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Engagement journey data points.pptx (1)

  1. WHAT DRIVES PROFITABLE ENGAGEMENT Confidential: Do Not Forwa Version 1.0 | February 6, 20
  2. Many define CX as ‘Customer Experience’ but this is measuring or focusing on the wrong thing. Instead, let’s focus on Engagement. What drives engagement? You can have a perfect experience but if the customer isn’t engaged it doesn’t matter very much, does it? ● Customers choose to do business with companies, such as yours. This choice begins with awareness and hopefully ends in trust. ● Why? Expectations and Experience are aligned. Consistently. ● Customers stop doing business with companies because they lose trust and they stop believing in you what you say and what you do. ● Why? Expectations and Experience are not aligned. Consistently. WHAT DRIVES CUSTOMER ENGAGEMENT [CX] Gallup Study 2019
  3. Many define EX as ‘Employee Experience’ but this is measuring or focusing on the wrong thing. Instead, let’s focus on Engagement. What drives engagement? You can have a perfect experience but if the employee isn’t engaged it doesn’t matter very much, does it? ● Employees choose to do work for companies, such as yours. This choice begins with awareness and hopefully ends in trust. ● Why? Expectations and Experience are aligned. Consistently. ● Employees leave companies because they lose trust and they stop believing in what you what you say and what you do. ● Why? Expectations and Experience are not aligned. Consistently. WHAT DRIVES EMPLOYEE ENGAGEMENT [EX] Gallup Study 2019
  4. NOTICE ANY SIMILARITIES BETWEEN CX & EX? Gallup Study 2019
  5. LINKING CUSTOMER EXPERIENCE [CX] & EMPLOYEE EXPERIENCE [EX] DRIVES GROWTH Axonify 2020 Customer Study
  6. 87% A recent Gallup survey found that a staggering 87% of employees are not engaged at work. And it’s costing organizations big bucks in lost productivity. 4x Companies that invest in linking CX & EX are 4x more profitable than those that do not. OPTIMIZING ENGAGEMENT DRIVES INCREASED PROFITABILITY 2.5x Companies with solid CX & EX programs have 2.5x higher levels of customer satisfaction. Gallup Study 2019
  7. WHAT FUELS IMPROVED ENGAGEMENT? 56% indicate word of Mouth/Recommendations are very important to the decision process 59%say effective customer service & support is very important to their purchase decision 51%of respondents say they trust company websites and related content 23%indicate they trust sales people to help them effectively and proactively solve problems (they are seen as go-to problem solvers not salespeople or order takers). 87%of respondents consider word-of-mouth and a company’s website to be 2 of the 3 most important channels informing a purchase decision. The third being independent 3rd party content on the product or brand. Axonify Customer Study, 2020 | ARM Treasure Data 2019 | Gallup Study 2019
  8. ● SILOS HURT. In a recent study, 54% of employees had no idea what the optimal customer journey components consisted of for their customers. ● Putting the Me before the We. Organizations populated with self-interest seekers (whether the CEO or the Salesperson) rarely if ever succeed long term. They get stuck. They get in their own way. They don’t build trust or collaboration. Look at any professional sporting team populated with egocentric superstars. On paper these teams should win but rarely do. ● JOURNEYS ARE FRAGMENTED AND CONFUSING. Nearly half (48%) of study respondents indicated their company had no formal customer journey mapping and attribution measurement strategy in place. ● FRICTION COMPLICATES THE PROCESS. Forty percent (40%) of employees involved in customer engagement roles indicated they had no clear idea of what an optimal time to purchase period was for high value customers. WHAT IS HOLDING MOST COMPANIES BACK FROM BETTER ENGAGEMENT? ARM Treasure Data Study 2019
  9. WHAT ROLE DOES DATA PLAY IN DRIVING ENGAGEMENT? ARM Treasure Data Study 2019 Businesses often suffer from an inability to convert data into intelligence capable of identifying unseen opportunities. Collecting the data isn’t the issue. Organizing it in a way that provides clear and actionable insights is. Today on average, only about 12% of the data collected by a company is monetized.
  10. 5 STEPS TO ACQUIRING LOW HANGING ENGAGEMENT FRUIT Align all activities & initiatives to vision, mission and values. Every shift represents a fresh opportunity to reinforce what your organization stands for and how the employee fits in. Whether through daily reinforcement questions or targeted broadcast messages, connect your people to that bigger picture they crave. Make employees part of the process. Employees often have a better view of where friction points exist that does management. While your vision and mission sets the tone, employees identify the direction. Go on a listening & experience tour. Most companies have gaps in their understanding of what is a priority to customers and to their employees. Often these gaps in knowledge are filled with belief and is based on a what customers and employees should or might be thinking or doing. ‘Might be’ is very different from ‘is’. Understand the ‘is’, get rid of the ‘might’. Start with the quietest ones. Deliver the goods. Balancing Expectation and Experience is everything. Across all touchpoints and channels. Measure only what is important. Metrics and dashboards are not deliverables. Measure what is actionable. What is the information trying to tell you and exactly what should be done about it and by whom? If you can’t answer these simple questions, what you are measuring may be wrong.
  11. WHAT SHOULD YOU EXPECT FROM HARVESTING LOW HANGING ENGAGEMENT FRUIT? 1. An increase in high value customer retention 2. A decrease in high value employee churn 3. An increase in revenue 4. An increase in profitability 5. An improvement in organizational intelligence
  12. WE DRIVE IMPROVED ENGAGEMENT Westminster Bridge Partners exists to help mid-market companies grow faster, more efficiently and profitably. We use data and data science tools in concert with creative engagement strategies and tactics to turn interest into sales and convert prospects into High Value Customers and loyal Brand Advocates. Our proprietary AMPLIFY | Customer Engagement process provides a systematic and proven methodology based on industry best practices melded with proprietary tools which drive predictable and measurable growth. Learn more at www.westminsterbridgepartners.com
  13. www.westminsterbridgepartners.com 317 | 432 | 4485
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