Empowering Revolution in a New Customer Landscape

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Will your organization lead the next revolution in your marketplace, empowering and giving voice to the latent motivations of your customers, or will it become a victim of a more agile, more united group of customers who will self organize around their collective needs and jobs, leaving your outdated organization in their wake?

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Empowering Revolution in a New Customer Landscape

Brian Vellmure

Initium LLC / Innovantage

http://www.brianvellmure.com

http://www.twitter.com/CRMStrategies

A new era of revolution?

Economic Decline and Uncertainty

WHAT IF OUR BASELINE ASSUMPTIONS ARE WRONG?

WHAT IF THE CORPORATE STATUS QUO IS VULNERABLE TO COLLAPSE?

A New Customer Landscape: Rapid Digital Evolution

Brian Vellmure http://www.brianvellmure.com @CRMStrategies

The Digitization of Everything

Portrait by Popeye Francom

7

Price/Performance Doubling every 18 months

Source: Ray Kurzweil

"How far off is a future in which the creative economy overflows the thin boundary that separates 'information' from 'stuff'?"

Tim O’ Reilly

A New Customer Landscape: A Conversation Evolution

Brian Vellmure http://www.brianvellmure.com @CRMStrategies

Photo Credit: Michael Krigsman

"CRM is no longer just a model for managing customers, but one of customer

engagement"

"Social CRM is the company's programmatic response to the customer's ownership of the conversation”

- Paul Greenberg Best Selling Author, Analyst, Consultant

How do your customers prefer to communicate?

Kate Leggett Data

For the first time, web self-service topped the phone channel as the communication channel most widely used by customers to interact with customer service organizations.

- Forrester Research

Forrester’s North American Technographics® Customer Experience Online Survey, Q4 2010

Customers are using more channels Brian Vellmure

http://www.brianvellm

ure.com

@CRMStrategies

(and more devices too)

Brian Vellmure http://www.brianvellmure.com @CRMStrategies

A New Customer Landscape: Customer Expectations

Help me to get my job(s) done

Fundamental Customer Expectations

Help me to feel good

Brian Vellmure

http://www.brianvellm

ure.com

@CRMStrategies

#1

Know me

6 Things Customers Want

Brian Vellmure

http://www.brianvellm

ure.com

@CRMStrategies

Brian Vellmure

http://www.brianvellm

ure.com

@CRMStrategies

#2

Be Competent

Brian Vellmure

http://www.brianvellm

ure.com

@CRMStrategies

6 Things Customers Want

#3 Be Trustworthy

6 Things Customers Want Brian Vellmure

http://www.brianvellm

ure.com

@CRMStrategies

#4

Be Likeable

6 Things Customers Want Brian Vellmure

http://www.brianvellm

ure.com

@CRMStrategies

#5

Be Relevant

Brian Vellmure

http://www.brianvellm

ure.com

@CRMStrategies

6 Things Customers Want

#6

Be Available

Remember the

Fundamentals

Brian Vellmure

http://www.brianvellm

ure.com

@CRMStrategies

How are Customer Expectations changing?

Growing expectations of immediacy

Great experience regardless of channel Brian Vellm

ure

http://www.brianvellmure.com

@

CRMStrategies

Brian Vellmure

http://www.brianvellm

ure.com

@CRMStrategies

A New Customer Landscape: The Emergence

Brian Vellmure http://www.brianvellmure.com @CRMStrategies

They are now Active Value Chain Participants

They (could) have input to product/service direction

They are your brand managers

They (could be) Tech Support / Customer Service

Brian Vellmure

http://www.brianvellm

ure.com

@CRMStrategies

Evolving Customer Relationship Dynamics

  From Individual Customers… to Networks of Customers

  From Delivering Value to Customers… to Co-Creating Value with Customers

  From Hierarchical Command & Control… to Collaborative Hybrid Organizations

  From Customer Lifetime Value… to Customer Network Value   From Stand-alone Companies… to an Ecosystem of Networked

Partners   From Company Push… to Sensing and Responding in Real-

Time to Customers

Pioneering a new customer landscape

Dr. Graham Hill: A Social Business Manifesto

Brian Vellmure

http://www.brianvellm

ure.com

@CRMStrategies

Lurking in our Customer Base…

Brian Vellmure http://www.brianvellmure.com @CRMStrategies

Just a routine call in the call center… Brian Vellmure

http://www.brianvellm

ure.com

@CRMStrategies

Almost 1,000,000 Views on YouTube Over 1,000 Blog Comments

An appearance on NBC’s Today Show (and countless other media outlets)

Brian Vellmure

http://www.brianvellm

ure.com

@CRMStrategies

And more fun Customer Service Bedtime Stories…

But are these simple manifestations of more deep seeded issues?

