Posts filed under Customer Capital

Start with Why to get a better understanding of your customers.

Want to know why customers do what they do and why they act the way they do? This presentation makes the case for understanding what the the problem is and more importantly knowing "Why it is a problem". This is the key to designing and delivering improved service outcomes for customers.

I pulled out this presentation from a couple of years ago after a meeting with a few clients over the past week or so. The question arose after they shared with us all the research that their organisation has completed over the past two years. There was a lot of market research, a lot of quantitative data and analytics. All good stuff in itself - and use really useful for the projects we are working on.

What none of the research answered was why their customers were actually leaving them after only a few years. What we did know was that a large reason was "Service" and "Price". If I had a dollar for every one of of clients told us that was the problem. Its not wrong, its just 10% of the answer.

Knowing it is "Service" for example is a great place to start, but what component of the Service, too much, too little, in the wrong places, at the wrong time, not at all? 

The attached presentation lays out the case for getting to why and provides some research approaches to help you get there. Our experience over 10 years of asking "Why" is that it helps you hardwire into the real reason that your customers may be less than happy and why they may walk out the door before its too late.

The customer lifetime value of departing customers can run to thousands and thousands of dollars, but that is for another blogpost.

If you want to better understand the real reasons why customers do anything, just ask "why" a few times and you will get much closer to the truth and provide you a path to delivering an improved Product and Service outcome.

http://www.slideshare.net/damiankernahan/starting-with-why-67609756/damiankernahan/starting-with-why-67609756

Can Customer Experience Become Your Brand?

It is apparent to big brands that Customer Experience is what keeps customers coming back time and time again. Steve Olenski, a top Content Marketing Influencer and Forbes & HuffPost contributor, describes CX as a journey that never ends.

"Brands need to continually work harder to get closer to the destination without ever reaching it so customers keep coming back for more.”

The experience starts to become the brand - banks are creating delightful online experiences, hotels are delivering more memorable moments for their visitors, museums are focusing on creating emotional connections with their visitors.

How will your brand become the experience that your customers keep coming back for?

To read the article click here

9 CUSTOMER JOURNEY COMPONENTS

Why focus on the customer journey? Because the customer journey itself can create value for the customer. It is a key source of differentiation between competing products and services. A third of customers leave brands after one negative experience, thats why it is ever so important that we optimise EVERY interaction customers have with your company across their journey. This article breaks down the nine journey mapping components to help you take the first step towards customer centricity.

To read more click here

The Key to 2015: Seven Trends to Look Out For This Year

Over the next two years, companies are looking to better their customer insights and create more seamless experiences by redirecting 50 percent of consumer product investments to customer experience innovations. Give your business a competitive edge by responding to these seven key technological trends that are disrupting the 2015 consumer market place, such as multi-screen browsing, enhanced data protection and streamlined information at the right place and time

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The New Year is rapidly approaching, giving companies another shot at breaking away from competitors and attracting more loyal customers. Competing solely on price or features is a risky game though—smart business leaders are realising they can gain a competitive edge by providing a high-quality customer experience. And as the battleground shifts to better customer insights and seamless experiences, companies are dedicating a larger percentage of their marketing budgets to the customer experience.

By 2017, 50 percent of consumer product investments will be redirected to customer experience innovations, predicts Gartner. The research firm also found in a poll conducted this year that 65 percent of large enterprises have a chief customer officer or an equivalent role and 58 percent of the time the chief customer officer reports to a marketing role, suggesting that marketing is taking on a broader responsibility for the delivery of customer experiences. As companies analyze their priorities for 2015 and beyond, here are key trends that industry experts and analysts say are driving the customer experience.

To read more click here

Posted on January 20, 2015 and filed under Customer Capital.