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The Customer Experience: a journey not a destination

The Customer Experience: a journey not a destination. Colin Shaw Founding Partner Beyond Philosophy. 85% of senior business leaders say that just differentiating on the Physical - traditional is no longer sustainable. Source: Marketing Forum 2002 Original Research. The Experience….

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The Customer Experience: a journey not a destination

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  1. The Customer Experience: a journey not a destination Colin Shaw Founding Partner Beyond Philosophy

  2. 85% of senior business leaders say that just differentiating on the Physical - traditional is no longer sustainable Source: Marketing Forum 2002 Original Research

  3. The Experience…..

  4. Customer Experience Definition A Customer Experience is an interaction between an organization and a Customer. It is a blend of an organizations physical performance, the senses stimulated and emotions evoked, each intuitively measured against Customer Expectations across all moments of contact.

  5. Seven Philosophies for Building a Great Customer Experience Great Customer Experience’s are: • A source of long-term competitive advantage • Created by consistently exceeding Customers physical & emotional expectations • Differentiated by focussing on stimulating planned emotions • Enabled through inspirational leadership, an empowering culture and empathetic people who are happy and fulfilled • Designed “OutsideIn” rather than “Inside Out” • Revenue generating and can significantly reduce costs • An embodiment of the brand

  6. Seven Philosophies for Building a Great Customer Experience Great Customer Experience’s are: • A source of long-term competitive advantage • Created by consistently exceeding Customers physical & emotional expectations • Differentiated by focussing on stimulating planned emotions

  7. 69% of customers say emotions account for over half of their Customer Experience Source: Marketing Forum 2002 Original Research

  8. Can companies be trusted? Can you trust companies? % Males and Females who say companies cannot be trusted Source: Marketing Forum 2002 Original Research

  9. Seven Philosophies for Building a Great Customer Experience Great Customer Experience’s are: • A source of long-term competitive advantage • Created by consistently exceeding Customers physical & emotional expectations • Differentiated by focussing on stimulating planned emotions • Enabled through inspirational leadership, an empowering culture and empathetic people who are happy and fulfilled

  10. Seven Philosophies for Building a Great Customer Experience Great Customer Experience’s are: • A source of long-term competitive advantage • Created by consistently exceeding Customers physical & emotional expectations • Differentiated by focussing on stimulating planned emotions • Enabled through inspirational leadership, an empowering culture and empathetic people who are happy and fulfilled • Designed “OutsideIn” rather than “Inside Out”

  11. Consumer Terrorist! You get the Customers you deserve…

  12. Seven Philosophies for Building a Great Customer Experience Great Customer Experience’s are: • A source of long-term competitive advantage • Created by consistently exceeding Customers physical & emotional expectations • Differentiated by focussing on stimulating planned emotions • Enabled through inspirational leadership, an empowering culture and empathetic people who are happy and fulfilled • Designed “OutsideIn” rather than “Inside Out” • Revenue generating and can significantly reduce costs • An embodiment of the brand

  13. Lost Profit Lost Revenue Lost Market Capitalization €200MM p.a. €2.4bn p.a. €1.94bn Every 3 hours we lose5,000Customers! Gross Customer Loss 4MM per annum €2.4bn p.a.

  14. (1) Prevent Profitable Customer Defection Our research shows that: two-thirds of our customers who cancelled their contract, did so for reasons that could have been prevented

  15. The Opportunity What if … …we delight and retain an additional 2%-pts of defecting profitable customers …we increase the cross-sell ratio from 1.1 to 1.2 products per customer …we leverage superior experiences into just 5% in additional lead referrals, and convert 30% of those leads to business

  16. + €317M RetentionCross Sell/Up Sell Referral € 173M € 23M Annual Impact on Operating Profit By Year 3 € 121M

  17. The Opportunity - Revisited Now, what if … 3%-pts …we delight and retain an additional 2%-pts of defecting profitable customers 1.3 …we increase the cross-sell ratio from 1.1 to 1.2 products per customer 7% …we leverage superior experiences into just 5% in additional lead referrals, and convert 30% of those leads to business

  18. + € 571M Retention Cross Sell/Up Sell Referral € 182M € 350M € 39M Annual Impact on Operating Profit By Year 3 - Revisited

  19. € 42.5B € 317M € 45.9B € 571M Impact On Valuation Market Cap € 38.9B Current Valuation Increased Operating Profit (By Year 3) (Not considering impact of external factors)

  20. Seven Philosophies for Building a Great Customer Experience Great Customer Experience’s are: • A source of long-term competitive advantage • Created by consistently exceeding Customers physical & emotional expectations • Differentiated by focussing on stimulating planned emotions • Enabled through inspirational leadership, an empowering culture and empathetic people who are happy and fulfilled • Designed “OutsideIn” rather than “Inside Out” • Revenue generating and can significantly reduce costs • An embodiment of the brand

  21. Food for thought… • We are moving into an experience economy. What are you doing to prepare yourself? • 95% of senior business leaders recognise Customer Experience is the next competitive battleground. How is your company doing? • Is your Customer Experience DELIBERATE? • Emotions count for over half of Customer Experiences. Which emotions are you planning to evoke? • What actions are your people taking to evoke these emotions?

  22. Downloads from today… Today’s presentation. Chapter 1 of both books. Market Research. Limited Naïve to Natural™ Assessment. www.beyondphilosophy.com UK Office +44 (0)207 917 1717 US Office +1 407 876 6707

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