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It’s a question we know many B2B markets come up against, but it’s certainly something we should all be improving and raising as a priority. Simply put, to make your… The post Can you put a price on good Customer Experience? appeared first on...
It’s a question we know many B2B markets come up against, but it’s certainly something we should all be improving and raising as a priority.
Simply put, to make your company sit up and listen, to get the backing of seniors, and to make sure your CEO becomes an advocate, you need to build and show an explicit link to value.
Companies investing to improve the customer experience must be clearer about what it’s worth to them and exactly how the improvements will generate value. To start this process, you need to understand the customer behaviour that creates the value and then follow customer satisfaction over time to define the financial outcomes of different experiences.
Start by identifying the specific customer behaviour and outcomes that underpin value in your industry. For example, in the telecom sector, more satisfied customers should be less likely to churn, have fewer issues that escalate into calls, and sign up for more products. Business outcomes will vary by industry, but the principle is the same—establish three hypotheses about the outcome measures that deliver value.
Watch our presentation on how to reduce customer churn and increase ROI.
The next step is to link customer feedback from surveys with their behaviour over time. Begin by building a customer-level data set of the results of past surveys that asked respondents about their overall satisfaction or willingness to recommend your products or services. Using an intelligent CX software, most companies can link survey results back to their databases. Query your customer database to pull down two to three years of monthly data for each priority outcome measure. Next, overlay this information with monthly data on customer retention, cost to serve, revenues, and product upgrades on the other. This type of link will form the backbone of your customer experience data analysis.
Using customer data linked to survey respondents, analyse customers you designate as satisfied, neutral, or dissatisfied over a period of one to two years. Those with larger differences among dissatisfied, neutral, and satisfied customers tend to link more solidly to value. Leading customer experience companies use these data to estimate the value, at an enterprise level, of moving 5% of their dissatisfied customers to a neutral status.
Successful customer experience programs look forward and predict outcomes in the link to value. By looking at year-over-year changes in outcome measures for dissatisfied, neutral, and satisfied customers, companies can build a view of where the link to value is heading.
Read our paper on the financial impact of Customer Experience.
Finally, the best approach to quantify the value of the customer experience is to track outcomes over time for each customer segment that matters. To set priorities for improving the customer experience, every company with a program to improve it should be able to link satisfaction directly to business outcomes.
How do you visualise your data? Can you quickly analyse results? Can you share information across your organisation? Can you overlay feedback with your businesses financial and operational data? Find out how we can help by watching our new Customer Experience video.
B2B accounts are complex relationships with numerous stakeholders, contracts, and interactions. Any one of these can disrupt your line of business and when this happens, you want to view the… The post How B2B organisations can deliver winning customer experiences appeared first on...
B2B accounts are complex relationships with numerous stakeholders, contracts, and interactions. Any one of these can disrupt your line of business and when this happens, you want to view the feedback in real time to help deliver winning customer experiences.
Find out how we can help you transform your customer experience by requesting a bespoke demo!
Alternatively, you can browse our collection of resources:
The post How B2B organisations can deliver winning customer experiences appeared first on Maru/Syngro.
Last year’s webinar we held revealed that over 98% considered themselves to be “under pressure” to demonstrate ROI from their customer experience programme. This is hardly surprising considering that some… The post Cost centre or profit driver? Customer Experience and ROI appeared first on...
Last year’s webinar we held revealed that over 98% considered themselves to be “under pressure” to demonstrate ROI from their customer experience programme.
This is hardly surprising considering that some 90% of organisations still view CX programmes as a cost to the business, rather than a driver of profit.
Nevertheless, for those who are willing to commit to customer experience management, demonstrable ROI is not only achievable – in today’s customer-driven marketplace, it is necessary.
Well firstly, get into the mindset that business decisions should begin and end with the customer. By ensuring that the customer’s voice is heard in the boardroom, a cohesive and impactful customer experience programme can be established.
Everyone from the executive team through to the front line must understand their role in ensuring that customer feedback is not simply used to fix faults, but fuels competitive advantage and an unbreakable connection to customers. Those that do are reaping the rewards in terms of customer advocacy, loyalty and spend.
Don’t let your competitors overtake you in the customer experience race.
In today’s era of increasing customer churn, where price differentiation is no longer sustainable and customers’ expectations have shifted, customer experience has become the new battleground. Organisations must put emphasis on differentiating themselves from their competition by providing superior customer service. Download our paper to discover how to compete on Customer Experience and increase ROI.
Join the 15% benefiting from sustainable profits from succeeding in Customer Experience.
It is time for CX programmes to evolve from a cost centre to a profit driver. Programmes that continue to superficially commit to putting customers at the centre of business operations are unlikely to achieve game changing ROI, with implications for growth and competitive positioning. Download our popular paper to find out how organisations are increasing ROI through intelligent customer experience.
Did you enjoy this blog? Read our related posts and free downloadable materials:
The post Cost centre or profit driver? Customer Experience and ROI appeared first on Maru/Syngro.
Return customers are the lifeblood of any business. A loyal customer is not only paying for your products and services but is telling others about you, too. Be sure to… The post 5 ways to keep your customers coming back appeared first on...
Return customers are the lifeblood of any business. A loyal customer is not only paying for your products and services but is telling others about you, too. Be sure to protect the investment you made in earning their business the first time by taking the best possible care of them to ensure they keep coming back to you.
Read our posts and free downloadable materials designed to enhance your Customer Experience:
And finally, did you know!
We are emotional buyers. We want personal experiences. We want organisations to focus on creating relationships with us. Last week’s paper was about why relationship centric is the new customer… The post How to become relationship centric appeared first on...
We are emotional buyers. We want personal experiences. We want organisations to focus on creating relationships with us.
Last week’s paper was about why relationship centric is the new customer centric and this week brings a handy infographic complete with statistics to back why a relationship centric culture is the way forward.
Download the infographic today!
We’ve pulled together 20 Customer Experience statistics worth knowing about. Research shows that 55% of consumers are willing to pay more for a guaranteed good experience. 86% of consumers are… The post Fast facts: Customer Experience appeared first on...
We’ve pulled together 20 Customer Experience statistics worth knowing about.
- Research shows that 55% of consumers are willing to pay more for a guaranteed good experience.
- 86% of consumers are willing to pay more for an upgraded experience.
- Customer frustration leads to the following: 13% tell 15 or more people if they’re unhappy. Conversely, 72% of consumers will share a positive experience with 6 or more people.
- 67% of consumers site bad experiences as reason for churn.
- It is 6-7X more expensive for companies to attract new customers than to keep existing customers.
- Only 12% of companies are able to successfully upsell or cross-sell to new customers.
- 66% of consumers who switched brands did so because of poor service
- 70% of companies that deliver best in class customer experience use customer feedback – versus industry average of 50%, and 29% for laggards.
- 56% of customer just want the right answer, but 64% of customers do not trust the information.
- 55% of customer requests for service on social media are not acknowledged.
- 87% of customers think brands need to put more effort into providing a consistent experience
- 89% of businesses are soon expected to compete mainly on customer experience
- 80% of companies say they deliver “superior” customer service but only 8% of customers agree.
- 91% of unhappy customers will not willingly do business with you again
- Employees only ask for the customer’s name 21% of the time
- 70% of buying experiences are based on how the customer feels they are being treated
- 27% of email inquires are answered incorrectly
- 75% of customers believe it takes too long to reach a live agent
- 41% of consumers expect an e-mail response within six hours. Only 36% of retailers responded that quickly
- 81% of companies with strong capabilities and competencies for delivering customer experience excellence are outperforming their competition
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