After planning and implementing a CEM strategy, a post-launch review is advisable to assess what worked, what didn't, and where further attention is most needed in the future. A formal executive briefing would examine customer survey results and include such areas as key account analysis and benchmarking.
Communication to Stakeholders
With the groundwork of a successful CEM program defined and implemented, it is now time for formal communications with your key stakeholders. These are the internal and external groups whom you've been surveying and analyzing all along. By now, they naturally are curious about what it all means.
One thing is clear. You have created expectations for process improvements in your customer- and employee-facing operations. If you don't communicate transparently on results of your CEM strategy, then you will lose credibility with your stakeholders and invite them to assume the findings must be negative, which probably explains your silence.
While not every component of your CEM strategy will meet its stated objectives, you will have a very compelling story to tell about specific improvements in customer satisfaction and loyalty in many areas. The CEMDNA Playbook Strategy provides a host of online, offline and other marketing tools that tell your story of customer satisfaction, loyalty and service excellence powerfully and persuasively to internal and external audiences. You can use these communications tools to further brand your CEM strategy and to formally kick off the program if you have been waiting to do so until you knew what the results would be.
Invariably, no matter how well you have designed and implemented your CEM strategy, you will lose customers. If they are key accounts, you probably would like to win them back, and following the Corrective Action Plan can come in handy even now. If they are not key accounts, the tendency is to want to re-engage them, but think hard about the profitability of some of these accounts. Some customers consume much more service/support resources than they contribute in revenue, referrals and name recognition, so you really will not miss them should they leave.
But let's look at customers who leave who are key accounts today or may reach that status in the foreseeable future. Follow these CEMDNA Playbook Strategy guidelines
Omega can help you devise effective, proactive strategies to successfully re-establish profitable relationships with former customers who were lost to your competition or for other business reasons. We work directly with your former customers to review your business history with them and then use this information to help identify "re-entry" opportunities. The information provides insight into why the competition was chosen over your company, or what business reasons motivated the defection. But it also documents why you initially prevailed over your competitors. Further, it provides critical information necessary for recommending training and education, as well as the opportunity to improve your company's overall sales performance.
When you've lost a customer to your competition, we uncover the key reasons behind the decision making process information that is highly instructive to either help you win back your customer or to use in future sales opportunities.
Return on Investment Analysis
Like any business endeavor, a CEM strategy ultimately must be measured by bottom line results. ROI analysis is a review of the measurable financial impact of your CEM program.
Key ROI drivers for CEM strategy on an annual basis are below. Many organizations can trace ROI to a single transaction in any one in these areas so, taken together, return on investment is typically very short.
To identify the bottom line impact of your CEM strategy, we have devised a set of survey questions that would be sent to decision makers, recommenders and influencers within your customer base. Omega's Center for Loyalty Research would then analyze the survey results, which may include a linkage analysis to assess the impact of customer satisfaction on revenue.
Sample Survey Questions For ROI Analysis
For Newly-Acquired Customers
Please select from the choices below your single most important reason for becoming a customer:
For Retained Customers
Please select from the choices below your single most important reason for remaining a customer:
For Customers Who Upgrade Within Product Line or Purchase Additional Products/Services
Please select from the choices below your single most important reason for upgrading your current product and/or purchasing another product from us:
For WinBack Customers
Q1: Please select from the choices below your single most important reason for discontinuing doing business with our firm.
Q2: If our firm can demonstrate that we have taken corrective action to address the area most responsible for your dissatisfaction, would you be open to discussing this corrective action with us?