Brian Vellmure

http://www.brianvellm

ure.com

@CRMStrategies

Brian Vellmure

http://www.brianvellm

ure.com

@CRMStrategies

Brian Vellmure

http://www.brianvellm

ure.com

@CRMStrategies

70% of customers are either upset or extremely upset about a problem they had with a product or service in the last 12 months.

Roughly

Source: Customer Rage Study – 2003, 2004, 2005, 2007

Brian Vellmure

http://www.brianvellm

ure.com

@CRMStrategies

Highlight stats about irate customers here

Brian Vellmure

http://www.brianvellm

ure.com

@CRMStrategies

Brian Vellmure

http://www.brianvellm

ure.com

@CRMStrategies

 What if your customers were to spark their own revolution?

 What would it take? What would they say?

 How would you respond?

What’s lurking in your customer base?

A New Customer Landscape: Identifying the Opportunities

Brian Vellmure http://www.brianvellmure.com @CRMStrategies

PERSONAL STORIES

 Great experiences  What made them great   Impact

Brian Vellmure

http://www.brianvellm

ure.com

@CRMStrategies

Brian Vellmure

http://www.brianvellm

ure.com

@CRMStrategies

Our customers will continue to reveal more and more about themselves, in an unstructured manner

Increased Connection Increased Expectations Increased Opportunities

This presents a tremendous opportunity for organizations who have the ability and desire to understand, show empathy, and respond with something that resonates

A New Customer Landscape: Measuring (True) Customer Value

Brian Vellmure http://www.brianvellmure.com @CRMStrategies

Measuring Customer Value

$9,432.00

Historical Spending

Horse and Buggy – customer spending

CLV (Single Customer View)

NPS

CLV (Holistic View)

Next Gen Automobiles: CEV (incorporates CLV, CIV, CRV, CNV)

Measuring Customer Value

$87,950.00

Historical Spending

Customer Lifetime Value

Measuring Customer Value

$87,950.00 + “8”

Historical Spending

Customer Lifetime Value (CLV)

CLV + NPS

“Hi, I’m a Promoter”

$87,950.00 + “8”

Historical Spending

Customer Lifetime Value (CLV)

CLV + NPS

“Hi, I’m a Promoter”

Measuring Customer Value

Not just would you, but DID YOU?

If you did, did they BECOME A CUSTOMER?

If they did BECOME A CUSTOMER,

WERE THEY PROFITABLE?

Brian Vellmure

http://www.brianvellm

ure.com

@CRMStrategies

Measuring (True) Customer Value

Referrals Network Influence

Ideas and Feedback Community Support

Transactions

Brian Vellmure

http://www.brianvellm

ure.com

@CRMStrategies

CLV (Customer Lifetime Value)

+ CRV (Customer Referral Value) + CIV (Customer Influence Value) + CKV (Customer Knowledge Value)

_______________________________________

Customer Engagement Value

Undervalued or Overvalued Customers: Capturing Total Customer Engagement Value V. Kumar, LerzanAksoy, Bas Donkers, RajkumarVenkatesan, Thorsten Wiesel and Sebastian Tillmanns

Measuring (True) Customer Value

Companies empowering Customer Revolutions

Brian Vellmure http://www.brianvellmure.com @CRMStrategies

Brian Vellmure

http://www.brianvellm

ure.com

@CRMStrategies

-  Societal and business landscape(s) are shifting

-  Spark and lead your customer’s revolution, don’t be surprised by it

-  Focus on fundamental customer needs, but recognize the shift in expectations

-  Invite and include your customers in core business operations; leverage combination of structure and unstructured feedback

-  Capitalize on new opportunities by providing a superior customer experience

-  Customer value measurement is ripe for innovation

-  Every interaction is a marketing opportunity, Every mention is an opportunity to listen

-  Stand out – and experience the amplifier effect, and higher profitability

Brian Vellmure

http://www.brianvellm

ure.com

@CRMStrategies

Key Takeaways

1.  If your customers were to start a revolution, what would it look like?

2.  How can your organization provide the platform to empower your customer’s revolution (or evolution)?

3.  How would customer interactions (and underlying technology and processes) change if you truly did understand Customer Engagement Value?

Brian Vellmure

http://www.brianvellm

ure.com

@CRMStrategies

Key Questions

Brian Vellmure

Initium LLC / Innovantage

http://www.brianvellmure.com

http://www.twitter.com/CRMStrategies

THANK YOU !

Empowering Revolution In a New Customer Landscape

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