Verde Group’s Full-Service Closed Loop Tracking Program
High-impact Customer Experience (CX) programs require a deep understanding of key customer requirements and the extent to which a company is/is not meeting those requirements. Verde’s Revenue@Risk® approach creates that understanding by financially quantifying the impact of those requirements on customer revenue, lifetime value and share behaviors.
Once our clients fully grasp how CX influences customer economics, many proceed to the next logical step: implementing TouchPoint360, a CX tracking program that directly addresses key customer requirements, and proactively identifies/reduces customer revenue risk. TouchPoint360 is an integrated component of Verde’s Revenue@Risk methodology, and a strong accelerator of customer value growth.
Readying your organization for Customer Centricity
TouchPoint360 strategically and operationally aligns your CX stakeholders – from C-Suite to front line – around your highest ROI interactions with customers. Instead of stopping at collecting customer data, TouchPoint360 uses customer research interactions to proactively determine when a serious customer issue has occurred and additional customer support is required to head off customer defection or spend decay. These high-risk issues are identified using Verde’s Revenue@Risk methodology and are delivered to the organization using a custom-developed alert algorithm.
The Verde Group’s standard workstreams for TouchPoint360 typically includes the following:
- TouchPoint360 Readiness Assessment.
Assesses the readiness of your organization and determines where your organization is best suited operationally and culturally to embark on a Customer Centricity transformation. Unearths potential risks to a successful transformation and allows for mitigation plans.
- TouchPoint360 Governance Development.
Implements the framework of infrastructure and practices by which your organization’s Executive level sponsors, Senior Operations level sponsors and front line relationship owners manage the goals, milestones and critical elements of your organization’s CX program.
- TouchPoint360 Strategic and Operational Communications.
A specifically designed and regularly executed program of internal and customer communications that outlines the objectives of the CX program, updates on its progress, and celebrates its success.
- TouchPoint360 Problem Resolution Guideline Development.
In this workstream, Verde works with your customer-facing staff and other owners of CX execution to develop and document effective problem resolution guidelines for the most damaging problem experiences identified in the Revenue@Risk research.
- TouchPoint360 Tracking Research Design.
Develops a tracking program that fully aligns with the high ROI customer experience opportunities identified in the Baseline.
- TouchPoint360 Technical Design.
Designs and implements an effective and accountable closed loop customer engagement process across all your organizations customer-facing roles
- TouchPoint360 Technology & Operational Reporting.
Executional definition of what will be required to integrate the customer centricity program into your organization’s current IT infrastructure and applications.
- TouchPoint360 Financial Analysis.
Conduct a preliminary economic analysis on your organization customer set that establishes accurate baseline measures of customer economic value according to customer “loyalty segment” (for example, Promoters, Passives or Detractors). This analysis becomes the means for tracking customer ROI improvement over the life of the CX program.
What TouchPoint360 will Deliver
Once implemented, TouchPoint360 serves as more than just a tactical tool for managing CX at the unique customer level. It will also be a strategic platform for shifting your CX culture to one of high performance customer centricity, as illustrated below.
When fully deployed, TouchPoint360 will equip your organization with the insights necessary to assess the following:
- Progress on improving key customer experiences.
Which dissatisfiers no longer require the same degree of your organization investment due to improvements? Which ones are lagging and may require a modified set of action initiatives? Which new experiences should you focus on to replace those you have already successfully addressed?
- Organization CX Capabilities.
Which areas of the organization excel at delivering great customer experiences, and which are lagging? What is the root cause of the deltas, and how can your organization effectively address them within the overall framework (Governance, Communications, Reporting, and Problem Resolution) of the TouchPoint360 Program?
What economic benefits are accruing to your organization from the TouchPoint360 Program? What aspects of the program should evolve to continue to deliver improvements in revenue and share? How are you measuring ROI and does this need to evolve?