Manual Managing Customer Value:One Stage at a Time

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Dilip Soman
  1. Managing & Mapping Customer Journeys Flowchart | Optimove
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In addition to the main customer experience metrics based on customer feedback, you could follow several KPIs of the customer journey. These reliable indicators can provide insights into how your team can improve the customer journey overall. Beware that the choice of customer experience KPIs depends on your business.

No secret, it is more expensive to acquire a new customer than to keep an old one. Knowing your retention rate will help you to understand the loyalty of your customers and help you to understand why your customers are staying or leaving. To understand the retention better, the KPIs such as churn rate, purchase frequency, the time between purchases and others.

The choice largely depends on the nature of your business. First response rate measures how fast a customer received a reply from your company since the first contact made.

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Most customers expect you to answer within 24 hours, but the earlier, the better. It's the time it takes to resolve a customer problem. Just as with the first response rate - the longer it takes to solve the issue, the unhappier customers are.

Managing & Mapping Customer Journeys Flowchart | Optimove

Knowing the contact volume and ticket distribution by channel will help you to identify the main customer touchpoints that cause problems or are unclear to your customers. Understanding CLV helps you to align your business goals to customer experience goals. CLV measures the financial value of one customer and has a strong bond to the retention and loyalty. After you have understood the targets and metrics and defined roles of customer experience management, it's time for action. Asking customer feedback is the very first step on the way to building a successful relationship between the customers and the brand.

Some companies measure customer experience at every crucial customer touchpoint. That makes the results difficult to compare and analyze. By measuring the overall experience you receive consistent feedback about what drives customer experience satisfaction as a whole. Once you've identified the most critical touchpoints, extend feedback collection to the most critical individual touchpoints. Combining the individual touchpoint feedback results with the overall picture, determine the strengths and improvement needs per each key touchpoint.

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If needed extend the depth of understanding with follow up surveys. Send the more specific longer surveys to only those customers who have the particular issue you investigate. That will help you to gain a deep understanding of the important topics from the relevant users. Tip: Measuring customer experience by the Net Promoter System gives you several advantages. NPS could be easily implemented, it's simple and short for customers to fill in. At the same time, it's also an industry standard metric, which means you could benchmark the results. How to analyze customer feedback in different languages?

Before, you could spend tons of money and hire tens of people, only to process all the feedback. Some also simply ignored it or analyzed a small sample of all the feedback. Now, with the help of modern technology, there're cost-effective ways to analyze the feedback.

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Text analytics help you to analyze the feedback in a fast and efficient manner, showing the tailored results valuable to your business. Altogether, the process of feedback analysis could look like this:. When customers leave their feedback, they expect it to be heard. Proper customer experience management starts with setting up targets and defining the roles, goes through the stages of collecting, analyzing and acting on feedback and ends with communicating the changes and bringing the customer to the heart of the business.

Modern technologies have made the feedback analysis a very simple process. Now, all you really have to do is act on it. That is the most important step in customer experience management. Listen to what your customers are saying and actually do something about it. Acting on customer feedback can be done in two ways: resolving individual issues and changing the bigger picture.

Physical Customer Relationship Life Cycle

Both aspects are equally important for customer satisfaction and retention. Act on time. While bigger changes in the company might wait, the individual issues can't. Critical comments require immediate action if you want to eliminate customer churn. Make it a part of the routine. Report results as a part of regular management reporting rhythm. Customer experience management is a consistent process. Learn from each other.

Share best practices across teams and organizational boundaries. Organize workshops, coaching and training within the company. Empower the whole organization to make improvements. Your starting point should be customer journey, not an organizational department. Cross-organizational silos. Changes implemented within silos seldom translate into significant CX improvements. Be clear about the goals and results of your customer success programs. Communicating the results of your customer experience management is as important as making the actual changes in your company.

Promoters, who originally belong the Promoter segment of the Net Promoter System, are also the people, who spread positive word-of-mouth, they're evangelists and recommend your business to friends or colleagues.

Some ideas on how you could utilize your promoters include:. Understand the reasons why promoters love you - use those reasons in marketing. What some people love about your business might interest other people as well. Encourage promoters to promote to new people, start a referral campaign.

Ask promoters to leave public feedback: to write a review or share their experience in social media. Detractors, also a segment of Net Promoter System, are the customers on the edge of churning, that are highly dissatisfied and spread the negative word about your business.

Turning your detractors into promoters might seem an impossible task at first, but it might be easier than it seems. Show that you care - you won't always be able to provide a solution, but you should always reach out to each individual and provide help and assistance whenever possible. The customers who have provided you feedback, deserve to hear back from you. Aim to be more specific, besides just plainly thanking them. A customer-centric culture is not born in one day. Customer-centric culture should be developed and supported. Here're the essential assets you need to set up if you want to become a customer-centric company:.

Set targets and incentivize. In many organizations, the best way to ensure a wide participation in customer experience improvement is to include a CX metric, such as NPS, incorporate scorecards and bonus systems.

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This is particularly important for employees, who face customers only indirectly, but still, have a significant influence on their experience. Bring customer obsession into the everyday life of your company. Make sure, everyone in the company is aligned across customer experience expectations. Share data and results of the customer experience analytics in an easy-to-use tool. This ensures that there is a shared understanding of what matters.

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