Week 1: CX Leadership & Implementation program ~ Summer 2021
Week 1 of our CX Leadership & Implementation Summer program is done and dusted!
Key takeaways from week 1 Lighting the Fire ~ Why:
This week we kicked off our CX Leadership & Implementation Program. Our main focus was on the “why” of learning about CX and the benefits it can offer to organizations. A deeper understanding of customers allows for financial improvements to an organization in a number of ways.
By understanding our customers we reduce risk in two ways. The risk of losing customers decreases as we better understand their expectations. Additionally, as employees understand customers they are more able to work with complete integrity, subsequently increasing employee stability and mitigating risk. We are also able to reduce cost and increase customer value.
Another concept we discussed was the idea of ‘promoters’- those who would strongly recommend a company vs. ‘detractors’- those who would not. We looked into Net Promoter Score (NPS) as a powerful indicator of the success of a company. We came to understand that a company’s most valuable revenue comes from existing and loyal customers. Why? Because loyalty leads to referrals and promoters of a company are very effective advertisers. We can understand this concept even better when we look at the statistics. 84% of B2B buyers are now starting their purchasing process with a referral and peer recommendations are influencing more than 90% of all B2B buying decisions. Moreover, promoters can increase the Customer Lifetime Value (CLV) in an organization.
We also aimed to differentiate between customer experience and CX management. Customer experience is the perception a customer has of a company. Whereas, customer experience management is a discipline that works to continuously improve the customer experience. There are numerous ways to manage customer experience management – NPS being an important one. Other methods include looking at customer satisfaction, customer effort, and retention/churn rate.
The customer experience should be effective, easy, and enjoyable. By ensuring it is all of these things we are able to retain customers, promote organic growth, and boost advocacy. CX is important to learn because it allows us to reduce risk while simultaneously increasing margin and growth rate with just one strategy. Investing in making improvements to CX management within your company is crucial to its success.
Please contact us on firstname.lastname@example.org for more information on our CX Leadership & Implementation Program