This article is an upcoming part of How to Focus on the Most Profitable Segment for Maximum Growth Potential: Step-by-Step Guide
Imagine a sunny day at the beach, where a skilled surfers stand on the shore, gazing out at the vast ocean. With a determined look in their eyes, they know that among the crashing waves lies the perfect wave. Businesses embarking on a Customer Experience (CX) initiative face a similar challenge.
Surfers know that testing different waves is essential to find the perfect one—the waves that will propel their success. Similarly, businesses must test their CX initiatives to identify the key drivers that truly matter and create a solid plan tailored to their unique needs. It's like riding the waves of opportunity, knowing that only by focusing on the right priorities can they achieve the desired results and make the biggest impact on CX, value, and revenue.
Today, we'll delve deep into understanding your customers' journey, uncovering the key drivers that make them tick. I'll help you prioritize these drivers so you can focus your efforts where they have the most impact. And that's not all! I'll guide you through testing innovative CX initiatives, ensuring your business case is foolproof.
But we won't stop there. We'll dive into developing a comprehensive plan tailored to your unique business needs. And the best part? I'll show you how to measure the impact on customer experience, customer value, and revenue. Get ready to witness the tangible results of your efforts!
So, are you ready to propel your business to new heights? Let's embark on this adventure together.
Step 1: Reviewing the Customer Journey for Key Drivers
To start, it's crucial to review your Customer Journey and identify the profitable segment. Just as a reminder, in my previous article, Segment A was highlighted as our most profitable segment.
The Food App brand Customer Journey
To better understand the customer journey, we can break it down into the following customer Decision-Making Process. (Skim through the journey and focus on the words that are highlighted).
1. Imagine a hungry customer who wants to order food through a food app. This is where it all begins.
Information Search & Evaluation of Alternatives
2. During this phase, customers discover your food app through various touchpoints such as recommendations from friends or local advertising. Consider marketing campaigns through TV, radio, print media, social media, and online platforms. Customers might quickly evaluate different food apps if they are not in a rush to order.
Onboarding and Buying
3. Customer account creation
4. Personalizing recommendations during account setup
5. Exploring the menu for discount offers and personalized recommendations
6. Selecting a convenient payment method (credit cards, debit cards, digital wallets)
7. Contacting customer service via live chat support for any queries or concerns
8. Getting order confirmation via email or text message, including estimated delivery time and the order tracking link
9. Receiving the order within the mentioned delivery time
10. Leave reviews and ratings for restaurants and delivery personnel
11. Generate word-of-mouth
Imagine you've just finished conducting a survey, and guess what? The majority of your customers have provided valuable feedback on Discount Offers, Personalized Recommendations, and Live Chat Support services. These findings are crucial! If you want to learn more about how to analyze them effectively, check out our blog post titled ‘Put a Hollywood Spin on Your CX Insights with the Three-Act Structure’ ). It's a fun read that'll make your CX game even more engaging!
Looking at the table you’ll find that among all the customer journeys, Promo Codes emerges as the one to prioritize. Let me explain why:
• Your stakeholders have identified it as an area that can be swiftly addressed.
• Based on your customer survey, a significant number of customers have raised complaints about Promo Codes. Improving it will help to address a larger number of customer concerns.
• Another survey conducted after testing shows that the impact on NPS is the highest for Promo Codes. Many of the previously dissatisfied customers are now endorsing the brand.
• Although the project is taking longer than expected, it is still worth investing in. The three points mentioned above demonstrate the potential long-term benefits.
• Estimated budget is not a fixed amount and depends on various factors. However, let's consider an investment of $200K, which management can afford.
Step 5: Discovering the Impact on Customer Experience, Customer Value ($) & Revenue ($)
To cut a long story short. Let’s say after improving the Promo Code journey, you've tackled all 5 journeys one by one. After launching these enhanced journeys, a whopping 47% of Detractors have converted into Promoters! Each journey played a vital role in driving this conversion, showcasing the power of your CX initiative. Now it's time to unveil some real numbers to your management. Grab their attention with the following slides!
Are you ready to witness the remarkable positive changes your CX initiatives have brought? Let's dive into the exciting results and share them with the management!
Next, show some impact on CX (or NPS) evidence to the management and say: “We have successfully transformed 773 Detractors into Promotors, significantly boosting our NPS by an impressive 15 points. Our new NPS now stands at a remarkable 40!”
In today's fast-paced and competitive business world, delivering an exceptional customer experience is the key to thriving and standing out from the crowd. By going above and beyond to delight your customers, you can foster loyalty, drive repeat business, and ultimately boost your bottom line. However, optimizing customer experience requires a strategic approach that delves deeper into understanding key drivers and their impact on business outcomes.
So, grab your surfboard and set out on your CX journey. Embrace the challenges, navigate through distractions, and focus on those key drivers that will make all the difference. Just like the surfer who rides the perfect wave, your determination and strategic approach will lead to remarkable results in customer experience, value, and revenue.
To your success,
#CX #VOCCustomerInsightUnderstanding #MetricsMeasurementandROI #CXStrategy
Did I miss something important? Let me know if you have any ideas, thoughts, or questions.
Decision-Making Process Video
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