3 Ways an Improvement Success Framework Can Supercharge Your Experience Program

These days, it’s not uncommon for brands to take the term “listening program” to mean a series of listening posts set up across multiple channels.

Yes, those posts are an important part of listening, but experience programs can be so much more (and do so much more for your business). They can go far beyond listening in across channels and reacting to customer comments only as they come in.

Listening for, reacting to, and measuring customer sentiment in this manner is what’s commonly known as experience management. And honestly, it rarely moves the needle for brands or creates a better experience for customers. Experience improvement (XI), by contrast, allows companies to achieve both of those goals by connecting to customers in a very human way. Essentially, it pays for brands to have an experience improvement success framework.

Today, we’re going to touch on three ways a success framework can add unbridled power to any improvement effort:

  1. Proving ROI
  2. Listening Purposefully
  3. Owning The Moments That Matter

Key #1: Proving ROI

ROI has been a notoriously fickle element of experience programs for years—but it doesn’t have to be. In fact, the difficulty of proving ROI stems less from experience programs being a financially elusive unicorn than many companies not tying their program to a quantifiable objective.

This is why it is crucial that brands establish hard, specific goals for their experience program. An objective like “be more customer-centric” isn’t going to cut it, especially when it comes to proving ROI. Rather, experience practitioners and stakeholders need to work together to hash out program objectives that can be tied to financial goals.

Whether it’s acquiring X amount of new customers or lowering cost to serve by Y percent, creating goals like these and gearing your program toward them will make establishing ROI much, much easier.

Key #2: Listening Purposefully

ROI isn’t the only area a success framework can help companies stencil in. This setup can also help brands better identify who to listen to and why.

Conventional wisdom holds that companies should listen for feedback from anyone, but that isn’t necessarily true. Callous as it may sound to some, the truth is that some audiences are just more worth listening to than others. A success framework can help companies identify which audiences they need to listen to to achieve program goals.

This approach is also handy for cutting through the mountains and mountains of data that experience programs inevitably rake in. They also help programs get to the heart of providing a great experience, which leads us to our final topic:

Key #3: Owning The Moments That Matter

The moments that matter are the instances in which the needs of customers, employees, and businesses all connect. They’re the moments in which a customer journey transcends a transaction and becomes a profound emotional connection. Owning the moments that matter is vital to creating connections and inspiring transformational success across your business.

This final key is a culmination of establishing financial goals, listening purposefully, and taking action—ultimately creating meaning for customers. That capacity to create meaning is what sets the best brands apart from the competition and carries them to the top of their verticals. And it all starts with building an experience improvement success framework.

Click here to learn more about how to create a success framework and why doing so at the very start of your experience improvement journey will guarantee success for you, your customers, and your employees.

The Most Important Conversation You Can Have About Your Customer & Employee Experience

One of the most important pieces of advice we give our clients as they dig into their customer or employee experience strategy is to “design with the end in mind.”

This is really just our way of saying that when you map out your listening posts, choose your text analytics approach, or designate internal teams to lead program governance initiatives, you need to know what you are working toward. 

And that brings us to the most important conversation you can have with your customer experience (CX) and employee experience (EX) stakeholders. It starts with this one question:

What business challenges are we trying to solve with our experience initiatives?

Because that’s really the goal, isn’t it? It’s not just to measure the state of your experience. Not just to deliver insights from your data (regardless of if they’re actionable or not). The point of a CX or EX program is to improve your experience to improve your business!

For some, that might mean acquiring new customers or retaining existing customers. For others, it might look like reducing costs and increasing cross-sell and upsell efforts. Whether you fall into one or all four of these areas, your experience program can help you deliver value. 

Solving for X with Experience Improvement

This principle, what we call Experience Improvement (XI), is why InMoment exists. Our mission is to help our clients improve experiences at the intersection of value—where customer, employee, and business needs come together.  

Ultimately, our clients are able to move the needle and go beyond managing their experience to actually improving it. With the right intelligence, businesses can empower the right people to take transformative, informed action in the most effective ways, achieving better results for the business and better experiences for their customers and employees.

And it all starts with one conversation: What is the “X” your business is trying to solve for?

If you want to learn more about how your experience programs can solve for X, you can learn more here. You can also reach out to our knowledgeable experts to see how experience improvement can benefit your business today! Reach out and talk to us here.

The Shortcomings of Comment-Based Surveys

Comment-based surveys can be effective for immediately gathering feedback from customers. And when it comes to customer experience (CX), timeliness can make or break an organization’s ability to act on that feedback.

