Webinar: Customer Experience Analytics 2023

16 Nov 2018

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Webinar: Customer Experience Analytics 2023

  1. Customer Experience (CX) Simulation Tuesday 13th Nov 11:00 am GMT Approx. 40mins © Course5 Intelligence
  2. Our paths for todays discussions 2 Consumer experiences and the digital world Customer Experience: the new battle ground Major opportunity empowering enterprises Can we use Customer Experience Simulators Effectively Recommendations
  3. Today’s presenters 3© Course5 Intelligence Sushant Ajmani | Presenter Vice President – Customer Experience Solutions Joseph Sursock | Anchor Senior Vice President – Europe Zabi Ulla S | Presenter Senior Director – Advance Analytics
  4. 4© Course5 Intelligence About Course5 Intelligence We help drive Digital Transformations through We build for organizations the capabilities and intelligence to make the most effective moves related to customers, markets, and competition Analytics Insights Artificial Intelligence
  5. Today’s Scrutiny and Digitisation © Course5 Intelligence
  6. Digital Transformations are everywhere ! 6© Course5 Intelligence New Tech New Analytics New Skills New data New channels
  7. 3 Ways Digital Trans. Improve Cust Exp. & Service 7© Course5 Intelligence Problems solved faster A sweeping change is converting slow & manual processes to digital. Customer service and the customer experience are big beneficiaries of this. Internal process improvements Streamlining processes, more collaboration & efficiency across different teams. Resulting in customers facing less delays & customer service clears bureaucratic issues or misdirected work. Greater visibility Enabling standardized, repeatable and auditable processes driven by workflow. When this occurs, suddenly good data becomes available: Supporting further refinements to the customer experience
  8. CX The Battle Ground for Corporates © Course5 Intelligence
  9. Stage 0 – Identify the creative(s) TV Ad - Consumer Technology, PC Notebook / 30 seconds / Surface, Microsoft 9 Customer Experience (CX) Maximizing satisfaction across customer journeys has the potential to increase customer satisfaction by 20% and to lift revenue by up to 15% while lowering the cost of serving customers by as much as 20%. – McKinsey & Co. Companies that excel at customer experience grow revenues 4-8% above the market. – Bain & Co.
  10. CX is the new battleground for business 10© Course5 Intelligence Consumers share their negative and positive experiences about your brand faster and more widely than ever before. Consumer Power With a growing number of channels – you need to engage with your customers via the channel of their choice in real- time. Growing Number of Channels Highly regulated industries face an even larger challenge – how to compete with demanding business mandates while maintaining regulatory compliance? Regulatory Compliance How do you effectively use the ever- expanding amount of data that is available to you to deliver better, more targeted experiences for your customers? Proliferation of Data
  11. © Course5 Intelligence 11 Major Opportunities Empowering Enterprises
  12. Why choosing the right metrics matters 12 © Course5 Intelligence Choosing the right customer experience (CX) metric matters to the extent that the metric must be meaningful to the specific customer touchpoint you want to analyze Net Promoter Score (NPS) Customer Effort Score (CES) Customer Satisfaction Score (CSAT) CLV, …. Customer Churn Rate (CCR) • Organization • Channel • Segment • Customer • Support • Channel • Segment • Customer • Support • Segment • Customer • Support • Organization • ?? Is the Metric Valid in Your Industry? The metric you choose needs to be relevant for your particular industry
  13. CX Metric – Customer Effort 13© Course5 Intelligence Breaking Down Customer Effort Customer Effort can include a number of different types of effort … Cognitive effort Time effort Customer Effort Score takes a different perspective: customer is asked how much effort they put into a certain interactions. According to various studies CES should be around 1.8x better at predicting customer loyalty than CSAT and 2x finer than NPS. Physical effort Emotional effort
