Delivering value is a key indicator of a brand’s customer loyalty. Internal metrics aside, it’s the level at which a brand delivers value to its customers that dictates their loyalty.
Loyalty360 will host a webinar on Thursday, Oct. 6, titled, “How Effectively Are You Delivering Value to Your Customers?” which will be presented by Verint. The featured speakers will be Brian Koma, VP & CX Practice Leader, Verint Systems; and Sean Mahoney, CCXP, Director, Solutions Consulting, Verint Systems.
Loyalty360 caught up with Mahoney to find out more about what attendees can learn from this intriguing webinar topic.
What are accurate predictors of customer loyalty?
Mahoney: When I’m asked this question, the real hope is that I have “the magic bullet,” “the one ring to bind them,” “the one, true, CX metric that matters.” The reality is, of course, no such thing exists. Instead, I advocate that organizations look to their customer journey maps (you do have a customer journey map, right?). The key moments of truth, as defined and identified by the customer (through surveys, interviews, and outcome analysis) will tell you which metrics matter when, and which are the patterns of behavior that lead to churn or return.
What are marketers doing well when it comes to creating true value and where do the challenges lie?
Mahoney: Marketers are doing well in those tasks that are their traditional role: Getting the word out, advocating for the brand, generating excitement and buzz. But, and with much respect to my colleagues in marketing, I think it’s a false notion that marketers create “true value.” True value is in the eye of the beholder, err, customer, and is a reflection of the cumulative impressions a customer has across all their interactions with a brand or organization.
Service, product quality, price, and sure, brand identity are each critical elements in building customer experience impressions. And, ultimately, it’s how you feel about a brand or organization, and less about what they did, that shapes customer experience perceptions. Marketing is key in keeping that message front and center.
Is part of the problem that various marketers have various definitions for what constitutes value?
Mahoney: I don’t think the problem lies solely in differing definitions of value, rather that different customer segments vary in their perceptions of value. And as varied as our customer segments are today, and as we’ve seen in the past, they will continue to shift. That’s why an agile customer listening and engagement program is so essential to continued success for all organizations, be that CPG, service-oriented, or even in the public sector.
What elements comprise a solid CX program?
Mahoney: There are five elements that must be present for any CX program to be successful: Vision, Governance, Culture, Processes, and Technology. And of these five, Vision and Culture are truly foundational. Without a clearly articulated vision, beginning from the top and inclusive of the front-line staff, any other effort will be wasted. And where the vision needs to be advocated by the executive team, culture begins and ends with the daily activities and behaviors of every staff member, and especially those in customer-facing and supporting roles. If vision and culture are out of alignment, no amount of governance, process management, or technology will matter or have the desired impact.
What role does corporate leadership play?
Mahoney: Corporate leadership is essential in any successful initiative, and especially so in terms of CX program effectiveness. Clearly articulated CX program vision and strategy begins with advocacy and articulation by the C-suite, and picks up positive momentum and trajectory through the CX program leadership and implementation team. Without the executive support (and budget authority!), CX programs die on the vine.