However, there are several arenas in which brands use comment-based surveys when another survey type would yield better intelligence. Today, I’d like to dive into several shortcomings that can make using comment-based surveys challenging for brands, as well as a few potential solutions for those challenges. Let’s get started.

Outlet-Level Analysis

As I discussed in my recent article on this subject, comment-based surveys are often less effective than other survey types for conducting outlet-level analysis. In other words, while brands can see how well stores, bank branches, and the like are performing generally, they usually can’t determine where individual outlets need to improve .

The reason for this has as much to do with the feedback customers leave as the survey design itself. From what I’ve seen across decades of research, customers rarely discuss more than 1-2 topics in their comments. Yes, customers may touch upon many topics as a group, but rarely are most or even a lot of those topics covered by singular comments.

What all of this ultimately means for brands using comment-based surveys to gauge outlet effectiveness is that the feedback they receive is almost always spread thin. The intelligence customers submit via this route can potentially cover many performance categories, but there’s usually not that much depth to it, making it difficult for brands to identify the deep-rooted problems or process breakages that they need to address at the unit level if they want to improve experiences.

(Un)helpful Feedback

Another reason that brands can only glean so much from comment-based surveys at the outlet level is that, much of the time, customers only provide superficial comments like:“good job”, “it was terrible”, and the immortally useless “no comment.” In other words, comment-based surveys can be where specificity goes to die.

Obviously, there’s not a whole lot that the team(s) running a brand’s experience improvement program can do with information that vague. Comments like these contain no helpful observations about what went right (or wrong) with the experience that the customer is referring to. The only solution to this problem is for brands to be more direct with their surveys and ask for feedback on one process or another directly.

How to Improve Comment-Based Surveys

These shortcomings are among the biggest reasons brands should be careful about trying to use comment-based surveys to diagnose processes, identify employee coaching opportunities, and seeing how well outlets are adhering to organization-wide policies and procedures. However, none of this means that comment-based surveys should be abandoned. In fact, there’s a solution to these surveys’ relative lack of specificity.

Brands can encourage their customers to provide better intelligence via multimedia feedback. Options like video and image feedback enable customers to express themselves in their own terms while also giving organizations much more to work with than comment-based surveys can typically yield. Multimedia feedback can thus better allow brands to see how their regional outlets are performing, diagnose processes, and provide a meaningfully improved experience for their customers.

Click here to read my Point of View article on comment-based surveys. I take a deeper dive into when they’re effective, when they’re not, and how to use them to achieve transformational success.

What Customers Say the 2020 Holiday Retail Season Will Look Like with COVID-19

Summer has passed, school is back in session, and Halloween is just around the corner. You know what typically comes up next: the holiday shopping season.

The only thing is that 2020 is anything but typical. There were very few summer road trips, kids are wearing masks or taking classes from home, and trick-or-treating might be off the menu to limit COVID-19 spread. So what can retailers expect—if anything—from the holiday shopping season?

Well, at InMoment, we believe that asking customers is the best way to understand their expectations and perceptions, so our Strategic Insights Team is here with the answers! Enter our brand new report, “What Retailers Can Expect from Customers in the 2020 Holiday Season.”

In this study, we asked over 5,000 North American customers all about the 2020 holiday shopping season, including:

  • When they will shop
  • What they will be shopping for
  • Whether they will be shopping in store or online
  • If they expect to attend Black Friday doorbusters
  • And more!

Typically, you’d need to download the full report to access the findings, but we’ve decided to give you a sneak peek into our findings! Keep reading for insights that will get you prepared for the upcoming season.

How Will the State of the Pandemic Affect Shoppers Feelings and Habits?

If it’s one lesson we’ve learned so far this year, it’s that we need to expect the unexpected. When many of us started working from home at InMoment in March, we never imagined that we wouldn’t be able to work in the office for months. Customers know this, but they are still feeling optimistic that circumstances with the pandemic will improve in the next few months according to our research.

In the unstructured data accompanying these questions, customers went into their feelings in more detail:

  • “I don’t think it will get better until 2021…but that will not stop my [upcoming holiday shopping].”
  • “I think things will remain the same for a while…we just have to get used to this [new normal].”

Though we all hope that we will see improvement in the next few months, we have to face the reality that there is a possibility COVID-19 will be with us through the new year. With that in mind, we asked how this possibility would affect likelihood to switch from in-store shopping to online.

In this case, customers were especially wary of their personal safety and health if the pandemic is still among us in the holidays, with the majority (65%) stating they are more likely to shop online. Still, 35% said they would still shop in stores; these customers described:

  • “I think [brands] are doing enough right now to make sure I’m safe when in their stores.”
  • “As long as the [COVID measures] are still in place, I will be going to the stores.”

