Return On Experience: The insights and research that show tangible business benefit to good customer experience
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This document discusses the importance of customer experience for businesses. It notes that customer expectations have increased as markets have become more competitive and experiences have become a key differentiator. While both consumers and marketers recognize the value of unique experiences, there is often a gap between perceived and actual customer experiences. The document provides recommendations for improving customer experience, including going back to basics by focusing on customers, mapping the end-to-end customer journey, listening to customers, empowering employees to drive experiences, and making customer experience a strategic priority.
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Return On Experience: The insights and research that show tangible business benefit to good customer experience
- 1. Return On Experience The insights and research that show tangible business benefit to good customer experience. April 2014
- 2. WHY ARE WE ALL TALKING ABOUT EXPERIENCE?
- 3. Because things have changed…
- 4. Macro trends are driving the world of experiences Market Rules are Changing COMPETITIVE MOMENTUM Everything is a Touchpoint CHANNEL UBIQUITY Expectations are everything CONSUMER EXPECATIONS Dialogues & Collaborations SOCIAL ENGAGEMENT
- 5. DO WHAT YOU SAY
- 6. The way we see it… Say something Say it loud Say it well Say it often What you do… How you act… What they experience… matters more than what you say
- 7. In today’s world, the experience is the brand. A brand promise is worthless, if the brand’s experience doesn’t deliver.
- 8. SO IS IT A NICE TO HAVE OR A SMART BUSINESS MOVE?
- 9. 9 While they spend less, Growth follows ‘verb’ brands
- 10. The Dollars And Sense Behind Experience Optimization According to Forrester, companies that continuously move higher in their customer experience index scoring will see: + Increased revenue due to word of mouth: Incremental sales from positive word of mouth can range from $2 million for investment firms to $176 million for airlines. + Reduction in churn, leading to improvements in revenue: Retained revenue ranges from $30 million for investment firms to $1.7 billion for wireless providers. + Increased revenue thanks to incremental purchases of loyal customers: The revenue benefit can range from a low of $39 million for consumer electronics manufacturers to more than $1.3 billion for wireless service providers.
- 12. agree (60% strongly) overall experience is #1 factor in whether they purchase a product or service
- 13. say previous unique experience is important (62% very important) when choosing brands to use in the future.
- 14. agree (44% strongly) they’d pay more for a product or service if they knew they’d have a unique experience with that brand.
- 15. But, there is a gap
- 16. agree that the experiences they’ve actually had with brands have been extremely or very unique.
- 17. 87% 26% Previous unique experience is important to future purchase My past experiences with brands have been unique VS THAT’S SOME GAP
- 18. 78% 26% I’d pay more for a unique experience My past experiences with brands have been unique VS AGAIN THAT’S SOME GAP
- 20. 65%of APJ marketers believe that a consistent and positive experience helps distinguish and differentiate their brand.
- 21. 57%believe it helps retain and monetise customers
- 22. How did customer experience impact revenue?
- 23. Yet we also see the gap
- 24. SO WHY IS IT HARD?
- 25. Experience gaps What Is Holding Back the Customer Experience? + Operational structure and processes (38 percent) + Ability to customize and individualize (31 percent) + Having engaging and empowered employees (31 percent)
- 26. Because culture shifts are not easy
- 27. AND IT NEEDS A HERO
- 28. 2 Customer Intimacy 1 Operational Excellence 3 Product Leadership 1. Value within price, quality and convenience 2. Meets my needs, and I will pay a premium 3. The latest thing Customers and value disciplines
- 29. Net Promoter Score Does Not Equal Net Promoter System Frontline Activation Prioritised improvements; persistent cultural values; daily action Solid Analytics The Eight Net Promoter Processes 1. Reliable Metric Sort Customers, understand competitive position 2. Loyalty Economics Support high-quality cost-benefits estimates 3. Root Cause Data and processes to draw insights that unlock action 4. Closed Loop Enhance relationships through true dialogue 5. Learning Coaching, training, experimentation 6. Action Individual, team, function, enterprise 7. Robust Operational Infrastructure 8. Leadership and Communication
- 30. How can you use these insights to shape a better experience?
- 33. Invite participation Build around users Inspire sharing Create community Add value Experience principles
- 34. # 2 CHANGE YOUR TOOLKIT
- 35. To manage experiences, we need new brand tools. How does your brand behave on Twitter? SOCIAL MEDIA PHRASEBOOK How do you activate your brand with new partners? PARTNERSHIP PLAYBOOK What makes your propriety event truly yours? EXPERIENCE DEFINITION Why would someone co-crate something with you? ENGAGEMENT PLATFORM How do you create social currency? Why do they talk about you? ENGAGEMENT PLATFORM How does your brand behave differently across global cultures? GLOBAL EXPERIENCE PLAYBOOK Is every employee at every level embodying the brand? EXPERIENCE TRAINING BOOTCAMP As you stop messaging and start engaging, does your team have the skills? EXPERIENCE TRAINING BOOTCAMP
- 36. # 3 LOOK AT WHAT CONNECTS YOU
- 38. So you need to get under the hood of what the whole experience looks like
- 39. 20%of surveyed marketers are planning to map their customer experience. 48%have not.
- 40. Map the Experience Discovery Experience How do I learn about your brand? How do you market? Shopping Experience* What happens when I’m in store/in market? Digital Experience How do I interact? Product Experience Does the product /service exceed expectations? Customer Experience* How am I engaged after I commit? How do you treat me? Community Experience How do I connect with others around your brand?
- 41. #4 LISTEN
- 42. 56%feel they have the technologies and platforms to listen. 11% of surveyed marketers are satisfied with their company’s ability to listen and respond.
- 44. 75%of marketers use their websites to broadcast messages. 53%use these sites to listen.
- 45. The channels of communication have changed 47% use call or contact centers 45% head to in-store locations 37% are turning to social media 28% will email Only 14% will call corporate or sales directly Only 1% send commentary or messages via traditional mail
- 48. Rather than being an afterthought, elevate experiences to a strategic asset.
- 49. + Strategically defining the experience created by a brand + Expressly articulating the qualities and characteristics of appropriate brand behaviours + Managing, auditing and refining experiences as critical brand expressions + Aligning all actions and touchpoints with this strategic platform
- 50. #1 Back to basics #2 Change your toolkit #3 Look at what connects you #4 Listen #5 People as experience drivers #6 Make it matter
- 51. Thank you Helen Graney Managing Director 02 8231 4565 Helen.graney@jackmorton.com.au