We’ve been discussing the four definitions of success and explaining how most characterizations of success will fall into one of four categories, or, ideally, be a harmonious combination of the four (i.e. Balanced Scorecard).
Financial Measurement
Customer Experience
Internal Processes
Internal Learning
Last week we focused on financial measurement, but this week, we will move to the next definition: Customer Experience.
Customer Experience
For the companies who gravitate towards this definition, and describe success as driven by superior customer experience and relationship building, the metric is a bit different than for those of you who focus primarily on financial measurement. Companies who prioritize customer experience understand that people make up a business, and how your customers perceive you affects how successful your business will ultimately become.
Those who define success as having a reputation for superior customer relations and experiences will want to focus on concepts like:
Loyalty/Retention
Relationship Building/Becoming a Trusted Advisor
Response Time/Resolution Rates
Overall Customer Experience
Essentially, you’re going to be principally interested in finding out what your customer needs before they know they need it, and providing unparalleled service in your particular market. There are a number of ways to improve in this regard, but one of the best ways to track progress is by determining customer experience on an individual or one on one basis.
Measuring Customer Experience
Focusing on Customer Experience as an overarching goal for success means that you take how your customers see you personally. Your aim is to build relationships and gain the trust of your customers, so that they’ll not only stay with you for 10, 20, or 30 years, but so they’ll play a role in bringing you more business down the road. Without a doubt, customer loyalty is invaluable for the long term success of your company, and keeping clients around will mean greater profits, fewer expenses, and more growth.
While positive customer experience will produce benefits for your company, on the other hand, negative customer experiences signify a detriment to your business, i.e more of your clients will be shopping around or, worse, leaving you for your competition. However, as Bill Gates once said, your most unhappy customers are your greatest source of learning, and you can use this information to turn things around.
Determining what your clients’ individual needs are necessitates taking certain data into account. First, you’ll need to create a chart that identifies each of your clients, quantifying their respective value monetarily in relation to their depth of loyalty. Some of the indicative behaviors which define a loyal client include repurchases, share of wallet, and referral statistics. We recommend one to one individual relationship measurement with your valued clients for the most accurate measure of both satisfiers and motivators. Plus, by dedicating such personalized time to your customers, you’ll be reflecting that you have both the integrity and competency necessary to meet their needs.
If building quality customer relationships and developing positive customer experiences are your main priorities, and you factor them into your personal recipe for success, Brookeside can help you take steps towards achieving your goals. Now that you know the destination, we can help you chart the course.
Contact us today to find out more.