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CRMIT Solutions is a leader in transforming businesses with cloud based Customer Experience (CX) solutions on sales, service, marketing & social cloud. Recognized amongst CIOReveiw’s "20 Most Promising Cloud Computing Companies”


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The Future of Oracle CRM On Demand: Roadmap and Strategy for Continuous Innovation

Continuous-innovation-and-value-to-customers

The future of Oracle CRM On Demand:

Oracle CRM on Demand or simply OCOD, is presently 26 releases old. This and few of the releases in the recent past indicates the commitment Oracle has towards this product. Also, it has brought in sigh of relief among Oracle’s customers and partners who otherwise thought that the product has reached its end and Oracle would show apathy towards it.

Below paragraphs are attempts to summarize a list of reasons why one should look forward for using OCOD instead of looking for alternatives.

Mobile capabilities

It is out in open, Mobile and Cloud technologies are the 2 concept that would shape the way business are done in years to come.

System which can only present data to a sale reps on their computer screen seems naive these days. World is looking for systems which can find information while they are on the move.

Significant investment was seen from Oracle to make OCOD a mobile enable product. It looks the end result set as objective was a system that is not just informative and sensible but also responsive and pretty at the same time.

2 enhancements OCOD Disconnected Mobile Sales and OCOD Connected Mobile Sales are outcome of this very investment. Both being sales centric apps, provides access to data and ability to manage Contacts, Tasks, and Appointments with ease.

CRM On Demand Mobile Capabilities

RESTful APIs Support

Continuing the mobile enablement strategy, OCOD will soon be introduced to RESTful APIs to support mobile based solutions. This feature, once introduced, doubles up the possibilities and increases the range of solutions that can be provided on the system.

Late last year, OCOD witnessed similar ground breaking release in the form of Javascript APIs. Almost a year past and now it is evident to all how it has changed the way custom solutions are designed on this system.

It is not just the utilities these API brings in make them ground breaking but, the fact that they are low maintenance, cost effective and increases overall UX.

Social Integration

Less than half-a-decade ago there were times when businesses were looking for systems that could generate leads through their websites or enable customers to raise enquiries through them. The fact that it can be termed as a thing of the past shows the pace with which CRM as a concept has evolved. Today’s world is looking for systems which to generate leads from Social Networking Sites and Forums.

OCOD’s new integration abilities with Oracle Social Relation Management (SRM) are steps in the same direction. SRM in itself a matured product suite, has in-built features such as Social Engagement and Monitoring (SEM), Social Marketing (SM) and Oracle Social Network (OSN) is now couple with OCOD’s Marketing, Sales and Service capabilities. It already seems a potential winner in this space at the moment.

Report API

Today, it is hard to find any product that could challenge Oracle BI (Analytics and Reporting) tools for its potentials. Built on the same framework, OCOD Reporting tool will see another feather in its hat. Soon to released Report API allows reports to be executed offline and results can be scheduled and sent over an email.

This means sales manager would not have to log on to his OCOD to review the stats and track the progress of his team as it would be readily available to him every morning in his email client.

Oracle Cloud Marketplace

Ever since Oracle made Cloud Marketplace available, innovative products have been pouring down the alley. It is a great place to find business apps for Oracle cloud. This platform has opened up vast opportunities for stakeholder to showcase their ideas and solve complex business problem at the same time.

Recently, OCOD has found it ways into Marketplace and soon we will witness interested apps up there for our businesses to use.

One would agree that even without these enhancements, OCOD still is one of the most comprehensive CRM solutions available on Cloud today.  With further investments in pipeline, it doesn’t seem this decade old product is going to give up without a fight when put against heavy weights such as Oracle Sales Cloud and Oracle Service Cloud both put together.

About CRMIT Solutions:

CRMIT Solutions is a leader in transforming businesses with cloud based Customer Experience (CX) solutions on sales, service, marketing & social cloud.

oracle_crm_on_demand

 

CRMIT Solutions has achieved Oracle PartnerNetwork (OPN) Specialized status for Oracle CRM On Demand.

