Maximizing Your Customer Experience Management Metrics
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- Coleen McBride
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1 Maximizing Your Customer Experience Management Metrics For Internal Use
2 Customer Experience Is The New Brand Image Other people s experiences influence everyone Good and bad experiences impact non-customers as well as customers
3 Customer Experience Management NOT Optimise Maximise Attract, retain and grow profitable customers.
4 Optimising You don t have to WOW people all the time consistently acceptable service also builds strong customer relationships
5 Optimising Work out which moments of truth make a difference and what levels of service are good enough
6 VALUE FOR MONEY SATISFACTION SHARE OF WALLET RETENTION LOYALTY Yet, metrics are always debated! NPS RECOMMEND PERFORMANCE COMMITMENT CROSS SELL UP SELL
7 Where s The Magic Number? Leverage on Enterprise Feedback Management
8 Answer There is no Magic Number All measures are highly correlated Every program is different Transactional v Relationship v Brand The way customers make decisions What your company has bought in to...
9 Different Programs Require Different Metrics Relationship (strategic) Brand level Cumulative experiences Multi-channel/multi-event Key Driver analysis Transactional (tactical) Event driven Single experience Recent & timely Reported to units
10 Different Programs Require Different Metrics Relationship (strategic) Brand level Cumulative experiences Multi-channel/multi-event Key Driver analysis Transactional (tactical) Event driven Single experience Recent & timely Reported to units Loyalty Recommend Share of Wallet Satisfaction Performance Critical Incidence
11 When Can People Spread Their Behaviour? Share of Mind Share of Wallet All Nothing Supermarkets Savings & Investments B2B Retail Hotels Airlines Insurance Mobile Phone Service Auto Current Accounts Laptops Frequent Flyers
12 Competitive Performance Is Paramount Switch or stay Share of Wallet Which direction?
13 There Are Only Two Fundamental Ways To Grow A Business MORE YIELD (More $ from existing customers/existing markets) AND MORE FIELD (Add new customers/ New markets) The focus of Wallet Allocation Optimizer is more yield.
14 WAO! Focuses On More Yield Increase Retention? Increase Customer Satisfaction WAO! Which competitors are we most likely to take business from? How do we compete headto-head with our competitors? Increase NPS score Increase Share of Wallet What can we do to get our customers to spend more with us and less with others? Inward context Outward competitive context
15 Rank Matters Customer performance ratings do not tell enough of the story. YOUR CUSTOMER Janet, 32, married, 3 children John, 45, divorced, no children YOUR BRAND 9 9 It looks like Janet & John are equally satisfied they would be Promoters and equally good customers
16 Rank Matters until we look at the competitive context other brands they are using as well as you: YOUR CUSTOMER YOUR BRAND COMPETITORS A B Janet, 32, married, 3 children John, 45, divorced, no children 9 7 8
17 Rank Matters and start to look at the Rankings YOUR CUSTOMER YOUR BRAND COMPETITORS A B Janet, 32, married, 3 children 9 Equal last 9 10 John, 45, divorced, no children 9 Clear first 7 8
18 Rank Matters Instead of focusing on a single inward looking measure We need to focus on competitive rank YOUR CUSTOMER YOUR BRAND COMPETITORS A B WAO! SHARE OF WALLET Janet, 32, married, 3 children 9 Equal last % John, 45, divorced, no children 9 Clear first %
19 Rank Matters We Know Market shares follow a company s rank The Problem If you can t improve your rank, you can t improve your share
20 Share of Wallet Share of Wallet Share of Wallet Share of Wallet Maximizing Your Customer Experience Management Metrics Rank Works Across Different Metrics Satisfaction R= % 100% Purchase Intention R=.92 0% 0% Wallet Allocation 100% 0% 0% Wallet Allocation 100% Recommend Intention R= % 100% Net Promoter R=.91 0% 0% Wallet Allocation 100% 0% 0% Wallet Allocation 100%