It should definitely give retail brands a boost to know that they are making their customers feel safe, and that the in-store experience is so important in the eyes of their customers. 

Looking Forward

Preparation is key, especially in such a busy season. But add in a global pandemic and being prepared seems to be almost impossible. 

However, if retailers are armed with information directly about their customers about what they will do in the event that the pandemic worsens, whether they’ll be shopping in store or online, and more, they will know where they need to dedicate their time and resources to succeed. 

Looking for even more detailers on what your customers are expecting this holiday shopping season? You can download the full report for free here!

3 Ways COVID-19 Has Already Changed Wealth Management

The ongoing COVID-19 pandemic has had a devastating impact on many working- and middle-class families’ finances. However, these are not the only groups whose income, savings, and assets have come under threat from this crisis. As I discussed in my recent Point of View article on this subject, many affluent families and audiences have also seen their own financial ecosystems gravely affected. 

Based on a recent poll conducted by InMoment, most affluent consumers expect the market to be quite volatile throughout 2021.  While most are not planning to change their investment style or their firms, COVID-19 has influenced or changed what wealth management clients expect of their advisers, as well as how their financial institutions must manage their business and relationships for the foreseeable future.

Here are the three biggest changes I’ve seen COVID-19 force upon the world of wealth management, as well as some advice and insights on how these firms and consultancies can rise above them.

  1. Hungry for Advice
  2. More Frequent and Proactive Interaction
  3. A Heightened Need for Protection

Change #1: Hungry for Advice

This tip may seem gratuitous, especially since every wealth adviser has that client who talks their ear off after hours, but COVID-19’s impact on these customers’ desire for financial advice cannot be understated. If the data I’ve studied is any indication, the Coronavirus’s penchant for disrupting normalcy has worked its way into affluent clients’ financial fears. So, wealth management firms should be prepared for an ongoing influx of questions about everything from investments to retirement.

Because of this, wealth advisers should tune their experience programs toward opportunities for providing more advice on these and other topics. Unfortunately, it seems the pandemic will be with us for quite some time, and so wealth management firms can count on this influx to sustain itself for about as long. Advisers who continuously focus their listening efforts on the topics customers have questions on and why, though, will be able to keep their heads above water.

Change #2: More Frequent and Proactive Interaction

Because COVID-19 has brought about rapid, large-scale change, wealth management clients have come to expect their advisers to react to new developments with 2008-level speed. This means that wealth advisers can expect their customers to both demand quick responsive action and to be proactive before new changes can adversely affect them.

This demand for faster action has manifested itself in two ways already—first, COVID has made clients much more hawkish when it comes to demanding fast, flexible account management. Additionally, these clients now expect wealth management firms to be much quicker when it comes to business and financial reviews, among other advice. Wealth management companies can rise to these challenges by making fast, proactive action a hallmark of their overall brand experience. Getting to and maintaining that level of reactiveness is no small task, but COVID-19 has made that responsiveness a dealbreaker for many clients.

Change #3: A Heightened Need for Protection

Coronavirus has thrown massive uncertainty into our society, which has many wealth management clients keen to protect their assets against any additional loss. This point meshes with both of the changes I talked about earlier, but the need to aggressively protect assets is worthy of its own mention—as is clients’ expectation that that be front-and-center in any wealth management firm they do business with.

Wealth advisers have always protected their clients’ assets and sought to minimize losses. That’s a given. What hasn’t been a given until COVID, though, is clients’ strong desire for more direct access to their managed wealth than ever before, as well as a relatively newfound need for any resources that make them feel more self-reliant. This is why wealth management advisers must make asset protection as prominent a cornerstone of their provided experience as possible, lest clients think that the competition offers stronger defenses and is thus worth going to instead.

The common theme that threads all of these changes together is clients’ urgently heightened need for a wealth management firm that is both proactive and reactive. Whether it’s speedy account management or ambitious loss prevention, the consultancies that can act fast and make that quick action the bedrock of their customer experience will win out against their peers. More than that, though, clients are seeking reassurance on a human level, which means that those aforementioned late nights on the phone have taken on a renewed importance not just as a source of wealth management expertise, but of meaningful connection in uncertain times.

Want to learn more about how COVID-19 has changed and will continue to change financial services? Click here to read my in-depth Point of View article on the subject.

3 Simple Steps That Make Your CX Program Actually Move The Needle

It’s no secret that many companies’ experience initiatives aren’t delivering the results that those brands expect and, frankly, need. Too many customer experience (CX) programs are stuck solely on giving companies metrics, which by themselves cannot deliver a meaningfully improved experience and thus a stronger bottom line.

