CEO EDITION | B2B CX STATS

It's high time to check your Customer centricity and to maximize your ROI.

#CEOEdition #B2BCXSTATS #CustomerExperience #CustomerCentricity #CXReview

CEO EDITION | How to Boost Boardroom’s Customer Centricity | 10 Simple Tips

The boardroom’s Customer centricity is based on:


UNAMBIGUOUS DETERMINATION

1. CONFUSION #1

Avoid any misunderstanding of CRM vs. Customer Experience (CX).
CRM is about gathering information about your Customers, and CX is about the experience your Customers get.


2. CONFUSION #2

Don’t be confused by Customer Centricity vs. Customer Experience (CX).
The first is a way of doing business with your Customers, the second is the effects of this business.


STRATEGY

3. LEVEL TO START

Be totally confident in C-level to provide Customer-centric transformations.
Customer Experience should start from the top level and disseminate inside the whole company.


4. NOT FOR BOARDROOM

Note that many Customer-centric strategies are designed especially for the boardroom.
They failed during execution because they were designed not for the Customer-facing staff.


5. CX ISSUE

Make Customer Experience a bigger component of corporate strategy.
CX is a critical issue and should turn hearts and minds.


6. CCO

Extend your C level by involving Chief Customer Officer.
CCO provides a single vision across all channels of Customer interactions and injects a new way of thinking and acting throughout the company.


BOARDROOM MEETINGS

7. AGENDAS

Ensure that Customers are at the top of your boardroom agendas.
The Customers Experience controls business growth today.


8. ROI IT’S NOT ONLY ABOUT NUMBERS

Make sure that you see the value beyond numbers.
Retaining a Customer costs less than winning a new one: the sale is not the end, but the start.


9. EXCEPTIONAL AWARENESS

Every time inform the boardroom about the top five Customers’ complaints about their CX.
This information will help the boardroom feel the situation and make the right decisions.


10. IMPORTANCE/ABILITY GAP

Avoid unreal training and development plans concerning CX.
Pay attention to the significant gap between the importance and the company’s ability to provide high-tailored programs.


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How to Measure Customer Centricity | 10 Simple Tips

Your Customer Centricity is measured with…

1. CUSTOMER CHURN RATE (CCR)

Determine the steady-state level of Customers a business will work with.

CCR = [(Customers Beginning of Month) – (Customers End of Month)] ÷ (Customers Beginning of Month)

2. CUSTOMER LIFETIME VALUE (CLV)

Calculate an upper limit on spending to acquire new Customers.

CLV = (Average Monthly Revenue per Customer) * (Gross Margin per Customer) ÷ (Monthly CCR)

3. CUSTOMER EQUITY

Get a broad view of how much Customer value your company is creating.

(Customer Equity) = (New Customers Acquired in the Period) * (CLV of Those Customers)

4. RETENTION COST

Take a snapshot of where your Customers fall within the Customer lifecycle status

(Retention Cost) = (Total Retention Costs) ÷ (Number of Customers Retained)

5. CUSTOMER RETENTION RATE

Measure the portion of Clients who remain Customers from the beginning to the end of a reporting period.

(Customer Retention Rate) = 1 – (Customers Lost in the Period) ÷ (Number of Customers at the Start of the Period)

6. WIN-BACK RATE

Re-activate Customers as they show signs of slipping away.

(Win-back Rate) = (Churned Customers Who Repurchase) ÷ (Churned Customers)

7. CONVERSION RATE

Determine the success of a Customer interactions.

(Conversion Rate) = (Interactions with Completed Transactions) ÷ (Total Sales Interactions)

8. RATE OF REFERRALS

Measures the portion of referral invitations sent that are accepted by the recipients.

(Rate of Referrals) = (Converted Referrals in the Period) ÷ (Total Referral Invitations Sent in the Period)

9. REPEAT CUSTOMER RATE

Discover whether a product or service inspires repeat purchases from Customers.

(Repeat Customer Rate) = (Customers That Have Purchased More Than Once) ÷ (Unique Customers)

10. NUMBER OF NEW VS. REPEAT SITE VISITS

Differentiate your website traffic and generate insights on prospective Customers.

