -1 hour 4 hours =ROI = = -.25 = -25%
- 12. 12 Workforce Engagement Management Masterclass Webinar Series Redefining Customer Experience Metrics for Better Performance © Copyright ClearAction Continuum. 1) Use simple flow of customer interaction a) Net revenue by customer b) Direct cost of product or service by customer c) Total business unit costs; ID cost drivers of each flow point • Costs directly traceable to specific customer transactions • Use estimates to provide a starting point • Tackle ambiguous costs later • Apply costs at lowest possible activity level (e.g. transaction) 2) Sort customers; draw a cumulative profitability curve 3) ID reasons for unprofitable customers; increase value to company Converting Customer Value – Murphy, Burton, Gleaves, Kitshoff There will never be 1 correct number for a customer’s profitability 𝐶𝐿𝑉 𝑆𝑒𝑔𝑚𝑒𝑛𝑡 = 𝑡=0 𝑛 𝑅𝑒𝑣𝑒𝑛𝑢𝑒 𝑆𝑒𝑔𝑚𝑒𝑛𝑡 − 𝐶𝑜𝑠𝑡𝑠 𝑆𝑒𝑔𝑚𝑒𝑛𝑡 CLV IS A PROCESS, NOT AN EXACT SCIENCE
- 13. 13 Workforce Engagement Management Masterclass Webinar Series Redefining Customer Experience Metrics for Better Performance © Copyright ClearAction Continuum. Calculating Customer Lifetime Value coincided with strong business results and at least 20 percentage points advantage in the use of these CEM best practices. 2011 ClearAction Business-to-Business Customer Experience Management Benchmarking Study
- 14. 14 Workforce Engagement Management Masterclass Webinar Series Redefining Customer Experience Metrics for Better Performance Agenda © Copyright ClearAction Continuum. 1) Measuring Customer Experience 2) Connecting to Business Results 3) Employee Engagement 4) Organizational Empowerment
- 15. 15 Workforce Engagement Management Masterclass Webinar Series Redefining Customer Experience Metrics for Better Performance © Copyright ClearAction Continuum. 2012 ClearAction Business-to-Business Customer Experience Management Best Practices Study
- 16. 16 Workforce Engagement Management Masterclass Webinar Series Redefining Customer Experience Metrics for Better Performance © Copyright ClearAction Continuum. MONEY TALKS: 1) Show the percentage of customers with a certain sentiment 2) Show the revenue (or profit) represented by each sentiment group X% Y% TRANSLATE CX INTO EXECUTIVES’ LANGUAGE
- 17. 17 Workforce Engagement Management Masterclass Webinar Series Redefining Customer Experience Metrics for Better Performance © Copyright ClearAction Continuum. Financial, perception, operational Organization, employee, facilitation Early warning signals, levers • Vertically, horizontally LEVERS SIGNALS PROCESS CUSTOMER FINANCIAL 1) PERFORMANCE GOALS 2) SUCCESS ENABLERS 3) INVOLVEMENT 4) CONNECTED SCORECARD ORGANIZATIONAL INVOLVEMENT: % of depts. with a plan, etc. PROCESS OUTCOMES: % FCR, % closure, % defects, % time, etc. EARLY WARNING SIGNALS: Inputs, scrap, delay, re-work. METRICS LEVERS: Resources, stakeholders, skills, culture CX FACILITATION: % tools, timely, etc. LEADING INDICATORS LAGGING INDICATORS INVOLVE BIG-PICTURE OUTCOMES: Share of budget, market share, revenue, etc. CUSTOMER OUTCOMES: % recommend, % satisfied, % rebuying, % engaging, etc. EMPLOYEE INVOLVEMENT: % of employees on CX teams, etc.
- 18. 18 Workforce Engagement Management Masterclass Webinar Series Redefining Customer Experience Metrics for Better Performance Agenda © Copyright ClearAction Continuum. 1) Measuring Customer Experience 2) Connecting to Business Results 3) Employee Engagement 4) Organizational Empowerment
- 19. 19 Workforce Engagement Management Masterclass Webinar Series Poll • How do you measure employee engagement? • eNPS® • Employee survey index • CX action plans • Other Redefining Customer Experience Metrics for Better Performance © Copyright ClearAction Continuum.
