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    CX Academy - MODULE 2 SUMMARY

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    CX Academy - MODULE 2 SUMMARY

    Uploaded by

    amparo.i.vazquez
    2 views17 pages

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    CX Academy_MODULE 2 SUMMARY

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    2 views17 pages

    CX Academy - MODULE 2 SUMMARY

    Uploaded by

    amparo.i.vazquez

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 17

    Module 2

    Summary &
    Key Takeaways >
    Overview

    In Module 2, Siobhán has focused on the importance, benefits


    and impact Customer Experience can bring to your company.

    In this module we discussed:

    How CX can differentiate you from your competitors

    How it improves your customer retention and loyalty

    How it helps you to increase acquisition of new customers

    Benefits such as staff motivation and engagement

    How CX can reduce costs for the company

    How CX ultimately leads to increased Shareholder Value


    Recognise the Importance
    and Opportunity of CX

    Key factors influencing the importance of CX today:

    • A
     Global Market –
    competing products and services are available online globally

    • I ncreased Expectations –
    customers now have far higher standards, they feel advertising campaigns
    don’t deliver on promise and have lost trust in companies generally

    • T
     rust & Integrity –
    companies who deliver Customer Experience Excellence build a reputation
    of integrity and trust in everything they do

    • T
     he New Method of Customer Acquisition –
    the key to Customer Experience is creating loyal, engaged customers that
    become your advocates and sell on your behalf
    Recognise the Importance
    and Opportunity of CX

    • Understand that building trust is a slow process.


    It takes a long time to develop and can be lost
    very quickly and easily

    • Even small things can undermine and impact trust

     ustomers want to do business with companies


    • C
    they trust and if this trust is lost, customers will
    look for an alternative

    • Trust is crucial in Customer Experience


    Differentiation and the
    Competitive Advantage

    Differentiation is how companies stand out


    from the competition.

    Understand that differentiating your


    company from your competitors is becoming
    increasingly important as product and price
    are easily replicated.
    Differentiation and the
    Competitive Advantage

    Be aware that customers' expectations are


    increasing and customers now have more
    access to alternatives. And where customers
    cannot differentiate between the offerings,
    they will make their decision based on who
    offers the best experience.

    As we have seen in the example of two TV


    service providers, companies have a massive
    opportunity to use Customer Experience
    to differentiate themselves and gain a
    competitive advantage.
    Increasing Customer
    Retention and Loyalty

    Understand that customer retention is a


    company’s ability to retain their existing
    customers.

    And customer loyalty is the extent to which


    a customer is connected and committed to
    doing business with a company.
    Increasing Customer
    Retention and Loyalty

    Recognise that retention and loyalty are critical for


    business success and lead to a number of positive
    outcomes. These include increased opportunities
    to cross sell and upsell. And the ability to provide
    a more tailored experience to the customer as the
    company gets to know them better.

    Recognise that by offering a superior customer


    experience, customers are more likely to stay with
    you longer. They're more likely to buy more from
    you more often and they are willing to pay more.
    They are more likely to become advocates of
    your company, recommending you to others
    and selling on your behalf.
    Customer
    Recognition

    Understand how important customer retention and


    loyalty is and how customer experience can greatly
    increase this.

    Also understand the risks associated with not


    recognising a loyal customer.

    Where a customer has dealt with a company for some


    time and feel they have been a loyal customer they
    expect the company to recognise this.

    Recognising the loyalty of your customers is essential


    to their overall experience. Research indicates that
    approximately 60% of customers are disappointed if
    their loyalty is not recognised.
    The Complaints
    Opportunity

    Understand that when a company takes ownership of


    a complaint and responsibility to actually resolve it, the
    customer feels a sense of trust in the company. All of which
    leads to a deeper emotional bond and increased loyalty.

    Recognise that mistakes happen, most customers


    understand this and will give the company an opportunity
    to rectify the issue.

    The occurrence of an issue can be a fantastic opportunity


    to turn a poor experience into a great experience.

    And customer loyalty can be enhanced if an issue is


    handled correctly, even more so than if the issue had
    never happened at all.
    The New Method
    of Customer Acquisition

    Customer acquisition is the way in which a company gets


    new customers to purchase their goods or services.

    Understand that Customer Experience offers companies


    a new way of acquiring customers that is not only less
    expensive, it is also far more effective.

    Know that by consistently delivering an excellent


    experience for your customers they will become advocates
    for your company. Your existing customers will become
    your most passionate, genuine and effective sales team,
    promoting you to others at every opportunity.

    CX is the new method of customer acquisition.


    Traditional
    vs New
    By focusing resources on traditional methods of acquisition
    and neglecting existing customers many companies are
    missing out on a massive opportunity. The opportunity to
    turn your existing customers into your sales force.

    It can cost more than five times as much to attract a


    new customer, than it does to keep an existing one. With
    acquisition costs being so high, the option of a new way of
    acquiring customers is very appealing for companies.
    The Power
    of Advocacy

    A study (Nielsen Report) has shown that 92% of


    customers now trust a recommendation from friends,
    work colleagues and family more than any other form
    of marketing. This shows just how crucial customer
    experience really is.

    Understand how much we value and trust the opinions


    of our friends and family more than we trust advertising
    campaigns. We know they will be honest and unbiased in
    their recommendation.

    Most importantly they are giving a recommendation


    based on their own experience.
    Staff Motivation
    and Engagement

    Understand that staff motivation and engagement refers to


    how energised and committed staff are to their role and to
    the company. This has a direct impact on both the individual
    performance and the company performance.

    Recognise that companies who invest in Customer


    Experience realise significant benefits in improved staff
    motivation and engagement.

    There is a clear link between great customer experience,


    great staff experience and company success.
    How CX Enables
    Cost Reduction

    Understand that cost reduction is crucial for companies,


    especially in a competitive environment. In order to remain
    profitable, companies must continually seek new ways of
    reducing costs.

    Understand that CX reduces acquisition costs as more


    new customers are acquired through advocacy rather
    than sales and marketing campaigns.

    Recognise that companies can also reduce the cost to


    serve customers through the use of frictionless, more
    efficient customer journeys.

    And of course, as happier staff will stay with the company


    longer, the costs associated with staff recruitment and
    training are also reduced.
    Increased Profit
    and Shareholder Value

    Understand that shareholder value and increased profits


    are ultimately driven by capitalising on all of the benefits
    that we have just discussed.

    Recognise that by delivering CX Excellence your


    company can now stand out from the crowd,
    differentiating you from your competitors, providing a
    unique competitive advantage.

    Know that the opposite is also true and that delivering a


    poor customer experience can have a serious impact on
    company and shareholder value.

    Understand that customer trust and loyalty creates


    advocacy and helps you to acquire new customers less
    expensively, more effectively and more efficiently.
    Thank You
    Did all of that make sense? If you’re
    happy that you have understood
    Module 2 please now proceed to
    the next learning section. Many
    thanks for your attention.
    © The CX Academy 2019 - No part of this publication may be reproduced
    in any form except as permitted by the copyright owners.

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