“This Specialization reinforces our capabilities, dedication and commitment to Oracle CRM On Demand. Having completed over 100 customer implementations across numerous verticals using our CRM++ applications for CRM On Demand, we have been able to help bring business value to our customers. Our expertise has helped us become a virtual extension to the Oracle sales and technical teams”says Vinod Reddy, CEO, CRMIT Solutions.

Testimony to Customer Excellence
CRMIT Solutions is committed to provide customers with the best service in the industry. Everything we do – every order, every delivery, every service, every offering – centers on the satisfaction of our customers, and making them more efficient at what they do.

Inputs from
Deepak Andeli
Business Consultant – Industry CRM & CX Solutions
CRMIT Solutions


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Amplify Performance with a Disconnected Mobile App for Oracle CRM On Demand

Mobile enabled Oracle CRMOD

It is very much agreed upon by most businesses that Mobile is where the future business lies. Talking about Mobile devices, names such as Google, Apple, Microsoft are quiet synonyms. Thanks to their ever popular Operating Systems (OS) and insanely growing applications at their respective app stores.

In the recent years, one other name that has made its way in the mobile world is Oracle. Yes you read it right, Oracle it is.  It may come as a surprise to some but Oracle had it in them for almost half a decade.

Ever since they introduced their now famous development framework, Application Development Framework (ADF), they seem to have set their sight on Mobile platform.

CRM On Demand Mobile Capabilities

Oracle’s ADF Mobile is their framework, part of Fusion Architecture that would, in future, make all of their Fusion based Applications mobile enabled.

In their own words “Oracle ADF Mobile enables developers to build and extend enterprise applications for iOS and Android from a single code base. Based on a hybrid mobile architecture, ADF Mobile supports access to native device services, enables offline applications and protects enterprise investments from future technology shifts.”

Currently, it is iOS and Android enabled and works with HTML5 enable browsers. This, alongside other mobile based Javascript frameworks such as JQuery Mobile, Knockout Mobile etc. are bound to make Enterprise applications more responsive and intelligent.

It seem that Oracle’s investment in making all of their enterprise applications mobile enabled is to answer that one big question “Why can’t I get important data when I am on the move?”.

Especially in CRM world, imagine Sales Reps having their customer data handy on their mobile devices and for Sales Manager, to be able to track their Field Reps Geo location for increased transparency.

Two of Oracle’s prominent CRM products on Cloud, Oracle CRMOD and Oracle Sales Cloud are already mobile aware. One can use them on the mobile device with the same ease and UX as on their desktops.

One of the interesting features worth waiting for is the Offline/Online capabilities. It is said that business users can use the application in the offline mode and synchronize their data once they are online.

It is also learnt that Oracle CRMOD, presently in its Release 26, is being upgraded to have some exciting new services on Restful APIs to make integration of custom app on mobile devices possible.

When discussing about CRM space, it is unfair to not mention Sales Force and their new Sales Force1 mobile platform.

Salesforce seem to have taken the fierce competition well, this new platform of their seems quiet naïve as yet but is progressing well with each release

Presently it seem Oracle is ahead of the game with their Disconnected Behaviors, Security options capabilities already enabled in some of their fusion applications.

There are serious comparisons being made between to 2 platforms and only time will tell who would emerge winner. But one thing is certain, businesses now can look forward to being mobile empowered and see their businesses serve their customer better.

About CRMIT Solutions:

CRMIT Solutions is a leader in transforming businesses with cloud based Customer Experience (CX) solutions on sales, service, marketing & social cloud.

oracle_crm_on_demand

CRMIT Solutions has achieved Oracle PartnerNetwork (OPN) Specialized status for Oracle CRM On Demand.

“This Specialization reinforces our capabilities, dedication and commitment to Oracle CRM On Demand. Having completed over 100 customer implementations across numerous verticals using our CRM++ applications for CRM On Demand, we have been able to help bring business value to our customers. Our expertise has helped us become a virtual extension to the Oracle sales and technical teams”says Vinod Reddy, CEO, CRMIT Solutions

Testimony to Customer Excellence
CRMIT Solutions is committed to provide customers with the best service in the industry. Everything we do – every order, every delivery, every service, every offering – centers on the satisfaction of our customers, and making them more efficient at what they do.

