stand out influencing member experience in a crowded ... · experience by the end of 2016...

Stand Out —

Influencing Member

Experience in a

Crowded Marketplace

Spokane Convention Center, October 23-25, 2017

Member Experience

What if you’re not

an influencer?

“I know my money’s safe, and I feel

cared for, and a part of something

greater than myself. It’s like a family.”

Jan B.OCCU MEMBER

MX — Responsibility

While everyone in the organization

needs to be member-centric, there

needs to be someone at the C-level

responsible for member experience,

and the CEO also has to be the

ultimate champion.

CXO — Chief Experience Officer

Close relationships with heads of Technology and Marketing

CMO — Chief Marketing Officer

COO — Chief Operations Officer

Day-to-day member contact

This can’t be a staff function; they must

have direct responsibility for a good

portion of the customer experience.

Source: The Operating Model for Customer Obsession, November 2015, Forrester

They must have established a direct

dialogue with customers to bring

insights back to the executive team.


And they must have the gravitas to work

across marketing, product development,

and operations to garner support

and commitment.


MX — Vision

Know the overarching “why”

for MX Transformation in

your organization before

determining the “how.”

Source: Luke Williams


The Future of CX Began Yesterday

» 66% of consumers who switch brands do so because of poor customer

experience (Kolsky).

» 95% of dissatisfied customers tell others about their bad experience

(Dimensional Research).

» Promoters are 81% more likely to repurchase compared to passives (44%) and

detractors (15%) (Forbes).

The Future of CX Began Yesterday (cont.)

» 86% of consumers will pay more for a better customer experience (CEI).

» U.S. Brands lose approximately $41B in revenue each year due to poor customer

experience (New Voice Media).



CX leaders outperform the market over laggards

» 89% of companies were projected to compete primarily on the basis of customer

experience by the end of 2016 (Gartner).

» 93% of CMOs identify competing for customer loyalty as a Top 5 initiative. More

than 70% identify it as a Top 3 initiative (Fordham University CMO Study).

» 80% of CEOs believe they deliver

a superior experience.

» 8% of customers agree.

THE EXPERIENCE GAP


6 competencies of how to advance

your MX management maturity

Understand your members

fully and then communicate

these learnings to your

employees.

RESEARCH

MX research involves two essential activities:

• Researching your members using both quantitative and qualitative methods.

• Summarizing what you learn about your members in documents that help

employees understand members and their experiences with the Credit Union.

Source: Based upon “Gauge Your CX Management Maturity,” by Rick Parrish, June 2017,

Forrester

OCCU Persona Work

Determine what matters

most to your members and

their experiences, as well

as your organization’s

success.

PRIORITIZATION

Source: Based upon “Gauge Your CX Management Maturity,” Rick Parrish, June 2017,

Forrester

Two essential activities for Prioritization involve:

• Identifying and ranking your most important member groups, journeys and

interactions. This is where Persona work comes into play in a powerful way.

• Allocating CU resources based on what matters most to both your members

and your organization.

Biggest Barriers to Customer Relevance

18

18

21

24

26

27

27

28

35

38

41

45

52

Systems capacity

Customer privacy concerns

Lack of executive buy-in

Inadequate budgets

Difficulty proving ROI

Inability to act on data

Shared definition of how to define relevant experience

Data issues

Outdated technology

Inability to deliver consistent cross-channel CX

Systems integration

Cultural resistance/change management

Functional Silos

Systems, Data Process People, Skills, Organizational

Percentage indicating the following are the biggest impediments to consistently delivering

a relevant experience to customers.

Source: Harvard Business Review Analytic Services

Define and refine

experiences based on your

vision and research-based

member understanding.

DESIGN

Using both quantitative and qualitative research to

guide how you design member experiences.

Designing experiences by generating ideas,

prototyping, testing with members, and repeating

that process many times before deciding that a

design is done.

»

»

Source: Based upon “Gauge Your CX Management Maturity,” Rick Parrish,

June 2017, Forrester

Human-Centered Design

Focusing on MX innovation is no

longer a nice-to-have; it’s a must.

Good news!

Engage talent that understands

this new world or be left behind.

We’re at a Kodak crossroads.

And no one today is waiting in

line to have their film developed.

Provide employees and

partners with the

resources they need to

deliver the right

experiences.

ENABLEMENT

Source: Based upon “Gauge Your CX Management Maturity,” by Rick Parrish, June

2017, Forrester

To be competent in Enablement requires you to:

» Give employees training, information, and tools to help them do their

part in executing the MX experience.

» Verify through observation that your CU and its partners provide or

support your intended MX experience across all touchpoints.

Design is only design if it’s not executed upon consistently.

Quantify the quality of

experiences and their

link to the organization’s

overall metrics.

MEASUREMENT


Forrester

Two Essential Activities CX Measurement involves:

• Tracking and analyzing what happens when customers interact with your

brand, how they perceive those interactions, and what they do as a result.

• Communicating CX metrics with actionable insights to employees and

partners.

Metrics fail to measure customer relevance effectively

6811121213131313

161616

2224

3232

3540

61

Customer effort

Sentiment analysis

Direct/indirect traffic

Brand mentions

Campaign ROI

Customer lifetime value

Engagement via social media

Average order values

Customer churn rate

Conversion rate

Up-sell/cross-sell rate

Number of interactions by channel

Customer acquisition

Net promoter score

Customer loyalty

Average revenue per customer

Number of complaints per period

Customer retention

Functional silos

10056

8379

92158

10777

100113113

8985

10894

9175

121110

Overall Best in Class vs. Developers Indices

Percentage indicating the following are among five key metrics they currently use to

measure customer experience.

Source: Harvard Business Review Analytic Services

Create a system of

shared values and

behaviors that focuses

employees on delivering

exceptional customer

experiences.

CULTURE


Forrester

To create a system of shared values and behaviors:

• Ensure you educate employees about your members, your MX vision and

the staff’s role in bringing the MX vision to life.

• Reinforce member-centric behaviors through routines, celebrations and

rewards aligned with your MX metrics.

OCCU’s Member-Experience Culture

8 Critical Areas of Focus Around MX:

Responsibility

Vision

Research

Prioritization

Design

Enablement

Measurement

Culture

1

2

3

4

5

6

7

8

Deborah Mersino

Chief Marketing Officer

Email: [email protected]

Twitter: @DeborahMersino

LinkedIn: in/deborahmersino

MyOCCU.org

Thank you!

References

• The Operating Model for Customer Obsession, November 2015, Forrester

• Fordham University CMO Study

• Gauge Your CX Management Maturity, June 2017, Forrester

• Harvard Business Review Analytic Services

stand out influencing member experience in a crowded ... · experience by the end of 2016...

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