CEM+ Customer experience survey. What drives customer loyalty and advocacy for your brand? Introduction

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1 What drives customer loyalty and advocacy for your brand? Most organisations turn to their customer satisfaction data for the answer but gain little in the way of insight. That s because many satisfaction surveys measure satisfaction against a pre-determined set of generic values, and not those of their target customers. CEM+ Snapshot The starting point for the CEM+ Survey is to find out firstly what your target customers value and then identify to what extent their experience of your company meets these needs. The research tool then evaluates to what extent your brand promise, product offering and customer experience are differentiated and deliver customer value. It measures external service value, customer satisfaction, loyalty and advocacy. It s powerful: creates insight about your current customer experience and how to improve it It s quick: by focusing on your target customers, you achieve fast but reliable results It s straightforward: recommendations focus only on those key areas that add value to your customers. You get insight rather than mounds of data It s cost-effective: simple and achievable within a limited budget Introduction We ve specifically designed our approach to avoid unnecessary complexity, lengthy processes and reams of data that add little insight. Our customer experience research focuses only on those factors that really make a difference: the key values and expectations of your most profitable customers; how you measure up in delivering these; the loyalty these customers feel towards your company and, most importantly, the two or three things you need to do to increase their advocacy.

2 2 Contents How it works 3 CEM report external service value 4 CEM report customer satisfaction 5 CEM report customer loyalty 7 CEM report priority actions & focusing lens 9 The complete picture 10 Our surveys in practice 11

3 3 How it works Step 1 customer research We (or your existing research agency) conduct qualitative and quantitative customer research, tailored to your organisation and structured to identify the key expectations of your target customers and how your company is delivering against these expectations. Step 2 analysis of findings The survey will provide insight into whether your products and services meet customer expectations and to what extent your organisation delivers in each area. We also identify customers level of overall satisfaction with the experience, their intention to repurchase and readiness to recommend your company to others. Step 3 recommendations The report essentially covers three areas: external service value, customer satisfaction and customer loyalty. We highlight the priority customer satisfaction attributes, the key retention drivers and the largest satisfaction gaps. By comparing these we are able to identify the priorities on which you need to focus to deliver a great experience and improve customer loyalty. The result The result is real insight into your most profitable customers needs and a very focused and clear agenda for differentiating your customer experience. It s a quick, simple, cost-effective way to help you to devise an effective customer experience strategy. Take a look at the following pages to dip into some of the features of the CEM+ Report.

4 4 your cem+ report external service value Do your customers perceive value for money in the experience you provide? revenue growth External service value clarifies your perceived market position on Price against your relative position on Product and Service Quality. This is an indication of the perceived Value For Money (VFM) you provide relative to your competitors. external service value customer satisfaction customer loyalty profits We plot where you are on the chart below. We also rank your customers top expectations, showing where their priorities are on service, product and price. WORSE VALUE You may lose share to competitors offering better quality at the same price or the same quality at a lower price. Focus on quality improvement to increase perceived value PREMIUM You are in a good position to earn high margins but watch your market share. Focus on R&D and innovation to stay ahead and maintain margins AVERAGE You may be stuck in the middle with an undifferentiated offer. Focus either on cost reduction or differentiation ECONOMY You are subject to price wars. Make sure you are the cost leader to stay here. Focus on operational efficiency to maintain low prices BETTER VALUE You are in a good position for growing your customer base and gaining market share. Focus on valuable niche markets and maintain your differentiation

5 5 your cem+ report CUSTOMER SATISFACTION How well do you do on those things that matter to your customers? Take a look at the illustrative chart on the right This will show overall satisfaction with your performance on the dimensions of service, product and cost. The relative strengths of each dimension indicate the differentiation strategies available to your company This will have an impact on the type of experience you wish to provide. Market leaders tend to be highly differentiated on at least one of the three value disciplines of Customer Intimacy, Product Leadership or Price Leadership. 0 = Poor performance 10 = Excellent performance As with External Service Value, you ll get to see your customer expectations ranked in order of importance and measured on satisfaction as per the results of the survey See The Discipline of Market Leaders. Michael Treacy & Fred Wiersema. Addison Wesley

6 6 your cem+ report CUSTOMER SATISFACTION The Customer Satisfaction Index, (CSI) takes into account both the relative importance of each expectation and your achievement of it. Your customer satisfaction index 115% 109% 105% You ll see your performance in order of relative strengths and weaknesses on each of the expectations. The diagram on the right illustrates the type of chart you ll see, with each bar representing a customer expectation. A score greater than 100% indicates that your performance exceeds customer expectations. Your CSI Index is a very useful tool to track performance over time. 102% 98% 96% 90% 90% 89% 88% 87% Customer satisfaction index mean xx% Your customer experience priorities The CSI enables you to see where your priorities for improvement should lie. This is important, since unless you have a limited budget, you can t focus on excelling in everything. When you come to design the experience, these findings will enable you to know at which touchpoints you want to exceed expectations and which are those where satisfied will suffice. This then forms the basis of the next section: customer loyalty Importance High The area of CONCERN indicates relative weakness in your primary competitive offering. Do all possible to improve your performance or create a strategic alliance with a leader in this field. The area of CONSIDERATION indicates weakness on lower priority attributes. These may cause dissatisfaction longer term. So, either strengthen your performance here or outsource. Low Performance The area of CELEBRATION indicates primary strengths that should be built upon to create real differentiation. The area of CONSOLIDATION indicates strengths in areas which customers do not value highly. Either consider placing less emphasis on them, find customers who value these items, or just maintain performance without further investment. High

