![\"\"](\"https:\/\/flevy.com\/blog\/wp-content\/uploads\/2019\/10\/customer-explaining-golf-clubs-1325735-300x200.jpg\")
Digitally savvy startups are disrupting markets and threatening conventional businesses.\u00a0 They are doing this by utilizing technology to offer new products and services and providing tailored yet uncomplicated experiences for their customers.<\/p>\n
Likewise, large traditionally-run firms will have to keep evolving their Customer Experience<\/a> approaches to secure additional avenues of revenue and to stay competitive.\u00a0 To accomplish this, they will need to develop capabilities to effectively utilize insights on customer preferences and design offerings as per the customers\u2019 preferences.<\/p>\n Many organizations, today, are undertaking Digital Transformation<\/a> programs to improve their Customer Experiences.\u00a0 However, a majority of these Digital Transformation initiatives fall short of securing their maximum value potential due to focusing only on improving specific touchpoints instead of confronting the entire customer journeys\u2014spanning across several departments and channels.<\/p>\n To make their Customer Experience sustainable and to become Customer-centric Organizations<\/a> need to clearly transform their ways of doing business, operations, and employee behaviors.\u00a0 It is critical to improve these fundamental support processes before embarking on initiating any Customer Experience optimization initiatives.<\/p>\n Customer Experience optimization facilitates in gaining more satisfied\/paying customers, additional value, and better retention rates. \u00a0Research reveals that the companies that have higher Customer Satisfaction<\/a> levels can achieve four times growth in value compare to those that rank lower in Customer Satisfaction.<\/p>\n The following pragmatic 5-phase approach to Customer Experience Management and Value Creation<\/a> is of great benefit to organizations aspiring to enrich their Customer Experience, achieve clear-cut differentiation, and capture the most potential value:<\/p>\n Let\u2019s now delve deeper into the first 3 phases of the approach.<\/p>\n Ascertaining the key drivers of Customer Satisfaction is the foremost step in improving Customer Experience.\u00a0 A flawed approach\u2014that many companies still employ\u2014at the onset of a Customer Experience optimization initiative is to reduce costs associated with internal processes and exploring customer pain points.\u00a0 This doesn\u2019t assist in maximizing Value Creation<\/a>.<\/p>\n Customer-centric organizations, on the other hand, devote their time in developing a clear understanding of what really matters to their customers.\u00a0 This helps in deciding where to focus, rationalizing their processes<\/a>, and creating new experiences for the customers to generate additional value.<\/p>\n Great Customer Experience necessitates much more than just satisfactory interactions.\u00a0 Customer Satisfaction should be mapped along the entire customer journey\u2014spanning multiple functions and channels\u2014as customers use various channels to communicate with companies before making a transaction.<\/p>\n Alongside rationalizing the processes, it is equally important to carry out a detailed analysis of the brands, offerings, and price structures is essential to tap value from Customer Experience.\u00a0 After all, even the most pleasing Customer Experience cannot offset an unpredictable or exorbitantly expensive product.<\/p>\n Once these fundamentals are in order, organizations should investigate which interactions and Customer Journeys<\/a> carry the most significance in a Customer Experience; evaluate how the organization is rated in each journey; identify and focus on the operations that need to be overhauled to improve the overall Customer Experience.<\/p>\n Technology and customer input provides the stimulus to streamline offerings and Customer Experience.\u00a0 However, the real value comes from linking the Customer Experience to core operational processes<\/a>.\u00a0 Seeing journeys from the customer perspective aids in focusing on what they need and linking internal processes, structures, and KPIs to customer facilitation.<\/p>\n This necessitates deeper insights on elements that are of most value to the customer across a journey, pinpointing drivers of business costs and revenues, and\u2014most importantly\u2014inculcating the right mindsets across the organization.\u00a0 This detailed evaluation of customer journeys facilitates in determining operational improvements that bear the most positive effect on Customer Experience.<\/p>\n Interested in learning more about the other phases of the approach to managing Customer Experience?\u00a0 You can download an editable PowerPoint on the\u00a0Customer Experience (CX) Approach to Create Value<\/strong> here<\/u><\/a> on the Flevy documents marketplace<\/a>.