Inputs from
Deepak H Andeli
Business Consultant-CX/CRM Industry Solutions
CRMIT Solutions


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Oracle Cloud Marketplace, an Innovation Ecosystem for Partners and Customers

Oracle_Cloud_Marketplace

Oracle has one of the largest partner communities in the technology space. Thousands of partners are reselling, implementing, integration and building products for various Oracle business solutions.

CRMIT has worked closely with number of Oracle CX products and we have built many applications in our CRM++ umbrella, which are now being used by thousands of cloud users. For example, our CRM++ Email Workbench is used by service and sales organizations to centralize all customer communications, our CRM++ Self Service Portal is used by organizations who want to provide the capability to their customers to look for information and raise issues in web channel, our CRM++ mCRM solution is used to implement various mobile specific use cases of our customers.

While these products are extremely useful to our clients, the recent introduction of Oracle Cloud Marketplace has made it a breeze for CRMIT to deploy these solutions, and for customers to search, find, compare, purchase and use.

Oracle Marketplace is an unified environment where customers of Oracle CX solutions can register, login, browse resources, browse partners and browse applications. They can even search or browse applications using categories such as Sales, Service, Marketing, Social etc.

Once the application selection is made, users can click on the apps to read more about them. If there are any questions, they can discuss or raise a question to the developer. Existing customers of these applications can rate them which would help others to decide.

Recently, Oracle introduced the capability to directly purchase the application from the Marketplace. Means, if you have an Oracle CX solution, you can purchase applications in one click and they will be deployed in Oracle’s own secure cloud. An intuitive admin interface provides ways for customers to set up their applications and they can start running them quickly.

This is a great opportunity for Oracle Partners who build Oracle Cloud CX based solutions. They can reach out to thousands of Cloud CX customers by listing their applications in the Marketplace. Oracle takes care of deployment, payment and the infrastructure aspects.

For the customers too, it is a great option. As this entire solution works on social principles, the best applications will always show on top and customers have the option to discuss, decide and purchase from one place. Their payment process will also be smooth as they are existing Oracle Customers and they would be continuing the same with few additional charges for new features via purchased applications.

To summarize, we believe Oracle Cloud Marketplace will transform the way business applications are publicized, validated, compared, bought and used. Great days ahead!

About CRMIT Solutions:

CRMIT Solutions is a leader in transforming businesses with cloud based Customer Experience (CX) solutions on sales, service, marketing & social cloud.

Cloud Service demands encouraged CRMIT Solutions to publish CX solutions on Oracle Cloud Marketplace. The applications available cover a broad range of CX functions from web assisted services and telephony solutions, to more complex services such as implementation, user adoption, and data management, marketing automation, social relationship and testing.

“We see customer demands go to the cloud. We are seeing more & more customers move rapidly to the cloud. They want to buy applications, platforms and infrastructure in the cloud. Oracle has led the way – the only ones to provide every layer of the cloud technology stack in a single, integrated cloud. This has helped partners leverage the latest in cloud technologies to grow their businesses. The Oracle Cloud Marketplace enables partners to quickly and easily develop, integrate, publish, and monetize their applications.  We are glad to publish a range of Customer Experience applications & services on the Cloud Marketplace, “ said Vinod Reddy, Founder and CEO, CRMIT Solutions.

To view CRMIT’s CX Applications on Oracle Cloud Marketplace, please refer : Oracle Cloud Marketplace

 

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‘Customer Experience’ – Is it only for B2C?

360 degree view_of_customer_data

The stereotype notion that has emerged in the industry is that Customer Experience or ‘CX’ is only meant for B2C businesses and consumers. I cannot disagree more! The problem is, social engagement or social monitoring of consumers or customers is often mistakenly attributed to CX. Social experience of a sales person or the end consumer is nothing more than a medium of providing customer experience. The B2B story of Customer experience, even the partially defined bit, is not clearly understood by many.

People familiar with the traditional definition of CX, will understand that a great experience can be achieved at any point during the customer’s lifecycle or interaction with your organization and/or people.

