Top 5 Take-aways from Marketing Magazine's CX Edge Event
Posted by andrew.mockridge | 01 May
"Profit is the bi product of amazing customer experience”- said a very wise man (the MD of Metro Bank) at Marketing Magazine’s CX Edge event.
We took away not only these words of wisdom but many more golden nuggets which can really impact the customer experience like how big brands are using data most efficiently to target customers and serve the right message and/or product to the right person at the right time (something we know all about!)
We got to hear some of the biggest brands tell the secrets of how they have maneuvered themselves to have the customer at the centre of their strategies - brands such as EE, E-On, British Gas, Coca Cola, RBS, John Lewis, O2 and many more. Here’s our top 5 take-outs from the event:
1) The customer is the new CEO
Customers are exposed to an average of 11m impressions in an instant and yet only 40 of them are remembered. The customer is at the heart of everything. Trying to deliver cut-through is even harder as is trying to please customers. E-On and British Gas for example, are even bringing customers into the boardroom to hear their feedback firsthand, and they are making changes off the back of these conversations.
2) NPS is the new metric
If you win hearts, you win minds. NPS is the one and only metric for customer satisfaction.British Gas actually referred to NPS as being their “religion,” and it being the DNA of their business. Although NPS unfortunately has not been proven to generate sales, the question on everyone’s lips is...“surely if a customer is happy and they’re likely to recommend, this has some value?” O2 talked about their launch in Slovakia, an emerging market, which allowed O2 to implement “true value-added” propositions with less focus on the whole Telefonica portfolio NPS. The results – huge traction and market share.
3) The battle of the stakeholders
Improved customer experience must be expressed across all areas of the business – from marketing to product, finance, IT and call centres. EE detailed how customer experience was never originally on the agenda, it was all about growth. Although it was a huge task to do this - 18 months later they changed the business structure to ensure they could create the best customer experience.
RBS also saw that customer experience was the only way they could differentiate themselves from competitors and drive the business forward after the financial crisis in 2008.
4) The quest for the Holy GrailS
It takes time for customer experience initiatives to prove themselves. RBS and AA agreed that ROI is still the most challenging part of customer experience strategies as there are lots of moving parts (cross functional changes) to monitor and cost. Running pilots in discreet parts of the business is the best starting point. The former Marketing Director of AA said that to demonstrate ROI the most likely metric to shift is retention, and then the hope is that they will buy more, and in the longer term recommend the product to other people. It’s all about generating a much higher customer lifetime value and overall profit to the business.
5) Not forgetting customer data
In an increasingly competitive market where customer attitudes can change incredibly quickly – being reactive in real time can pay dividends. Good customer service means they return. It’s a vital piece of a brand’s strategy. British Airways ensure their customers always have the best experience possible – by using their innovative ‘Pulse’ system – real-time text surveys pushed out at key moments in their journey (departures and landing) linked to their flight timetable. All the results are fed back to the Head Office for their Monday morning meeting, as well as fed back to the crew members to ensure they consistently provide the very best customer experience.