Originally published on GreenBook, 13 May 2021.
The approach for prioritizing initiatives varies by the job to be done. Initiatives aligned to brand building should be assessed differently from initiatives attempting to iron out a clunky user experience. CX initiatives generally fall into three buckets.
The Initiatives Buckets
The authority for CX programs is usually found in the organization’s customer retention objectives. There are three primary ways that a customer can be lost.
The organization fails to keep pace with competitors causing the relative value of the offer to diminish and sooner or later, customers notice.
- Through service failure, the organization pushes the customer away. It is usually successive failures although, it might be one mighty push.
- The customer is lured away by a competitor that has raised its reputation for an attribute high on the list of value for money (price, quality) drivers.
Consequently, when it comes to retaining customers, there should be three initiatives buckets. Those that relate to:
- competitive parity,
- retention and
- brand building.
In the three subsequent parts to this series each of the groups of initiatives will be discussed.
Ken Roberts is Executive Chairman and founder of Forethought.