“When you interact with a business customer or an organization; you still interact with an Individual or a contact representing your customer. Relationship building is a two people task”

Some questions (not limited to) and requests raised by my wholesale banking customers are: Having worked extensively with B2B Financial Services customers, I can assure you that Innovation in customer experience can be delivered to your Corporate and Institutional customers.

  • ‘Want all information about the customer: History, strategy, interaction, products sold, competitor portfolio, in one place’
  • ‘Can my Relationship Managers cross-sell more? Can you provide product information suitable for customer’s needs?’
  • ‘Executives need analytics on the move. Nobody has the time to login to a CRM application. Can important reports be provided on a Tablet?’
  • ‘More than one sales or product person work on an opportunity. They interact with Relationship Managers, Industry heads and external agencies to close or win opportunities’

So how should one address these requirements? Let’s start with segregating the processes that influence the customer directly from those that influence your salesforce who in turn deal with customers.

Customer Relationship Management

The above diagram covers:

1] How well the decision makers are aware of their opportunities?

2] Relationship manager is the face of the company when they interact with corporate contacts. The second question to be addressed is how equipped is your relationship manager to influence the customers?

Strategic Account Planning

Strategic Account Planning highlighted below addresses the first question. In a wholesale banking space, each customer is unique and has unique needs. It is imperative to have meaningful information of the client available, for decisions makers to understand the intent and take informed decisions.

Client Life Cycle Management

A strategic Account Plan of your Institutional client at the fingertips, with information on deal history, Available Wallet and Competitor share not only gives your RM an understanding of customer’s intent,  but also puts him/her in an advantageous position to cross sell relevant products & take a larger wallet share”

Credit officers and Auditors may need to share documentation related to approvals and have collaterals in place. It is possible that you need to interact with specialists outside your organization or even customer contacts.*Collaboration among teams is another important requirement to close B2B financial deals. Example: A Debt Capital Market, Loans and Syndications Opportunity for a Telecom Giant is so big and complex that it requires an involvement of more than two teams at times to win the deal. These deals could require Industry specialists, Relationship Managers, Product experts, your salesforce or even Sr. Executives at times to work together through the sales cycle.

In a banking space such requirements becomes trickier because of the security and visibility restrictions. Such high value deals cannot be shared openly! So a perfect experience would be to share limited information with others (in a Facebook or LinkedIn like manner?), while the owner of the opportunity gets a complete visibility of all interactions.

Oracle Social Network (OSN) is one such application that allows you to do so. While there are other similar applications available in market, OSN comes integrated with Sales cloud and is easily configurable with Oracle CRM On Demand. OSN could be used as a standalone application as well and allows users to easily share documents.

Oracle Social Network Foundations

Mobility

Mobility has changed the way business is done. Executives demand meaningful reports on the fly.  Monthly meetings have been replaced with daily stand-ups.  More importantly, they want to be self-sufficient in tweaking the reports to gather more and specific information out of the collection of data.Traditionally, pre-built reports were used to present a logical set of data. But this is not enough anymore. Especially with a spurt of analytics tools such as QlikView, Tableau or Roam BI, the expectations from business intelligence is completely different.

Oracle has invested significantly in this space and has products which talk seamlessly to your legacy database and provide analytics on the move. Another integration which we @CRMIT have achieved is with ROAMBI and Oracle Sales Cloud. The results – Roam BI transforms any data into simple, meaningful and intuitive experience which could be accessed on your mobiles or tablets.

Integration with Oracle Sales Cloud

“Managers have easy to understand yet powerful information accessible on the move. A simple and intuitive interface can change the perception of understanding data. Presenting it to a client or Executive is an even better experience”

Now let’s discuss about how a bank can help its relationship manager and improve their customer’s experience. While all the above points do directly or indirectly create great CX, Mobility is something that would directly impact your customer.  Wealth management executives and relationship managers are consultants for your client. A bank will be able to get the customer’s potential business only when they are able to advice the customer on the right investments.

Strategic Account Planning helps in understanding the client’s current state, future need analysis and business objectives. But many a times this information is not sufficient and what client’s need is up to date market research data and advice.

