Have you seen The Customer Experience Factbook?

In this 180+ page report, you'll find all the information and support you need to build a profitable, effective CX Improvement Program that spans every part of your business. You'll be able to implement and manage meaningful and profitable change, and grow your bottom line despite a slowing economy.

Get it on Amazon (Kindle/Print)

New Ipsos tool to drive share of wallet

Aimed at helping executives understand the share of wallet dynamics in their businesses, Ipsos Loyalty launched the new 'Wallet Allocation Optimizer' (WAO) solution. The new product is the result of research that showed that most of the common measures of customer performance are used in an overly-simplified way by many brands, and that they often have little connection to real business results.

The study, conducted across nine countries through surveys with over 17,000 consumers, covered every major industry sector and provided eye-opening results for executives who measure customer success by means of simple metrics such as customer satisfaction or retention.

The development of WAO was led by Dr. Timothy Keiningham, Chief Strategy Officer for Ipsos Loyalty: "The value of WAO lies in the fact that it provides executives with a customer relationship metric and a system of understanding, which relates directly to financial performance and business success. It provides leaders with a rich understanding of share of wallet dynamics in their businesses and eliminates the problems of using inadequate customer relationship metrics such as retention and recommendation."

Ipsos Loyalty recognises that satisfaction and performance measurements are and will remain very important to evaluate how companies service their clients, but the company asserts that these metrics alone do not capture everything that is needed.

"These are useful metrics to set goals and incentivise your organisation. But satisfaction ratings should not and cannot be used alone to directly drive financial performance," explained Keiningham. "The same is true with recommendation metrics which usually correlate poorly with customer spending levels. The key is that rank matters: taking the competitive set into consideration allows a direct link to driving business results."

For example, Keiningham says that airlines often fall victim to the common trap of confusing retention with loyalty: "You can retain a customer without them being loyal; where they spend their money is the story of where their loyalty lies. Lots of airlines retain customers but have really low share of wallet, which means that people are spending just as much money, or more, with the competition. And it's not just Airlines we see this in, it's banks, retail, DIY, and every major category."

Have you seen The Customer Experience Factbook?

In this 180+ page report, you'll find all the information and support you need to build a profitable, effective CX Improvement Program that spans every part of your business.

You'll be able to implement and manage meaningful and profitable change, and grow your bottom line despite a slowing economy. Grab this goldmine of easily adaptable and up-to-date strategies, walk-throughs, trends, technologies, research, suppliers and partners, plus all the supporting arguments you need to build a solid CX strategy.

While most marketers could list maybe a dozen key points for improving their brand's Customer Experience (CX), the researchers and writers at The Marketing Factbook have identified FORTY main 'CX Keys' which will help you drive your customers to new levels of delight, loyalty, advocacy and profitability.

The areas in which customers have direct contact with your organization are perhaps the most obvious places in which CX improvements can be made, and this report addresses all 24 of these 'Direct CX Keys', applicable to offline and online businesses alike.

At the same time there are many other areas that indirectly affect CX (such as the supply chain, policies and processes) in which every business can make simple but far-reaching improvements. This report guides you through the problems and solutions for all 16 of these 'Indirect CX Keys', many of which are often forgotten or under-played even in the best CX strategies.

Get it on Amazon (Kindle/Print)