Customer Experience: The Big Picture - InMomentinfo.inmoment.com/rs/463-JAW-587/images/Keynote-Customer...Source: Temkin Group Q3 2013 CX Management Survey 23% 35% 49% 72% 76% 81%

Customer Experience: The Big Picture

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InMoment CX Elevated 2014

Copyright ©2014 Temkin Group. All rights reserved.

Take the CX Path From Fluff to Tough


The fluff to tough blueprint…

“Do what you do so well that they will want to

see it again and bring their friends.”

- Walt Disney


80% 60% 70%

Very Poor Poor Okay Good Excellent

50%

Okay Good Excellent Grocery Chains

Banks Investment Firms

Parcel Delivery Services

Retailers Retailers Retailers Retailers

Investment Firms Investment Firms Insurance Carriers

Credit Card Issuers

Insurance Carriers Insurance Carriers Insurance Carriers Insurance Carriers Credit Card Credit Card Issuers Issuers Issuers Issuers

Industry Average Low Score High Score

Fast Food Chains Fast Food Chains Fast Food Chains Fast Food Chains

Hotels

Appliance Makers

TV Service Providers

Internet Service Providers Health Plans

TV Service Providers TV Service Providers TV Service Providers TV Service Providers

Internet Service Providers Internet Service Providers Internet Service Providers Internet Service Providers Health Plans Health Plans Health Plans

Auto Dealers

Airlines Hotels Hotels

Appliance Makers Appliance Makers Appliance Makers Appliance Makers Airlines Airlines

Computer Makers

Rental Cars

Wireless Carriers Appliance Makers Appliance Makers

Computer Makers Wireless Carriers Wireless Carriers Wireless Carriers Computer Makers Computer Makers Computer Makers Computer Makers Computer Makers

Software Firms

2014 Temkin Experience

Ratings

15 out of 19 industries improved

between 2013 and 2014

48% of firms improved by 1 %-point or more

32% of firms declined by 1%-point or more


Where’s the ROI?


-35.0

-25.0

-15.0

-5.0

5.0

15.0

25.0

-25.0 -20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0

Temkin Experience Ratings

(Compared with industry average)

Customers who are likely to buy more

from company (compared with

industry average) Base: 268 companies, 10,000 U.S. consumers Source: Temkin Group Q1 2014 Consumer Benchmark Study

Pearson correlation

(R) = .83

5.0 10.0 10.0 15.0 -25.0 -20.0 -15.0 -10.0 -10.0 -10.0 -5.0 -5.0 -5.0

industry average) 5.0 5.0 5.0

15.0

25.0

-25.0

-15.0

-5.0 -5.0 -5.0

Customers who are

0.0 0.0 0.0 0.0 0.0


CX correlates to loyalty

Very likely to purchase more 9% 92%

Very poor CX rating

Very good CX rating

Very likely to recommend 4% 86% Very likely to forgive 9% 67% Very likely to try new offerings 6% 57%

Base: 268 companies, 10,000 U.S. consumers Source: Temkin Group Q1 2014 Consumer Benchmark Study


31%

27%

19%

13%

7%

3%

1) Ignore

4) Operationalize

5) Align

3) Mobilize

2) Explore 2) Explore

Base: Organizations with $500 million or more in annual revenues

6) Embed

3) Mobilize

Operationalize

5) Align

6) Embed

Tough

Fluff

Six stage of CX maturity


Comparing fluff and tough Fluff Tough

Belief Great CX Is important to our company’s success

Our brand and values require great CX

Focus CX improvement projects Sustainable customer-centric operations

Metrics CX-specific dashboards Balanced operational scorecards including CX

Brand Brand platform includes clear customer promises

Employees understand the link between their efforts and

brand promises

Customer Insights Closed-loop VoC program

Ongoing insights from integration between feedback

and operational data


What’s the

difference in VoC

programs?


Customer feedback is cheap Actionable insight can be valuable Taking action on insight is precious

VoC fluff to tough mantra…


Elements of VoC rated as good or very good

29%

30%

43%

45%

74%

Reviewing implications that cut across organizations

Making changes to the business based on the insights

Sharing feedback across the organization

Developing actionable insights from the data

Soliciting customer feedback

Base: Organizations with $500 million or more in annual revenues Source: Temkin Group Q3 2013 CX Management Survey


What are your significant sources of customer insights?