This is a different ball game altogether.  Knowledge cannot be replaced with any levels of service and a well-informed consultant is more likely to give better experience than someone who only gathers requirements. Hence, infusing knowledge management capabilities within your CRM application and equipping your salesforce with the recent most accurate information is the need of the hour.

Knowledge Management

Knowledge Management can be split into two (for B2B banking): 1] Internal organization – Product portfolio, Investment trend analysis, Customer Portfolio, Competitor Information 2] External Market – Investment Opportunities, Capital Market  Analysis, Risk Assessments. To have these details require significant research. Also, the challenge is the relevance of the research could change from customer to customer.

Moreover, as portfolios expand and regulatory requirements grow complex, managing is increasingly difficult and costly. Fortunately, CRM applications can now be extended to infuse research information from within as well as outside the organization.

Oracle Knowledge Solutions is one such extension (or standalone) application. It not only looks for information within the organization but, if configured, also searches outside the scope of your organization to stitch together meaningful information. All of this, using a natural language search algorithm.

“Enabling your CRM application with Knowledge Management capabilities not only allows your salesforce to learn continuously but also allows your client facing team to answer contextually, accurately and intelligently.  Nothing builds a better loyalty than a sound advice”

Another capability (and an interesting one) that has a direct impact on your customer, is being aware of their recent events such as an annual celebration or a new product launch or even a job change.

*Going Social is the answer! Get personal, congratulate on a new credential or promotion. These are basic human instincts. Nothing makes a person happier than knowing you care. This is the space where a B2B CX overlaps with B2C.

From a previous research done on this subject, some of the business challenges that could be addressed by infusing social media with your CRM are highlighted below:

Social media integration with your CRM

The capability we built allows a two way sync between your CRM contacts and LinkedIn Connections/Followers (with security concerns addressed ) These features are now available out of the box in few products and as extensions in many. Of course, what is important is how well your salesforce uses this data, but equipping them with information through your CRM is the first step!

To conclude, I had immediately dismiss a conversation which hints that customer experience is only for B2C. Relationship building, especially in context of institutional and corporate clients, is still about knowing an individual and interacting with an individual. Great customer experience can be achieved at any touch point of your organization. The only question you should ask is how well have you equipped your employees to deliver this experience?

About CRMIT Solutions

CRMIT Solutions is a leader in transforming businesses with cloud based Customer Experience (CX) solutions on sales, service, marketing & social cloud.

We are committed to provide customers with the best service in the industry. Everything we do – every order, every delivery, every service, every offering – centers on the satisfaction of our customers, and making them more efficient at what they do.

Testimony to Customer Excellence

CRMIT Solution is the Oracle specialized partner for financial services, which means Oracle recognizes CRMIT Solutions for Expertise in Providing Exceptional Business Solutions within the Financial Services Industry.

CRMIT’s Cloud CRM based financial solutions are comprehensive solutions for 360 degree customer view,Oracle_Specialized Partner for financial_services deal management, mortgage expansion, detecting risk, and enhancing customer relationships.

CRMIT Solutions has worked on end-to-end Cloud CRM solutions designed to specifically address the unique requirements of financial institutions including corporate banking, retail and wealth management. The solution, which has been implemented at financial institutions, is enabling those institutions to reduce risk, increase customer acquisition, improve customer service, develop and manage more effective marketing programs, enhance sales productivity throughout the consumer sales cycle and provide better management insight.

“We are very proud to have achieved Specialization for Financial Services and this can help to enhance our already long-term and successful relationship with Oracle. This accreditation is a testimony to our in-depth knowledge and expertise in Financial Services which has indeed supported our clients achieve improved financial performance and customer satisfaction across various channels”  said K V Padmanabha Rao, Regional Director, CRMIT Solutions.

Inputs from
Pratik Bajaj
Principal Business Consultant –Industry CRM & CX Solutions.

CRMIT Solutions


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Innovating to Support CX and Student Experience with Oracle CX Cloud Solutions

Enhance-Student-Experience-with-Oracle-CX-Cloud-Solutions

Current technology have changed the way higher education industry works, the way education institute manage and engage students are changing. Institutions interact with students at different stage, level and with different objective. The entire student life cycle across different stages required dedicated strategy and focus.