However, there is a solution. Companies don’t have to stay stuck merely “managing” their experiences. We’ve put together three proven steps that companies can follow to take their program, and thus their brand, to the top:

  1. Determining Business Objectives
  2. Gathering The Right Data
  3. Taking Intelligent Action

Step #1: Determining Business Objectives

Traditionally, many firms have been in such a hurry to start listening in on their customers’ tastes and preferences. And while this eagerness is admirable, it often results in wantonly turning listening posts on everywhere and waiting for insights to roll in. Listening is important, yes, but listening passively is worlds different than listening intently. The former focuses on gathering metrics, feeding those metrics into a piece-by-piece reactive strategy, and calling it a day. The latter calls for businesses to firmly establish what they want to achieve with their experience program before turning any ears on.

There are several merits to determining business objectives before listening to customers, and they all have to do with looking before leaping. First, companies need to decide what business problems they want their experience program to solve. Foregoing this step and listening for the sake of listening is why so many programs either fail or provide ROI that’s murky at best.

Additionally, companies can take considering objectives as an opportunity to tie their experience programs to financial goals. Like we just said, it’s hard to prove a CX initiative’s ROI if it has no clear objective beyond just listening to customers. Spelling your program’s goals out in financial terms gives CX teams a hard number to work toward—then, when that number is achieved, those teams will have a much easier time using that achievement to leverage additional funding in the boardroom.

Step #2: Gathering The Right Data

There’s another reason why it pays to stop and think before turning listening posts on in every channel: some customer segments are more worth listening to than others. This idea may sound a bit callous, but think about it—a listening program geared toward evaluating a loyalty program is going to be much more useful if it hones in on long-term customers instead of casting a net all over the place.

This notion is also known as the concept of gathering the right data. It’s okay for brands to use different listening posts for different audiences—in fact, this strategy is much more likely to garner useful intelligence. Thus, it’s just as important for companies to consider their audiences as it is concrete financial goals when it comes to experience programs. The right data can yield the right intelligence, which can enable brands to take the right steps toward transformational success.

Step #3: Taking Intelligent Action

Much of the work in this step will already have been done if companies follow the previous two steps correctly. Like we said, it’s a good idea for brands to look before they leap and carefully consider what they hope to accomplish with a listening program. Yes, the goal of “listening” is all well and good, but the problem with experience management is that the buck stops there. Take your CX aspirations further than gathering metrics and decide what that listening is meant to accomplish. More customer acquisition? Retention? Lowering cost to serve? Set those goals and attach dollar amounts to them.

Then, take some time to consider which audiences you need to listen to in order to achieve those goals. Arming yourself with concrete goals and intelligence from the right audiences will enable your organization to take the meaningful action it needs to reach the top of its vertical, make a stronger bottom line, and create an emotional, connective experience for both customers and employees. Companies can use these steps to move the needle and take their program from experience management to something far more profound: experience improvement.

Want to learn more about how CX programs can move the needle and create lasting success for businesses, customers, and employees? Check out our new POV article on the subject, written by EVP Brian Clark, here.

InMoment Addresses Head On What Continues To Plague CX Programs

This post was originally published on Forrester.com, written by Senior Analyst Faith Adams. You can find the original post here.

This morning, customer feedback management (CFM) vendor InMoment announced an array of new product and service offerings focused on improving experiences, not just measuring and reporting on them. The vendor is calling this Experience Improvement (XI).

This is an aggressive move by InMoment: Customer experience (CX) technology buyers struggle to find differentiation among technology vendors and often forget that technology is just one piece of the puzzle. It takes people, process, and technology to transform and improve CX. The new offerings also highlight the fact that when it comes to measuring CX, surveys are not enough. Today’s environment requires a different approach, one that my colleague Maxie Schmidt-Subramanian and I discuss a lot in our research.

InMoment has been establishing the foundation for this over the past few years. And the merger of InMoment and MaritzCX earlier this year better equips the vendor to deliver on this promise through a blend of technology and services. It even introduced new technology and data products like XI Workflow for complex data management and services like XI Transformation and XI Outcome Linkage.

That said, companies must be willing to change their approach to CX in fundamental ways, which continues to be a major challenge at many firms. I encourage CX pros to take a step back and to assess what is and is not working with their current approach — and consider what it takes to drive real improvements.

Read InMoment’s announcement here.

Stop Managing Experiences—Start Improving Them

InMoment® today announced its mission to challenge the customer experience industry and offer an elevated approach focused on Experience Improvement (XI)™ for the world’s customers, employees, and top brands. This involves dramatically increasing the results from experience programs through a new class of software and services specifically designed to help leaders detect and ‘own’ the important moments in customer and employee journeys. Read more in the full press release here.

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