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Understanding the financial value of customer experience: from regulatory pressure to ROI With the huge push factor of regulatory pressures forcing utilities professionals into improving customer experience, it is critical to focus upon the pull factors of a customer experience strategy for increasing profit. Maximising the true value of the customer experience industry Investing in your customer experience strategy to improve customer service and maintain existing customers Developing a competitive edge through customer experience. What plans and strategy do you need in place? Professor Dr Phil Klaus Lecturer and World Leading Expert in Customer Experience
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Understanding the Financial Value of Customer Experience:
From Regulatory Pressure to ROI
Prof. Dr. Phil Klaus
www.profdrphilklaus.com @profdrphilklaus
profdrphilklaus@gmail.com
Customer Experience Transformation: Utilities
Birmingham June 25th, 2014
©® All Rights Reserved – www.profdrphilklaus.com – ProfDrPhilKlaus@gmail.com
Agenda
• Your most burning questions.
• Numbers and Sense.
• How to manage the most profitable CX program.
• Technology enhances CX.
• Summary.
©® All Rights Reserved – www.profdrphilklaus.com - ProfDrPhilKlaus@gmail.com
CX – what is it?
• 491,000,000 hits in 0.49 seconds
• 1,400,000 associated members @
• Great customer experiences?
• CEOs 80%
• Their customers 8%
©® All Rights Reserved – www.profdrphilklaus.com - ProfDrPhilKlaus@gmail.com
Defining CX
BLOGS 44 Customer Experience Blogs
You Should Be Reading The 10 Best CX Blogs
193,000,000 hits
SOLUTION PROVIDERS
EXPERTS ? 56,700,000
C2C EVERYTHING?!
= NOTHING?!
©® All Rights Reserved – www.profdrphilklaus.com - ProfDrPhilKlaus@gmail.com
What do you think…?
• CX lacks strategic impact.
• No one knows what exactly CX is.
• CX is a tactical rather than a strategic objective.
• Technology is the main driver for CX.
• CX is the next competitive battleground.
• CX is nothing more that the Emperor's new clothes.
• Academic CX research is relevant
Your most burning questions…
• Linking CX to profitability
• Best and next practice examples
• Latest trends
• Successful management
Linking CX to profitability
• Linking CX practices and strategies to profitability.
• 311 companies worldwide.
• 5 dimensions of practice Definition; Governance; Management; Policies; Measurements; Expectations; Challenges
• 3 types of CX practice: Preservers, Transformers and Vanguards differ across all 5 dimensions
• How do they differ in practice?
• Which is the most profitable one?
©® All Rights Reserved – www.profdrphilklaus.com - ProfDrPhilKlaus@gmail.com
CX Management Practices
Linking CX to profitability
Ranking Type Most compelling reason Performance
1.
2.
3. 100%
Linking CX to profitability
Ranking Type Most compelling reason Performance
1. Vanguards Holistic Strategy Execution 600%
2. Transformers Caught in the middle 250%
3. Preservers Lack of measurement 100%
• Generalizability across sectors, countries, industries, firm size.
• How to become a vanguard?
©® All Rights Reserved – www.profdrphilklaus.com - ProfDrPhilKlaus@gmail.com
How to become a vanguard…
• Top three based upon influence on profitability
• Measuring CX – Using EXQ
• CX from the customers’ viewpoint
• CX delivery – the crucial role of employees
• EXQ as ‘Troyan Horse’
The influence of technology
• Technology as enabler, not the focus of activities.
• Successful Online and Multichannel CX management
©® All Rights Reserved – www.profdrphilklaus.com - ProfDrPhilKlaus@gmail.com
The future is here…
• Mass 1 to 1
• Gender, age, time, location recognition
• Future: Interest sensing via mobile – included in hardware
• Geo-Fencing text advertising based upon profile
• Recognizing the customer’s “state of mind”
©® All Rights Reserved – www.profdrphilklaus.com - ProfDrPhilKlaus@gmail.com
Your most burning questions…
• Linking CX to profitability
• Best and next practice examples
• Latest trends
• Successful management
More free resources available to you…
• Gain free access to cutting edge CX research from the worldwide leading researchers by joining our Linkedin group
• http://tinyurl.com/marketingscholarsonLinkedIn
• https://www.youtube.com/watch?v=6eshTkeFZGs
• Get the book
• http://tinyurl.com/MeasuringCX
Conclusions
• CX – the next competitive battleground.
• The business case for CX. ROI versus Dynamic Capabilities.
• How to become a vanguard!
• More than hope, there is evidence, the future is bright and exciting.
• Let’s talk – ProfDrPhilKlaus@gmail.com
©® All Rights Reserved – www.profdrphilklaus.com - ProfDrPhilKlaus@gmail.com
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