It could all start with Marketing and Communication, where institutions focus on marketing their educational services to potential prospects across multiple channels like email, website, social networks, digital advertising across key sites etc. Reaching out to right prospect, increasing traffic to their company website through different channels with below focus:

  • Education Marketing
  • Website Design
  • Social Web and Media Integration
  • E-Commerce and Self Service capabilities

Technology plays a vital role in aligning and integrating student experience from the very 1st touch point of getting exposed to the institution and it’s offering to the phase of interacting to Institution sales rep, applying and getting enrolled in the institution through institution’s Sales, Enrollment and Operations strategy

The student experience doesn’t end here but starts off for another stage/level were they collaborate, communicate internally among students / professors /staff/alumni for specific need through systems like Support Portal / Social Network. It could be related, but not limited to:

  • Academic enquiries – Fees, operation etc.
  • Collaboration/ Discussion over academic or project topics
  • Upcoming events etc.
  • Engaging communities for Students and Alumni
  • Communities of Practice and Peer-to-Peer solutions

Oracle CX stack of application helps in the entire student life cycle experience starting from initial touch point to explore and learn about Institution and its offering through Oracle Marketing Cloud application with Social Network capabilities or Self Service capabilities on website through Oracle Service cloud applications to tap and provide right experience to student. Or let it be during the sales cycle for the institutions to know better about their students and their profile through integrated Sales Cloud application for better tracking and experience for student in – terms of latest information.

Later providing the right platform for enrolled students / alumni to collaborate, communicate using Oracle Social relationship Management with Self Service ( for any enquiry, eligibility calculation etc) from Service Cloud with Oracle Policy Automation .

About CRMIT Solutions:

 

Oracle Specialized PartnerCRMIT solution is the Oracle specialized partner for the Education Industry which means Oracle recognizes CRMIT Solutions for expertise in providing exceptional student experience with integrated multichannels

Supporting and enhancing the ‘student experience’ throughout the student lifecycle (from first contact through to becoming alumni) is critical to the success in higher education today for both the student and the institution. The ability of institutions to create and manage their unique experiences will significantly allow them to differentiate their brand and compete in today’s increasingly competitive market. Creating and managing the students ‘ experience can impact each of these areas as well as support the unique vision and goals.

“We are proud to achieve OPN Specialized status in Education & Research. Education is critical for competing successfully and is becoming more ‘experiential’ in nature for not only creating, but also enhancing the students’ experience,” said Naga Chokkanathan, Senior Director, CRMIT Solutions. “Our continued commitment in this area offers a multichannel solution to enable this experience starting from self service to assisted services, social to campus engagements, and web to mobile solutions.”

We are committed to provide customers with the best service in the industry. Everything we do – every order, every delivery, every service, every offering – centers on the satisfaction of our customers, and making them more efficient at what they do.

Testimony to Customer Excellence

Inputs From
K Pankaj
Business Consultant – CX/CRM Industry Solutions
CRMIT Solutions

 


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Customer Experience – Are You Measuring?

CX Measurement

It is a no brainer and almost common sense that achieving great customer experience (CX) should be an important element of your business strategy. Also, it does not take much to convince people that investing in CX would give you a lot more insights that help one take better decisions. An Oracle Survey found that 93% of Senior-level executives believe that ‘Improving CX’ is one of their top three priorities, while 97% rating it critical to success. Despite this only 37% have formally introduced a CX practice. Why?

The question of Return on Investment (ROI) on CX management is a crucial one. And when you are calculating ROI, measuring and benchmarking right metrics is even more critical. I will get to the measurable aspects a little later, but if as a CEO or key decision maker, you are not convinced about the ROI, read the numbers below:

1] Gartner estimated last year that by 2014 “failure to respond via social channels can lead to up to a 15% increase in churn rate for existing customers.” Are you still blocking your employee’s social interaction?

2] As per the 2011 RightNow (Now  –  Oracle RightNow CX Cloud Service) CEI report, 49% executives believe that customers will switch brands due to poor CX. In reality 89% of customers agree they would or have already switched brands.