- 20. 20 Workforce Engagement Management Masterclass Webinar Series Redefining Customer Experience Metrics for Better Performance © Copyright ClearAction Continuum. LAWS OF CUSTOMER EXPERIENCE METRICS
- 21. 21 Workforce Engagement Management Masterclass Webinar Series Redefining Customer Experience Metrics for Better Performance © Copyright ClearAction Continuum. SYMPTOM WHY IS THAT HAPPENING? WHY IS THAT HAPPENING? WHY IS THAT HAPPENING? WHY IS THAT HAPPENING? WHY IS THAT HAPPENING? 1) KEY DRIVERS 2) VITAL FEW 3) ROOT CAUSE
- 22. 22 Workforce Engagement Management Masterclass Webinar Series Redefining Customer Experience Metrics for Better Performance © Copyright ClearAction Continuum. INVOLVEMENT LEVELS PROGRESS LEVELS RESULTS2ND IMPORTANCE • % departments reading customer comments • % departments with a systematic plan • % plans with cross- functional collaboration • % employees with performance objective(s) tied to customer pain • % departments entries in team recognition db • % execs meeting with customer & employees • % customer pain points with a systematic plan • % actions completed by original target date • % systematic plans completed • % team recognition entries using improvement tools • % Customer Heroes preventing issues • % negative comments related to a plan • % positive comments related to a plan • % savings for customers (time, money) • % increase in ratings related to a plan • % team entries with customer testimonials Use a combination of metrics for best results Be specific: % relevant depts reading relevant comments of top 3 drivers 1ST IMPORTANCE
- 23. 23 Workforce Engagement Management Masterclass Webinar Series Redefining Customer Experience Metrics for Better Performance Agenda © Copyright ClearAction Continuum. 1) Measuring Customer Experience 2) Connecting to Business Results 3) Employee Engagement 4) Organizational Empowerment
- 24. 24 Workforce Engagement Management Masterclass Webinar Series Redefining Customer Experience Metrics for Better Performance © Copyright ClearAction Continuum. SUPPLIER INPUTS PROCESS OUTPUTS CUSTOMER PROCESS STEP DECISION YES NO PROCESS STEP PROCESS STEP PROCESS STEP SIPOC = SUPPLIER INPUTS PROCESS OUTPUTS CUSTOMER COPIS = SUPPLIER INPUTS PROCESS OUTPUTS CUSTOMER $ LEADING INDICATORS LAGGING INDICATORS
- 25. 25 Workforce Engagement Management Masterclass Webinar Series Redefining Customer Experience Metrics for Better Performance © Copyright ClearAction Continuum. VOICE OF THE CUSTOMER CUSTOMER SATISFACTION BUY MORE / HIGHER VALUE RENEW / REPURCHASE BUY MORE PRODUCT LINES TELL OTHERS TO BUY HELP GENERATE VALUE
- 26. 26 Workforce Engagement Management Masterclass Webinar Series Redefining Customer Experience Metrics for Better Performance Summary © Copyright ClearAction Continuum. 1) Measuring Customer Experience 2) Connecting to Business Results 3) Employee Engagement 4) Organizational Empowerment GOALS ARE ROI & CLV LINE-OF-SITE WATERFALL ALIGNING TO CX INSIGHTS HOW BUSINESS IS RUN
- 27. Q&A Emily Murphy With: Moderated by: Chief Customer Officer, ClearAction Continuum Linkedin page: in/lynnhunsaker/ Twitter ID: @clearaction Website: clearaction.com Lynn Hunsaker Site Editor, Customer Experience Update Linkedin page: /in/Emily-millard-murphy/ Twitter ID: @cxupdate Email: emily.murphy@aggregage.com Website: customerexperienceupdate.com https://www.customerexperienceupdate.com/webinar-series/workforce-engagement-management-masterclass/ https://www.customercontactcentral.com/webinar-series/workforce-engagement-management-masterclass/