Event Wrap Up
Take Your Learnings Home!
Thank you for joining the InMoment Team at the XI Forum Singapore 2022!
To make sure your experience program has an impact, you have to consider multiple facets of your organisation’s performance; from financial return and executive engagement to customer loyalty. That’s why we knew it was vital to give you the tools and insights to deliver high-impact returns from your program.
Furthermore, we know there’s no better way to learn than from those who have tried and tested methods within their own programs, so after hearing from some industry leaders, we hope you came away feeling as excited about the future of customer experience as we did.
As a refresher, check out our summary of the jam-packed day below, with key takeaways from each of the speakers.
The FUTURE of Customer Experience: How You Should Think About It and What You Should Know
Kristi Knight, InMoment’s Global CMO spoke to us about the evolution of customer experience—we need to understand where we came from and where we are now to understand where we’re headed.
CX started out in the golden age of advertising and market research to understand consumers. Then, the Internet was born, and online surveys became an effective way to collect the voice of customer. Next, customer experience came along and recognised that customer experience is a journey made up of a number of different interactions. Then came experience management—this taught us that it’s more than just the customers, employee experience is just as important.
The future of CX is experience improvement. This concept of improving experiences is specifically designed to challenge the idea of simply “managing” them. Because after all, managing metrics tells you where you’ve been and how that compares to where you are now, but doesn’t indicate where you’re going.
“There’s a false sense in CX that if you listen, you will learn. But are you listening to the right voices?”
You need to be intentional about who you’re listening to and why, through customer segmentation.
What is the promise of CX? To understand your current, potential or FUTURE customer and leverage that understanding to acquire new customers, ensure loyalty/retention, and achieve positive business outcomes.
The future of CX is total experience—thinking about customers in a more broad sense rather than just fixing an individual problem or challenge.
How do you move toward the future? You need these key takeaways:
- Operational efficiency to drive retention. Identify systemic issues versus localised issues, and solve them.
- Design with the end in mind. Know your goal, and design your program around it.
- Build toward differentiation. How do you perform compared to your competitors? What do your customers value about your brand compared to others?
- Move beyond simple text analytics to understanding the emotion and intent of your customers.
- Design and innovate for the future. Think beyond today and towards what your customers will require of you in the future–how will their needs change and evolve? You’ll want to get ahead of these to understand your future customer.
NPS: More Than a Metric to Drive Customer Centricity
When HSBC launched its Voice of Customer (VoC) programme, it was originally focused on Customer Satisfaction (CSAT); but three years ago, the team started to reconsider this metric. The business decided to expand the programme and link the survey results to business outcomes. Net Promoter System (NPS) was selected as it holistically considers the overall customer experience and journey instead of silo touch points. NPS becomes a common language for the whole bank to build a client centric culture together. The business had the hypothesis that promoters stay longer, buy more with HBSC, and they tell their friends too.
- Close the loop as quickly as possible to help increase retention—do this by empowering the individuals in channel teams to act autonomously and close the loop as quickly as possible. Set up escalation alerts tied to poor customer experiences to trigger the teams to close the loop
- Use customer experience data to influence technology investment prioritisation
- Engage and embed customer experience—make customer experience the responsibility of everyone in the business. Some tips for this is to implement ongoing customer forums to engage key stakeholders, using regular communication (through MS Teams, team huddles, etc) to remind employees about customer experience and conduct CX training for new hires. Reward the team for doing well, which incentivises everyone.
- Treat your employees as your #1 customer—help employees improve their financial well-being, offer enhanced service experiences, and provide better product offers with quicker and easier journeys for all employees. Finally, deliver clear and impactful communications to the team, and don’t forget to ask for feedback to co-create customer solutions!
What’s been NPS’s impact for HSBC? Double digit improvement in NPS score and the culture is sticking because “customer journey” has become the key word across the business!
Voice of Customers: Driving Force of Change and Differentiation
The protection business landscape (insurance) is a highly competitive and saturated market. Yet, somehow Allianz still stands out from the rest.
What drives Allianz to be the #1 insurance brand? The business values customers at the centre of their brand promise. Product is no longer just a basic process, they are now co-created with customers.
- Break out from a crowded market by acting on customer feedback. At Allianz, they close the loop with every single dissatisfied customer within 24-48 hours.
- Dive into the “why” behind the issues through reporting and analytics, and solve these issues at the root cause.
- Consider publishing your VoC stats to the world. 90% of Allianz customers say that they want to buy major insurance from an agent, which means that the VoC score of the agent matters to customers.
- Map out your customer lifecycle to find your moments of truth—from onboarding to renewals, every touch point matters.
- Highlight the good feedback to employees as well as the bad to encourage positive behaviours.
Customer Led Expansion Strategy, How Foot Locker Elevates Omni CX When Expanding in Asia
Foot Locker leads the celebration of sneaker and youth culture around the globe through a portfolio of brands including Foot Locker, Kids Foot Locker, Champs Sports, Eastbay, atmos, WSS, and Sidestep.
- Know your customer base. For Foot Locker, the team strives to inspire and empower youth culture as these are some of Foot Locker’s most important customers.
- Make sure all operational functions are circling around the customer—to do this, you’ll need a strategy. Make sure that every part of the company is focused on the customer for the ultimate impact.
- Stay close to the customer during ALL parts of their journey. Foot Locker does this through different listing posts—for primary listening, they use InMoment to survey customers post-transaction in brick and mortar stores as well as post-contact centre interactions. Secondary listening posts include social media, observation, market research, and product reviews.
- Use customer data to locate your brand advocates and empower them to spread the word about your brand. Foot Locker does this through influencer marketing, which has been successful for the business.
- Capture internal data (i.e. employees) to help understand new and emerging markets—this has been a cornerstone of success for Foot Locker’s expansion into Asia.
AI in CX: Turning Blind Spots in Customer Data Into Transformative Business Insights
Did you know that 80% of all enterprise data is unstructured? Businesses across Asia have historically lacked the ability to make it actionable.
The ultimate goal for AI when it comes to customer experiences is to get the Platform to tell your business WHAT to do next. Ultimately, AI can be used to predict churn, reduce effort required to complete a task, and inform when and why to reach out to your customers.
Here’s what we know:
- Survey data is not enough for AI
- One robot does not do it all
- CX insights do not deliver business impact
“Every day customers are writing a book about what they want us to know. But is anyone reading it? AI can help with this—when it comes to data, structure the unstructured and apply across the entire CX Journey”
Here are the key takeaways to leveraging AI in your experience improvement program:
- You’ve got direct feedback, indirect feedback, and operational feedback (see photo below). The goal is to bring these all together to know what customers are doing, what they are saying, and what they are thinking and feeling at every touchpoint in the customer journey
- Train and customer AI to your unique business. The AI robots need to be onboarded to your unique customers—the way they talk, your unique products and services
- AI training requires technology AND a human touch—so the winning formula is data + technology + human expertise!