27%

28%

30%

49%

41%

76%

76%

43%

43%

49%

52%

52%

77%

94%

Inbound customer emails

Call center agent notes

Customer transaction history

Social media listening

Feedback from front-line employees

Periodic relationship surveys

Surveys after interactions

More Mature VoC Programs

Less Mature VoC Programs



Which of the following are significant obstacles to your VoC efforts?


23%

35%

49%

72%

76%

81%

57%

9%

15%

28%

48%

48%

59%

65%

Designing surveys

Targeting the right customers for feedback

Analyzing the data

Getting the organization to embrace the insights

Sharing data across the organization

Taking action based on insights

Integrating with internal systems

More Mature VoC Programs

Less Mature VoC Programs


Every experience has three components

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Experience

Can they achieve what they are trying to do?

How easy is it for them to do what they want?

How do they feel about the

experience?


Emotions are under-appreciated

30%

45%

45%

53%

Customers' emotional response to interactions

Completion of interactions

Customers' ease of completing interactions

Customer satisfaction with the outcome of interactions

Companies that rated their efforts of measuring these customer experiences as good or very good

Base: 173 companies with annual revenues of $500 million or more Source: Temkin Group Q4 2013 CX Management Survey


Non-customers are a blind spot

17%

19%

40%

46%

47%

Prospects who are not yet customers

Customers who have defected/left

Long-term customers who have not recently renewed

New customers

Customers who have recently renewed or purchased more

Companies that rated their efforts of measuring these customer experiences as good or very good



…so are wireless and cross-channel Companies that rated their efforts of measuring these

customer experiences as good or very good

26%

27%

48%

52%

62%

On a wireless device

Across multiple channels

In the store/branch

Online

Over the phone



Six Trends That Will

Reshape VoC

Where

Is

VoC

Heading?


1. De-bloating surveys

•! Fewer questions •! Segmented to audience •! Detect vs. Diagnose •! Improvement trumps tracking


2. Open-ending questions

•! Ask broader questions •! Identify sentiment and categories •! Discover new topics •! Review targeted verbatims


3. Soliciting employee feedback


4. Contextualizing insights

Business context

Timely, relevant

data

Contextual Insights: Observations drawn from data that resonate with an understanding of the business that resonate with an understanding of the business


5. Journey-ifying measurement

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•! Find out about school vacations

•! Find out about family events

Customer needs and activities

•! None

Expectations for online travel agency

•! Discuss with family

•! Discuss with friends

•! Read magazines

•! Review online travel sites

•! Get sense of costs

•! Compare prices of different travel destinations and packages

•! Discuss with family

•! Search online for details on top options

•! Compare prices of different itineraries

•! Book cheapest flight that meets needs

•! Book cheapest hotel that meets needs

•! Book cheapest flight and hotel that meets needs of the entire family

•! None

•! Book a few reservations for dinner nearby

•! Find and book a couple of interesting tours and excursions

•! Notify when flights are late

•! Rebook flights when there is a missed connection

•! Figure out what to pack and pack family

•! Print tickets and travel information

•! Plan for transportation to and from airport

•! None

•! Arrange for activities at hotel

•! Keep track of all of things that have been scheduled

•! Post fun stuff on Facebook

•! Notify when flights are late

•! Rebook flights when there is a missed connection

•! Pack up family

•! Plan for food and meals during the trip

•! Plan for transportation to and from airport

•! None

•! Create digital photo album

•! Send pictures to friends and family

•! Tell people about the good and bad parts

(Customer perception of experience: Good | Neutral | Bad)

Customer Journey Map (Example)

Stages of journey

Customer’s emotional state along the journey


6. Prescribing actions

Predictive Analytics

Customer feedback

Customer history

Real-time interactions

Prescribe Actions


Six trend that will reshape VoC

1.! De-bloating surveys 2.! Open-ending questions 3.! Soliciting employee feedback 4.! Contextualizing insights 5.! Journey-ifying measurement 6.! Prescribing actions


Customer feedback is cheap Actionable insight can be valuable Taking action on insight is precious

VoC fluff to tough mantra…


Thank you!

Bruce Temkin !4(-*+2%#9:;2%,2'<2#$%&'()*%+,(-#.#/&'&0,'0#1&%-'2%#'%()*+&,"-#.&===>-2+?,'0%*4;><*+#$=,@2%A#BC-2+?,'#DE*0A#9:;2%,2'<2/&@2%(>=*%F;%2((><*+#

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Documents

Customer Experience: The Big Picture - InMomentinfo.inmoment.com/rs/463-JAW-587/images/Keynote-Customer...Source: Temkin Group Q3 2013 CX Management Survey 23% 35% 49% 72% 76% 81%