Forrester : We need our customers more than they need us

OUTSIDE IN: A FORUM FOR CUSTOMER EXPERIENCE PROFESSIONALS EMEA

The Power Of Putting Customers At The Center Of Your Business

November 06-07, 2012 in London

We’ve entered a new era that Forrester calls the age of the customer — a time when focus on the customer matters more than any other strategic imperative.

 

To make the leap from incremental improvements to breakthrough transformation, companies must routinely perform a set of sound, standard practices. These practices fall into six high-level disciplines:

  • customer experience strategy;
  • customer understanding;
  • design;
  • governance;
  • measurement; and
  • culture.

How To Profit From The Outside-In Perspective On Customer Experience

Customer experience leads to profits . . . but not because it makes your customers feel warm and fuzzy, and not if it’s just a slogan. Customer experience leads to profits . . . if you treat it as a business discipline. In fact, customer experience is the greatest untapped source of both decreased costs and increased revenues in most industries — but only if you take the time to understand what drives it and how you can benefit financially from improving it.

I particularly like the Fidelity case study from the Outside In book.  The competition for share of the High Net Worth individual wallet is intensifying. The quality of Wealth and Asset Management services are key brand differentiators in the Financial Services industry.  An increase of four and a half times in individual investments is truly stellar.

Kerry makes the point that Internal Shared Services functions [HR, Finance, Procurement, IT] must also take an Outside In approach.  Typically the guiding principles of these back-office capabilities is to hold the Business captive because they firmly believe that there is no alternative.  This level of arrogance will not be tolerated by the Business who will choose to spend their budget elsewhere. Outcome based services are delivered by 3rd Party Providers who have built their brand on delivering on their promises to the customer.

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