(Number of New vs. Repeat Site Visits) = 1 – (Website Visits by New Visitors) ÷ (Total Website Visits)

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B2B CX STATS

It's high time to check if your Customers want to leave.


#B2BCXSTATS #CustomerCentricity #CustomerExperience #CXReview

B2B CX STATS

It's high time to check if your Customers want to stay with you.


#B2BCXSTATS #CustomerCentricity #CustomerExperience #CustomerChurn #CXReview

How to Stop Customer Churn | 10 Simple Tips

To prevent/reduce/stop the Customer churn pay attention to…

CUSTOMER STATUS

 

1. SEGMENTATION BY READINESS TO LEAVE

Segment your Customers into groups of readiness to leave and their likelihood to accept your offer to stay. 
In this way, you can better predict Customer churn

2. AT-RISK CUSTOMERS

Identify Customers that are in danger of churning. 
Check engagement flags, such as fewer visits to website or Socials 

3. MOST VALUABLE CUSTOMERS

These are the Customers you want to keep. 
Take extra care of valuable Customers because they bring in the biggest revenue 

YOUR COMPANY/BRAND 

 

4. ONLY DOABLE

Ensure that everything your sales people promise is doable. 
It gives you a good chance to deliver and exceed Customers’ expectations 

5. BE HONEST

Be honest about your weaknesses impacting business growth. 
Turn the factors driving Customers away into your strengths 

6. BE THE EXPERT

Be the expert in your field to retain Customers. 
Becoming a trusted advisor leads to a Customers’ dependency

YOUR PRODUCTS/SERVICES

 

7. ADD VALUE

To grow your company, improve your products/services. 
Make your products/services so valuable that your loyal Customers never want to leave 

8. THE BEST PRODUCT/SERVICE

Reassure your existing Customers that they’re using the best product/service. 

Highlight the features once again and send out emails about case studies involving your product/service

YOUR COMMUNICATIONS 

 

9. NOT ONLY FOR RENEWALS

Avoid contacting your Customers only when you’re seeking contract renewals. 
Increasing your communication, you prevent the company from potential issues 

10. THANK YOUR CUSTOMERS

Build Customer loyalty by thanking them for the continued business. 
Publish valuable feedback on your blog




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How to Create Customer-Centric Content | 10 Simple Tips

Customer-centric content is made of:

BASIS

1. HUMAN 2 HUMAN

Follow the principle of Human 2 Human and that Customers are people.
Try to make all your messages friendly and personalized


2. STORYTELLING

Practice the art of storytelling and tell your story in the best possible way.
Human-transparent messages reach Customers’ minds and hearts


3. INSIDERS' KNOWLEDGE

Engage every department to create consistent and comprehensive Customer-centric content.
Take information about their interactions with Customers


4. USEFUL SOURCE

Deliver actual news, educate and inform your Customers. 
Share your knowledge and expertise with them in exchange for their loyalty and devotion


5. DELIVERY TOOLS

To expand your reach, choose thoroughly your content distribution tools.
Determine your content distribution strategy combining a variety of paid and free distribution channels


6. SEARCHABILITY

Use relevant hashtags for your content.
Your content must be searchable by search engines and thus by your Customers


CONTENT

7. TARGET AUDIENCE

Define a variety of responsible influencers initiating and completing a purchase.
Create content that is relevant to every person in the interaction process


8. CONTENT OBJECTIVES

Give your Customers answers they are looking for during their journey.
All of them are constantly searching information about solutions to their pain points, needs, desires

9. TEMPLATES

To instill confidence, use special templates to streamline content.
Provide a familiar interface that demonstrates clarity and transfers a consistent company message


10. CUSTOMERS' PREFERENCES

Research your Customers’ preferences.
Choose a preferable message type like straightforward messaging, in-depth case studies, or simple listicles




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B2B CX STATS

It's high time to check if your Customers want to pay more.


#B2BCXSTATS #CustomerCentricity #CustomerExperience #CXReview