Profitable Customer Experiences
The secret to revenue growth? Doing what your customers value.
The secret to profit? Doing only what your customers value.
Customer experience matters because it is directly correlated to financial payoff. Bold leaders leverage this fact. In our national research study, we uncovered that organizations with a definition of customer experience that is well understood across the organization are twice as likely to exceed their financial targets. This unmistakable link between customer experience and profitability is an unnecessarily well-kept secret and why our clients see such bold results in our work together.
In our customer experience engagement together, we’ll identify the unmet need you solve for your target customer better than anyone else in your marketplace. Then, we’ll define your ideal customer experience – not just your current customer experience. We’ll translate this into something that anyone across your organization can use to make decisions about brand, products, operations, capital investments, talent, etc. and bring you closer to your ideal experience and desired financial performance.
Designing or Implementing Customer Experience
Most companies start by mapping their current customer experience. While that’s an important start, it’s not the only step and limits how well an organization can leverage or build a profitable customer experience. Instead, design – and map – your ideal customer experience so everyone in your organization has a clear, unclouded vision of the point on the horizon to which you are aiming, and move the organization toward that vision.
You’ll be more effective. You can ensure individuals, functions or even your whole company isn’t unwittingly marching away from what would yield the best performance for your company. By clearly mapping out the road to your ideal customer experience, you facilitate decision making. You can measure the results for each action taken and adjust as necessary.
You’ll work on what matters. A common theme we see in companies that have not defined an ideal experience is a well-intended focus on fixing the pain point of the moment. If you focus on the ideal experience instead, the pain point of the moment may become irrelevant.
You’ll stand out from the crowd. When you solve a need or problem for your target customers better than anyone else, you win sustainable differentiation.
Your customer experience can transform your company’s performance. At some point, companies that focus on fixing obvious performance gaps in the current experience hit a wall. Budgets can’t be stretched enough to improve service levels any more. Functions or channels are siloed, and local improvements are aimed at different versions of “better” with limited impact on overall performance for customers or for the organization. Leaders that use a shared vision of what the company solves for target customers, combined with what should ideally happen and how they should feel at each step of the journey, are creating meaningful and sustained performance.
To identify what gaps exist, lay out your target customer experience and compare it to your current customer experience. You should also be able to identify key moments that have a disproportionate amount of impact on the customer’s experience. We call these tipping point moments. Prioritize a fistful of tipping point moments and rally your organization to focus on and solve for them.
Measuring Customer Experience
- Provides leading indicators at points of the most disproportionate impact.
- Shows effectiveness and engagement value for customers and for you.
- Demonstrates the link between value for customers and your company.
- Has data that incorporates research and the tally of observed behaviors and outcomes.
- Can consistently measure performance across the experiences over a long period of time.