Tag Archives: customer experience best practices

8 Paths to Value via Benchmarking Studies

Customer Experience BenchmarkGetting ahead in differentiating your business is an ongoing quest. Benchmarking studies can be a great tool to monitor and maintain your edge — if you know how to maximize your value from them. Here are 8 paths to gaining value from best practices studies:

1) Participate! By investing a portion of an hour to answer the study questions you’ll likely pick up an idea or two for tweaking your perspective or approach for greater success. Every study has its own theme, so there’s always potential for picking up something new from each one. (Even if you’re on the agency side and may not qualify for a certain study, encourage your clients to participate — they’re less likely to be complacent as a result, and complacency is not a great thing for an agency.) What else only takes 15-30 minutes and gives you a possible new model, big-picture view, and/or tickler for taking your programs to the next level?

2) Accept the offer — whether it’s a donation to charity or a free copy of the report or something else, enjoy the token of appreciation. A complimentary report typically saves hundreds of dollars in your budget. Conducting your own Continue reading

6 Success Factors for Customer Experience Excellence

Business Customer ExperienceThe 2nd Annual ClearAction Business-to-Business Customer Experience Management (CEM) Benchmarking Study has identified six best practices for strong market performance and customer experience excellence:

  • Coordination among managers of CEM methods.
  • CEM as a determinant of corporate strategy.
  • Presentation of survey results to all employees.
  • Calculation of customer lifetime value (CLV).
  • Action on survey results by owners of customer experience key drivers.
  • Funding of cross-organizational collaboration.

These findings may be instrumental to the future of customer experience as the majority of companies have not yet implemented the above practices. Among the firms that are implementing most or all of these best practices, CEM-related business performance is much stronger and other CEM best practices are also more abundant.

Examples of business results attributed to customer experience management efforts include:

  • 200% growth in profit over the past 4 years. (Chemicals)
  • 200% increase in market share over the past 4 years. (Semiconductors)
  • Continue reading

ROI Opportunities in B2B Customer Experience Management

Business Customer ExperienceInvestment in customer experience management has increased or remained stable since 2005 for 88% of business-to-business companies, according to the 2010 ClearAction Business-to-Business Customer Experience Benchmarking Study. As the first global B2B analysis of best practices in customer experience management (CEM), this study provides insights on the growing role of customer experience in corporations. Four out of five B2B firms assign overall responsibility for customer experience initiatives to a vice president or director-level executive, and one in five companies treats customer experience inputs as a determinant of corporate strategy.

The study equally represents both large (more than 10,000 employees) and medium-sized companies (between 1,000 and 10,000 employees) headquartered in North America, Europe, Asia, and the Middle East. Industries represented include equipment, financial services, insurance, legal, medical, manufacturing, publishing, telecommunications, technology, and transportation. Half of the participants have been in a CEM job role for at least five years.

Goal Achievement
Three out of four participating companies say their customer satisfaction scores meet or exceed their goals; net promoter scores meet or exceed the goals of 54% of firms. A third of B2B firms say their goals are being met for market share, referral rates, differentiation, and loyalty, and half of the respondents say it’s too early to determine CEM’s impact on these goals.

Under-Utilized Role
The potential power of CEM is under-utilized: although more than half of company executives say that CEM is a competitive differentiator, only 24% use CEM as an influencer of major business decisions, and 20% treat CEM as a formal business process.

Narrow Implementation
Generally, CEM is focused on Continue reading

Customer Experience Management is Uncommon Sense

This article is 4th in a series describing 10 unique characteristics of customer experience relative to more well-known concepts such as customer satisfaction and retention. The characteristic defined in this article is: Preventive — Customer experience gravitates toward the easiest and nicest methods to get and use solutions that address customers’ needs.

customer experience best practices“Just talk to your customers” was the resounding answer to: “What’s the best way to learn best practices for customer experience management?” — a question I posted on several business-focused social media sites. Yet less than 60% of companies have a formal voice of the customer program.1 Why? Because we often assume we already know what customers think, or what they “should” think. Somehow it seems straightforward to cater to whoever is enabling our paycheck — everyone knows it’s foolish to do otherwise. In reality, though, this catering may be uncommon sense: have we forgotten that it’s actually customers — not supervisors or the stock market — that enable our paychecks? Maybe you’re thinking “Of course we remember it’s all about the customer!” But how can that be true when only 31% of companies say they have a high commitment to customer listening?2 As a result, typically one-fifth as many customers will say you’re customer-centric, compared to the number you may expect.3

Motives Determine Customer-Centricity:
Motives are at the heart of Continue reading