In our first post, I talked about what CX (customer experience) can mean to different people, working on a CX strategy for your business and finally, what building a superior customer experience would look like. Here are the U.S. companies who have managed to nail all three parts of the equation.
The Forrester Research Customer Experience Index which identifies and measures the top brands across 14 industries and how they are perceived by their customers. The Forrester C.E.I for the U.S included the following brands as best-in-class (how enjoyable they are to do business with, how easy they are to do business with and how effective they are at meeting customers’ needs).
Top U.S. companies with the best customer experience:
- Airlines: Southwest Airlines
- Banks: USAA
- Consumer Electronics Manufacturers: Amazon (Kindle)
- Credit Card Providers: USAA
- Health Insurance Providers: Kaiser
- Hotels: Courtyard by Marriott
- Insurance Providers: USAA
- Internet service providers: AOL
- Investment firms: Ameriprise Financial
- Package delivery services: UPS
- Rental car providers: National Car Rental
- Retailers: Old Navy
- TV service providers: Dish Network/EchoStar
- Wireless service providers: Verizon Wireless and Boost Mobile
Customer experience management and your top-line and bottom-line growth.
Any company, large or small can achieve remarkable customer experiences, raving fans and a sustainable increase in revenue. Why then do we hear of so few companies who deliver truly exceptional customer experiences and become the most powerful brands in the market? Because it takes a constant commitment to customers, an internal shift in how companies think and operate and, most importantly, a lot of hard work.
Delighting customers isn’t just about feeling good. At the end of the day, it’s about additional revenue. It’s critical that customer experiences and metrics be connected in order to drive growth.
Try starting with these metrics as a baseline and add additional metrics specific to your company or industry:
- Increase in issue resolution per customer service representative.
- Increase in issue resolution during first call.
- Increase in ARPU.
- Increase in number of customer referrals.
- Decrease in churn at every stage in the customer journey.
- Decrease in customer calls to help center, billing or technical support.
- Decrease in product returns.
Your goal is:
- To increase revenue from current customers
- To increase the number of new customers
- To decrease customer loss/churn
- To decrease operating expenses
It’s important to realize that delivering great CX (customer experience) and your financial goals are not mutually exclusive nor can your financial goals be achieved by ignoring CX.
The Key Takeaway.
Companies are always looking to establish their brands, increase revenue, decrease expenses and secure a market leadership position. What most of them fail to realize is that these things aren’t achieved by internal dictates, flashy advertising or a large influx of cash. They’re each driven by your customers based on the collection of experiences that they’ve had with your organization.
Customer experience management is a marathon, not a sprint. Change will not come overnight. But it will come. Your business can achieve customer and financial objectives. To reach this goal you will need:
- leadership from senior management,
- a company-wide sense of empowerment,
- a common purpose from every employee,
- customer-centric metrics tied to corporate revenue goals
And most importantly, customers who feel they are heard and appreciated.