<\/p>\n You can download in-depth presentations on this and hundreds of similar business frameworks from the FlevyPro Library<\/a>. FlevyPro<\/a> is trusted and utilized by 1000s of management consultants and corporate executives. Here’s what some have to say:<\/p>\n “My FlevyPro subscription provides me with the most popular frameworks and decks in demand in today\u2019s market. They not only augment my existing consulting and coaching offerings and delivery, but also keep me abreast of the latest trends, inspire new products and service offerings for my practice, and educate me in a fraction of the time and money of other solutions. I strongly recommend FlevyPro to any consultant serious about success.”<\/p>\n \u2013 Bill Branson, Founder at Strategic Business Architects<\/p>\n<\/blockquote>\n “As a niche strategic consulting firm, Flevy and FlevyPro frameworks and documents are an on-going reference to help us structure our findings and recommendations to our clients as well as improve their clarity, strength, and visual power. For us, it is an invaluable resource to increase our impact and value.”<\/p>\n \u2013 David Coloma, Consulting Area Manager at Cynertia Consulting<\/p>\n<\/blockquote>\n “As a small business owner, the resource material available from FlevyPro has proven to be invaluable. The ability to search for material on demand based our project events and client requirements was great for me and proved very beneficial to my clients. Importantly, being able to easily edit and tailor the material for specific purposes helped us to make presentations, knowledge sharing, and toolkit development, which formed part of the overall program collateral. While FlevyPro contains resource material that any consultancy, project or delivery firm must have, it is an essential part of a small firm or independent consultant’s toolbox.”<\/p>\n \u2013 Michael Duff, Managing Director at Change Strategy (UK)<\/p>\n<\/blockquote>\n “FlevyPro has been a brilliant resource for me, as an independent growth consultant, to access a vast knowledge bank of presentations to support my work with clients. In terms of RoI, the value I received from the very first presentation I downloaded paid for my subscription many times over! The quality of the decks available allows me to punch way above my weight \u2013 it’s like having the resources of a Big 4 consultancy at your fingertips at a microscopic fraction of the overhead.”<\/p>\n \u2013 Roderick Cameron, Founding Partner at SGFE Ltd<\/p>\n<\/blockquote>\n “Several times a month, I browse FlevyPro for presentations relevant to the job challenge I have (I am a consultant). When the subject requires it, I explore further and buy from the Flevy Marketplace. On all occasions, I read them, analyze them. I take the most relevant and applicable ideas for my work; and, of course, all this translates to my and my clients’ benefits.”<\/p>\n \u2013 Omar Hern\u00e1n Montes Parra, CEO at Quantum SFE<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":" Digitally savvy startups are disrupting markets and threatening conventional businesses.\u00a0 They are doing this by utilizing technology to offer new products and services and providing tailored yet uncomplicated experiences for their customers. Likewise, large traditionally-run firms will have to keep evolving their Customer Experience approaches to secure additional avenues of revenue and to stay competitive.\u00a0… How Do We Maximize Impact of Customer Experience on Value Creation?<\/span><\/a><\/p>\n","protected":false},"author":110,"featured_media":5552,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","footnotes":""},"categories":[82,81],"tags":[31,840,836,1677,1681,917],"class_list":["post-5538","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-operations","category-strategy","tag-continuous-improvement","tag-customer-experience","tag-customer-journey","tag-customer-centric-organization","tag-customer-centricity","tag-digital-transformation"],"_links":{"self":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts\/5538","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/users\/110"}],"replies":[{"embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/comments?post=5538"}],"version-history":[{"count":9,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts\/5538\/revisions"}],"predecessor-version":[{"id":7869,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts\/5538\/revisions\/7869"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/media\/5552"}],"wp:attachment":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/media?parent=5538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/categories?post=5538"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/tags?post=5538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Customer Experience (CX) Approach to Value Creation<\/strong><\/h2>\n
\n
![\"\"](\"https:\/\/flevy.com\/blog\/wp-content\/uploads\/2019\/10\/Impact-of-CX-on-value-creation.png\")
<\/a><\/p>\nUnderstand What Customers Value <\/strong><\/h2>\n
Simplify and Streamline Offerings<\/strong><\/h2>\n
Link Customer Value to Operational Drivers<\/strong><\/h2>\n
Do You Find Value in This Framework?<\/h2>\n