How to Improve Customer Retention by Building Emotionally Engaging Customer Experiences
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The document discusses strategies to enhance customer retention through emotionally engaging experiences, emphasizing the importance of understanding customer preferences and expectations. It highlights the shift from sales-driven strategies to focusing on customer service and support, driven by the need for organizations to retain and maximize the value from existing customers. The authors propose a structured approach to design and deliver emotionally impactful customer experiences to boost loyalty and satisfaction.
How to Improve Customer Retention by Building Emotionally Engaging Customer Experiences
- 1. How to Improve Customer Retention by Building Emotionally Engaging Customer Experiences Colin Shaw, Founder, Beyond Philosophy Gary McNeil, Vice President of Marketing, Parature
- 2. The Collapse of Demand Although there may be signs of a recovery… …customers are buying less – demand is recovering slowly
- 3. The Customer Has Never Been More Important! In light of sales teams selling less - organizations are focused on: Customer retention Customer upsell and cross sell opportunities Lifetime value of a customer Overall revenue from the customer base
- 4. The Shifting Focus: From Hunters to Farmers Falling Disproportionally on the Customer Support Function The focus has shifted to further monetizing the customer base… …placing new found responsibilities on the support function
- 5. The Changing Preferences of Your Customer If You Build it They Will Come The challenge isn’t driving customers to leverage self-service… …it’s keeping them there
- 6. The Implications of Getting it Wrong Costing you money now…and later
- 7. Service Has Become A Major Differentiator Improving the customer experience Multi-channel support Providing support in the manner by which the customer wants it Reducing customer effort Delivering on the promise of first contact resolution The result is reduced frustration Increasing customer loyalty By reducing customer effort you increase customer loyalty Increased loyalty is a game changer
- 8. Parature Parature is a leading provider of on-demand software (SaaS) for customer service and support Parature enables organizations to: Reduce the cost of supporting their customers Have a 360 view of customer issues Retain their customers Improve customer loyalty Generate more revenue from their base Deliver “great” customer service
- 9. One stop shopping One integrated software suite – on-demand Parature Portal Parature Ticket Parature Knowledgebase Parature Reporting Parature Chat Parature Forum Host of other modules Parature - One Integrated Suite
- 10. 800 Customers Across Industries & Market Segments Healthcare Associations Education Gaming and Digital Media Business Services Technology
- 11. How to Improve Customer Retention by Building Emotionally Engaging Customer Experiences Colin Shaw Founder, Beyond Philosophy
- 12. Why Customer leave… 1% die 3% moves away 5% friend influenced them to go elsewhere 9% where lured away by competition 14% as they are disappointed with the product 68% because of the company’s indifferent attitude to them Source: The American Society of Quality Control
- 14. Customer Experience definition A Customer Experience is an interaction between an organisation and a Customer. It is a blend of an organisations physical performance, the senses stimulated and emotions evoked, each intuitively measured against Customer Expectations across all moments of contact.
- 15. Key Strategic questions… What is the Customer Experience you are trying to deliver? What are the emotions you are trying to evoke? Is your Customer Experience deliberate? What do your Customers really want? What provides you with the most value?
- 16. Steps to build an emotional engaging experience Decide the experience you are trying to delivery Define what drives value Design and deliver an emotionally engaging experience
- 19. Independent academic endorsement…. Professor Christopher Voss - London Business School (LBS) has guided us with his thoughts, input and validated our approach and methodology. University of Wales, Chair of Experimental Consumer Psychology & visiting Harvard Scholar Specializes in emotional interpretation of complex information (including brands, faces, advertisements), visual attention, and visual memory Professor Jane Raymond Dr. Jeremy Miles - leading consumer Psychologist and quantitative statistician , Lecturer in Health Sciences at the University of York an now of the Rand Corporation
- 21. What is the subconscious message?
- 22. The count…“There are 31 of them …”
- 24. What drives and destroys value… Emotional Signature®
- 26. When a company interacts with a customer the following happens
- 28. Emotional Signature® Promoter v Detractors
- 29. Trust Preference Satisfaction Recommend 73% 74% 56% 81% Attitude of check-in staff Ease of access to information Helpfulness of staff at airport Appearance of check-in desk Airport environment and ambience Ease of finding check-in desk Journey to airport and parking Check-in experience Value Indicators Statistically Significant (p<0.05) These % indicate how much of that value is explained by the factors in the SEM. This SEM explains 81% of Customer Satisfaction. Brand Values 70% 1 2 3 4 5 6 7 Stimulus Response Effect
- 30. What is the subconscious message?
- 31. “ How well did we anticipate your needs?”
- 33. ?
- 34. What day of the month do you want your direct debit taken out of your account? What is the date each month you would like your Direct debit taken out of your account recognising February has 28 days.
- 35. Intention – Left brain Behaviour – Right brain Traditional research Subconscious research
- 36. Designing an emotionally engaging Customer Experience
- 37. Designing an emotionally engaging experience Rational Six Sigma Lean Process Emotional Moment Mapping® Experience
- 38. Above Expectations Below Expectations The card Wait Met Expectations Voice Menu Discussion with agent Wait for Pick up Discussion with Driver The receipt Travel to Office Contacting the office No Mobile Number Only needed to wait 30 mins What is my policy number Phoine number doesn’t work Neutral The emotional experience Insurance claim experience 4 mins in queue Pleasant guy Mc Donalds wrapper We can only take you home
- 39. Moment Mapping – Brown Paper Fair
- 40. We Generated A Number Thoughts About Each Step
- 41. Summary What is the Customer Experience you are trying to deliver? What emotions are you trying to evoke? Is your Customer Experience deliberate? What do your Customer really want? What should you do first? What has most value for you?
- 42. Further questions…. Web: BeyondPhilosophyusa.com ColinShaw_CX Atlanta office: 1 678-638-6162
- 43. Follow Parature on http:// blog.parature.com / http:// facebook.parature.com http://twitter.parature.com http:// www.parature.com/rss http://www.youtube.com/paratureinc Questions?
Editor's Notes
- #3: Although there may be signs of a recovery Customer purchasing behaviors have changed – they’re simply buying less…and will be for the foreseeable future Transition – cs&s is changed
- #5: They represent what’s most important Top-line revenue Recurring revenue Costs – if not managed correctly Critical information to better inform sales, mktg, pd, and finance Leading KPI’s (key performance indicators) RR Repeat purchase X-sell oppty’s Up-sell oppty’s Product feedback Advocacy - positive and negative
- #6: Customer requirements are changing – in addition to becoming more web savvy overall preferences are migrating to web self-service models. While there’s an urgency premium associated with the phone, the reality is the customers marginally prefer the phone over web self-service Even in urgent situations, customers appear to trust the information they receive on-line and trust that ultimate resolution will occur Customer preference for the phone over self service occurs with end users 51+ years in age Web self service extends well beyond the X’ers and Millennial generations Net-net the challenge isn't getting your customers to the web – it’s keeping them there. Many CS&S functions find themselves in the loose-loose box – customers initially go to self-service channels, yet end up picking up the phone due to poor self-service experience. No tolerance for bad service They’re demanding a better customer experience: 24x7 support – (near real time response rates) Native language support Ease of use Consistency / familiarity Multi-channel support Web – KB Chat E-mail Discussion groups / forums Mobility Social media environments (cloud)
- #11: Check education customer count Small to Medium size companies Companies from different industries and verticals We’ve developed best practices for many leading industries and that’s why companies choose us Building support portals for 6 years; we’re passionate about making the support experience easy to use for your end users
- #12: Aberdeen Fish & Chip shop………