7 7 your cem+ report CUSTOMER loyalty We ask your customers to rate their overall satisfaction with the experience, intention to repurchase and readiness to recommend your company to others. Customers acquired by referral are generally of higher value and less prone to switching than customers acquired through promotion and marketing activity. In order to improve recommend scores you must first improve retention and satisfaction scores. Where repurchase scores are higher than satisfaction scores it may indicate that there are high switching costs or few available alternatives. In this case you may be vulnerable to new entrant competitors.

8 8 intention to repurchase from you Those customers awarding high ratings for satisfaction are much more likely to repurchase. In order to turn vulnerable customers into Loyal customers, overall satisfaction rating should be 9 or above. Customers who award a satisfaction rating less than 6 are likely to defect to competitors and/or fail to recommend you in the market place. Those rating their satisfaction as 6, 7, or 8 are vulnerable to better deals or offers. Overall satisfaction rating Loyal customers Rating distribution % Customer retention is directly related to satisfaction The question is which of the attributes identified by this research should you focus on first to drive retention? To answer this question we conduct Multiple Regression Analysis which examines each attribute s relationship with expressed intention to repurchase. The attributes shown are those which statistically, seem to have the greatest impact on retention. These retention drivers are your levers to improve customer loyalty Finally we calculate your Advocacy Index. This is the number of customers awarding you 9 or 10 for intention to recommend you to others minus those awarding you between 0-6. This figure is highly predictive of the likely growth in your customer base through word-of-mouth marketing. For those of you that use NPS, our methodology is entirely compatible. INTENTION TO RECOMMEND YOU

9 9 your cem+ report PRIORITY ACTIONS CEM+ focusing lens Having provided you with a lot of data, we now wish to provide real insight by helping you focus on the critical few items. To do this, we use a FOCUSING LENS which looks for recurring items. It examines the 8 priority attributes, 8 retention drivers (where data allows) and 8 largest satisfaction gaps. By comparing all of these we are able to identify the items which most frequently recur. These are the TOP action priorities which you should focus on because they are important: they satisfy customers and drive retention in your market. The result Real insight into your most profitable customers needs and a very focused and clear agenda for differentiating your customer experience

10 10 The complete picture Researchers at Harvard Business School discovered a link between profitability, CUSTOMER loyalty and EMPLOYEE satisfaction, loyalty and productivity*. They found that profit and growth is stimulated primarily by customer loyalty which is a direct result of customer satisfaction. Satisfaction, in turn, is largely influenced by the value of services provided to customers. Our CEM+Customer Survey measures external service value, satisfaction and loyalty. Our CEM+ Employee Survey measures internal service quality, employee satisfaction and retention. Each survey can be used independently but they are particularly powerful when used together. These two tools provide a comprehensive insight into your organisation s performance, allowing you to assess the extent to which your organisation is aligned with customer expectations. * Putting the Service-Profit Chain to Work James Heskett, Thomas Jones, Gary Loveman, W Earl Sasser. Leonard Schlesinger

11 11 Our surveys in practice.. Our surveys and tools are used by many organisations to help them implement their customer experience, but also as measurement tools to continually evaluate the employee experience, the customer experience and the ROI of customer initiatives. What s common to all, is that they re simple, they re quick, they re cost effective and they deliver real insight, rather than mounds of data. For more information on any of our tools or services, just drop us a line. Contact us : t : 44 (0) e : The survey has served to validate a number of key assumptions, as well as uncovering areas of concern that were not currently on management s radar screen. The results are a catalyst for senior management to redefine its strategy in Asia. Martha Collard, former HR Director, Grey Worldwide We needed to understand our own strengths and weaknesses and to improve our culture in a way that would meet customers needs more promptly and efficiently. The survey is helping us to achieve these goals by getting everyone in the company focused on the same objectives and moving in the same direction. Kingston Sia, Sales & Marketing Director, Glaxo Singapore. smith+co All rights reserved I found the customer experience survey to be of enormous value to O2 Ireland. Based on previous research we all had our own interpretation of what customers expected and how we were performing relative to the market. The research findings gave us unprecedented clarity around what earned loyalty in the market and enabled us to communicate hard facts to senior managers and staff alike. I would recommend smith+co s approach to any business embarking on a strategy centered around the customer. Darren McLean, Head of Customer Insight & Research, O2 Ireland

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