21 The Best Metric? It s not that the metrics we use are wrong Satisfaction, Purchase Intention, Recommend Intention, Net Promoter It s that we don t take them far enough
22 Our WAO! Analysis Follows A Simple Process 1 Capture customer metrics and convert to ranks 2 Convert ranks into shares (WAO! scores) using the Wallet Allocation Rule 3 Derive drivers of WAO! scores 4 Connect drivers to $$
23 The Drivers of WAO! Are Different Drivers of SAT Drivers of WAO! Branches Banking Services Account Financial Products Financial Advice Fees + Charges Internet Banking Resolution of Call Centres ATM Network Loyalty Rewards 14% 13% 12% 12% 11% 7% 4% 4% 1% 0% 21% Fees + Charges Financial Advice Branches Financial Products Account Management Banking Services Call Centres Resolution of Internet Banking Loyalty Rewards ATM Network 6% 3% 3% 0% 0% 21% 18% 15% 12% 12% 12%
24 Rank and NPS categories 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 52% 65% Detractors Passives Promoters 1st Equal Worse 15%
25 WAO! What it can tell you (example deliverables)
26 KPI Dashboard Sainsbury s Ratings Top 3 box Top 2 box Top box C-SAT 87% 72% 39% Mean C-SAT Recommend 29% 56% 15% NPS +14 Competitive Performance 40% Sainsbury s WAO! score $1.5 Competitive spend index $30 billion Competitive spend 86% Competitive usage 1 st Choice Profile 55 % 16% 29% Competitor 1st Sainsbury s equal Sainsbury's 1st
27 Sainsbury s Lost Revenue To Competitors Client revenue: $20 billion Client customers spend with competitors: $30 billion Share of competitor spend shown in pie chart $299M $1,754M $122M $1,928M $2,189M $2,942M $2,568M $4,408M $243M $7,884M $4,029M $3,763M Tesco Asda Morrisons MarksSpencer Coop Waitrose Aldi Lidl Iceland Other FarmFoods Other
28 Impact and Competitive Performance Sainsbury s
29 Head-To-Head Performance Complaints handling Store location 75% Store environment Online shopping 50% Parking facilities Check-out' 25% Competitive prices Customer service 0% Offering promotions and discounts Stocks brands I like Products being in stock Suitable product range Sainsbury's Rewards programme Quality of products Tesco
30 Key Findings 86% 29% use other brands 56% Prefer a competitor Where is the $30 billion going? $1,471M $1,284M $389M $490M $890M $900M $1,750M $1,877M $3,942M $2,015M Top Drivers and Potential Revenue 40% $30b Your WAO! Share of wallet Spend with competitors
31 How WAO! Helps You Grow Correlates to real business results Quantifies the $$$ you lose to competition Delivers drivers of spend
32 So What About All Or Nothing Situations? All Nothing
33 All Or Nothing Situations Traditional loyalty questions are relevant Likelihood to continue Share of past behaviour Barriers to Switching But share of mind is still important! All Nothing
34 Traditional Measures + Share Of Mind Combining approaches leads to valuable information Share of mind (how they would spread their behaviour if they could) + traditional switch/stay analysis LIKELIHOOD TO SWITCH RISK CATEGORIES Loyal/Average/At Risk + where they will go if they do switch Customer Flow Models DIAGNOSTICS Key Driver Analysis Priorities for improvement
35 Transactional Programs Experience Optimizer Event Touch point Moments of Truth Focused on recent experience Much shorter questionnaires What do we NEED to know? Critical Incidents
36 What We Need to Know... In-coming opinion Impact of Experience Did you experience anything eventful in this interaction? Out-going experience OVERALL RATING (relationship level) INTERACTION OUTCOME If eventful, how do you feel? If negative, what can we do to fix things?
37 REMEMBER It s what you do with it that really matters!
38 Thank You Roger Sant For Internal Use
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