3] Dell’s internal metrics shows that they were able to turn around 97% of its dissatisfied customers through proactive intervention. More importantly, more than 40% of these became Dell’s raving fans.

It is no coincidence that organizations that listen to their customer and focus on them, have done well even in the stock market in the last 6 years. The chart below by Watermark consulting highlights this very fact. It is a comparison of companies which are considered CX leaders and laggards against the S&P 500 (stock market index based on market capitalization of 500 large companies listed in NYSE)

Customer Experience Leaders Outperform the Market

keynote1

One may still have questions on how to measure CX?? There is no straight answer to this. All methodologies may sound right and not so right at the same time. You may not be able to measure a direct outcome from a particular initiative taken towards CX but collectively you can measure the change.

Customer experiences are complicated! They are subjective and driven by emotions. If you try to collect and organize this information the meaning may be lost. Moreover, traditional indirect measurement methods may not be correct and scarily misleading. Also, sometimes, capturing responses, and averaging feedback scores may not be enough.

For instance, sometime back, I was speaking to a friend who was looking to buy a new phone. Her Apple iPhone 4S has started giving problems after almost 2 years of use and she was literally frustrated with how the phone was disrupting her daily life. I met her again after a week and as expected she had got herself a new phone, but to my surprise she purchased a newer model of iPhone. When asked why, she responded “Two years, the phone hasn’t really given any problems and I trust Apple”. Another friend going through the similar issues immediately decided to switch to an Android platform.

Excellent keynote

Thus, the experience may vary customer to customer. Also, responses may vary industry to industry. A few negative feedbacks against some average feedback may not hamper the sales of a no frills airline, furthermore for an organisation a definition of an important customer set will differ. The responses may also differ for sales and after sales. Hence, setting parameters for measurement is very contextual.

But let’s try this – Two most basic outcomes you want to see out of an investment are:

1] Increase in Revenue

2] Decrease in costs.

This could be further broken into two more metrics.

Mapping your CX initiatives from the outcomes

Mapping your CX initiatives against each of these desired outcomes is fairly easy. Then each could be measured by a relevant metric. An example of one such grid is shown below.

Intended Outcome CX Examples through the customer journey Descriptive Metrics
Acquire New Business Visually Appealing Website with self-service features Direct or Indirect Traffic, Page visit, Frequency
Acquire New Business A targeted campaign done using Oracle Marketing Cloud Marketing Campaign Effectiveness, Conversion Rate, Cost of acquisition
Retain Existing Business A promotional campaign done using Oracle Marketing and Oracle Social Relationship management Upsell or Cross Sell Rate, Customer Churn Rate,  Revenue per customer,  Renewals
Retain Existing Business Promote Facebook and LinkedIn pages through your Social engagement and monitoring investment Net Promoter Score, Brand mentions, likelihood to recommend
Retain Existing Business Feedback or survey sent to customer after every service interaction using Oracle RightNow CX Customer Satisfaction, Average scoring
Reduce Employee disengagement Internal training on New applications Average  Resolution Time, Turn Around Time Initial Training Time,  Service Costs
Reduce cost of operating channel Multichannel support provided through chat on customer’s website or through self-service portal First Contact Resolution, Self Service Rate, Channel Costs, Customer Effort score

keynote

Although this process is involved, there are ways to streamline it. One such  methodology by Forrester is explained below. Below approach would cover most of your permutations and combinations while measuring your CX.

CX Measurement

Measuring CX is important. Benchmarking the results against industry and self standards is indispensable. An organisation is required to reassess its progress in regular intervals. Only doing so would help you lead your segment and industry.


About CRMIT Solutions:

CRMIT Solutions is a leader in transforming businesses with cloud based Customer Experience (CX) solutions on sales, service, marketing & social cloud.

We are committed to provide customers with the best service in the industry. Everything we do – every order, every delivery, every service, every offering – centers on the satisfaction of our customers, and making them more efficient at what they do.

Testimony to Customer Excellence

Inputs from

Pratik Bajaj
Principal Business Consultant –Industry CRM & CX Solutions.
CRMIT Solutions