  14. Client Case Study Mid-size European Telecom Operator with 6.5Mil+ Customers 58% B2C – consumers 42% B2B - combination of SMBs, Large Corporates, Central Govt., State & Local and Partners. • Device & Plans • Mobile Internet • Cloud Services • Monitoring & Tracking • Productivity • Security • Mobile POS • Wholesale Services Key Solutions 2019 Vision – Communicated to Blueocean in Aug 2016 Deliver superior customer service Digital (As a preferred self-service channel) Reduce operational cost by 55% Personalized NBO/NBA Improve NPS across segments 14
  15. DCX maturity assessment 15© Course5 Intelligence Stage 5 Adaptive 95-100 Stage 4 Adoptive 76-94 Stage 3 Defined 41-75 Stage 2 Exploratory 21-40 Stage 1 Unaware <20 68% Tools & Technology Data Downstream Analytics Digital Organization Structure Customer Governance Practices CX Leadership Process & Culture Feedback Loop
  16. Operational measures benchmarking – Oct’16 16© Course5 Intelligence IVR Call Center Rep $2.50 – $3.25= $4.95 – $5.80= Call Volume/Month ~1mn= Segments CAC LTV Churn Consumer $325 32 Mo. 18 Mo. SMBs (<50 Employees) $1175 48 Mo. 24 Mo. Large Corporates (>50 Employees) $2370 72 Mo. 22 Mo. Central Govt. $3450 72 Mo. 28 Mo. State & Local Govt. $2875 58Mo. 36 Mo. Education $2250 60 Mo. 24 Mo. Unique Visitors % New Visits Bounce Rate Exit Rate Avg. Session Duration 685,320 44% 49% 36% ~5:35 mins DesktopWebsite Call Center Cost Satisfaction Scores Customer Lifecycle Measures Web Stats (Digital Asset) 76 3 7 CSAT CES NPS
  17. Business Impact so far 17© Course5 Intelligence IVR Call Center Rep $2.50 – $3.25= $4.95 – $5.80= Call Volume/Month 1,050,115= Call Center Cost Satisfaction Scores (Pre) 76 3 7 CSAT CES NPS Oct 2016 IVR Call Center Rep $1.95 – $2.65= $3.25 – $4.20= Call Volume/Month 685,344= Call Center Cost (Post) Satisfaction Scores (Post) 83 5 9 CSAT CES NPS Mar 2018
  18. Advanced Analytics & Simulation © Course5 Intelligence
  19. Advanced Analytics : relationships and variables 19© Course5 Intelligence Multiple tools for various occasions. For example, generating a causal map which shows how various metrics are related to form a latent meaning – and identify how each of the latent constructs impacts outcome variables We can possibly include behavioural data into this mix to see whether a new latent factor is formed, which could be potentially useful to explain outcome metrics Exploratory Analysis Confirmatory Modeling Drivers Model Simulator Hypothesis Building Structural Modelling
  20. Building Models for corporate clients 20© Course5 Intelligence Identify what drives customer experience FMCG Telco Technology Utilities Insurance
  21. CX simulator for a Utility Organisation 21© Course5 Intelligence Enable building of Scenarios which influences Cust. Exp. to save and share for better planning CX Utilities Customers
  22. Demo! © Course5 Intelligence
  23. Loyal customers are 5x as likely to repurchase, 5x as likely to forgive, 7x as likely to try a new offering, and 4x as likely to refer Source: Temkin Group research 2018 15 years ago, the average consumer typically used 2-touch-points when buying an item. Today, consumers use an average of almost 6- touch-points, with 50% regularly using more than 4 Source: Marketing Weekly research 2018 Why capitalizing on CX ! matters 23© Course5 Intelligence
  24. 24 Our recommendations
  25. 4 Accelerators for your CX Initiatives • Relentless Senior Evangelising of CX • Pursue Quality data (company habit) • CX Metrics (research best fit for you) • CX Simulation (will need apt data)
  26. Thank you
  27. © Course5 Intelligence • Q&A United States | United Kingdom | India | United Arab Emirates Sushant Ajmani | Presenter Vice President – Customer Experience Solutions Joseph Sursock | Anchor Senior Vice President – Europe Zabi Ulla S | Presenter Senior Director – Advance Analytics
  28. 28© Course5 Intelligence “ While CX Teams need ongoing support from their executives, senior leaders are prone to distraction and doubt. CX leaders need to help communicating the progress and success of CX efforts, and demonstrate that resources are being well used and any risks are effectively managed “