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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more agile, more united group of customers who will self organize around their collective needs and jobs, leaving your outdated organization in their wake?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
