LOOKING BACK AS WE MOVE FORWARD |
|
“Your most unhappy customers are your greatest source of learning.”
– Bill Gates, Microsoft
Throughout 2022, we shared our perspectives on CX strategy, measurement and execution. And we appreciate your readership and engagement with The Verde Group content. More importantly, we heard from you! We received thousands of responses from our readers sharing their feelings on:
- The challenges you face converting CX insights into action
- Which CX beacon metric your organization uses to measure progress
- Who in your organization most supports your CX vision
- How securing investments and setting up a sustainable program is challenging
You made it clear that while progress is being made, there is much work to do.
At The Verde Group, we are committed to helping you, our readers, add value to your organization’s CX efforts by sharing our thoughts on what’s working and not working and through those efforts, it is our sincere hope that we help you succeed.
Given our 20+ years of experience in CX research and consultancy, through the delivery of hundreds of client programs and over one hundred thousand customers responses to our research, here's what we know to still be true:
- Not all experiences are created equal - in fact negative interactions, when experienced, are 7 times more predictive of customer behaviors than positive interaction – focusing on financially quantifying CX friction points is what we do
- That problem frequency does not equal problem impact – as a matter of fact, many high-damage problems are not on a company’s radar screen – we call these the “silent killers”
- In nearly all cases – across industries and B2B and B2C relationships, less than 30% of your customers will tell about a problem when they experience one
- Resolving customer problems to their complete satisfaction will rebuild customer loyalty for the long-term
- Legacy CX beacon metrics do not consistently correlate to financial performance. While these metrics may have value, there is a better way. Read more HERE
In 2023, we will continue to share examples of CX success stories, thought-provoking content and as The Verde Group likes to do, challenge the status-quo. But most importantly, it is our goal to provide you with the tools and information to realize the full potential of your CX efforts.
|
|
Well, it's about that time of year when we start thinking about our New Year’s Resolutions… So what is your 2023 resolution to ensure your company excels at CX strategy, measurement and execution? |
|
|
-----------------------------------------------------------------------------------------------
|
|
Better conversion of insights to action
|
|
|
|
|
Increase use of new data streams or improved analytics
|
|
|
|
|
Create a better connection between CX insight and our business performances
|
|
|
|
|
Finally start our CX insights journey!
|
|
|
|
|
|
|
Did you know customers who have problems are 35% less loyal than those who are problem-free?
|
|
NEW BLOG - Why “I Love You” metrics won’t solve your CX challenges
Our Executive Vice President, Dennis Armbruster, weighed in on legacy CX metrics and how they are correlated to financial performance.
Read the full blog 👉 HERE
|
|
|
|
|
Covenant House Executive Sleepout 2022
On November 17, our CEO, Paula Courtney, participated in her tenth consecutive sleep-out with Covenant House Toronto – an organization dedicated to raising awareness and funds for at-risk youth. As chair of this year's sleepout committee, she was instrumental in reaching their goal of $1.2 million which will help provide shelter, sanctuary and support to youth overcoming homelessness and survivors of sex trafficking.
"There is no greater call to action than to support at-risk and trafficked youth. They are our future." - Paula Courtney
To learn more about this event 👉 HERE
|
|
Lesson learned Ticketmaster? |
|
 |
During perhaps one of the biggest presale events of the year – the Taylor Swift World Tour - Ticketmaster tried to offer verified fans a frictionless experience, ensuring they could buy tickets quickly and without issue. But unfortunately, that wasn’t the case.
Instead, thousands of Taylor Swift fans were denied from buying tickets due to issues with verification codes and paused queues. Some fans were booted from the line entirely. What followed was a barrage of social media posts blasting the brand for breaking their promise to fans, cries for help from Ticketmaster customer service and a general sense of anger toward the brand. With over 50% market share, you would expect that Ticketmaster would apply the necessary resources to avoid an issue of this magnitude. What we like to call a “Most Damaging Problem.” These are the problems that drive a decrease in market share and significant brand erosion.
UPDATE: Taylor Swift responded immediately after the debacle: “It’s really difficult for me to trust an outside entity with these relationships and loyalties, and excruciating for me to just watch mistakes happen with no recourse.” She has since arranged for an unknown number of fans who signed up for the Ticketmaster Verified Fan Presale to get another shot at a new release of tickets. She has said herself that she is very protective of her fans and understands the value of strong issue resolution and for that we applaud her. @taylorswift
|
|
|
|
Thank you to those who submitted questions! |
|
Our Senior Vice President, Candice Troupe answers your CX questions! Candice brings a wealth of experience in Customer Strategy and CX with a proven track record for transforming businesses and driving growth in a number of B2B and B2C industries
|
|
|
Q: How does a company determine the ROI of CX improvements?
|
|
A company should look at tracking clients affected by the program and determine whether their spending increases by using a single, standardized procedure. Then delegate the choice of essential metrics and the method for measuring them to the individual leaders who are in charge of CX. In order to qualitatively assess improvement, I recommend speaking with clients. And simply consider costs that are not measured. CX is a factor in how a company assess the health of a brand. |
|
Q: How do I convince my leadership team to invest in CX?
|
|
You should demonstrate that CX investment leads to increases in customer spending, product adoption, and market share. Without that financial connection, all you can do is speculate.
VOC "case studies" are a great way to help senior leadership understand the importance of the customer experience. Being in the C Suite makes it simple to lose contact with actual consumers; to combat this, we've found it helpful to regularly share real-world CX experiences.
|
|
Q: How can we personalize customer interactions better across the entire customer journey?
|
|
To see how customers interact with a brand, conduct customer intercepts. Carry out usability testing to watch how users interact with your channels. Acquire customer segments that primarily represent attitudinal information data. For the most part, use transactional data to understand purchasing habits. To know your clients better, look to overlay CX research onto your segmentation. |
|
|
|
Send us your questions and stay tuned for the December newsletter to see your questions answered by one of our CX specialists.
|
|
|
From our team at the Verde Group, best wishes for a happy holiday season and a prosperous New Year! |
|
Stay updated and follow us |
|
|
|
|
|
|
|
|
