Like CX Forum East, the theme of our Los Angeles event is “Boost Your Customer Experience To The Next Level.” We picked that theme to showcase examples of companies that improved the customer experience they provide, whether they were just starting out, already leading their industry, or somewhere in between.
To kick off the event, Forrester Vice President and Principal Analyst Megan Burns will describe the four-step path to customer experience maturity that she details in her new report. The fascinating thing about this study is that when we started it, we thought we’d uncover several paths that companies have followed to get to success. But what we found instead is that there is only one path that’s proven to work, and many paths that lead to dead ends and failure.
In addition to speeches and track sessions by Forrester analysts like Megan and my co-author Kerry Bodine, our speaker lineup features senior leaders from companies that recently made major improvements to their customer experience. These executives include the president of Days Inn Worldwide, the CMO and VP of CRM at Sears, the chief customer officer at Eli Lilly, and the president and CEO of Safelite Autoglass.
Like it or not, the success of your customer experience initiatives depends on business technology.
That’s because the quality of customer interactions with your brand results from a complex system of interdependent people, processes, policies, and technology that we call the “customer experience ecosystem.” And just like a natural ecosystem, when your CX ecosystem gets out of balance, every part of it suffers — especially your customers.
An increasing number of CIOs, enterprise architects, and application developers get this. That surprises many of the marketers and other business people I talk to on a regular basis. But it shouldn’t: Business technology leaders are ideally placed to see the connective technology tissue needed to create a standout omnichannel customer experience.
To help shed insight into the complex interplay of customer experience and business technology, I recently sat down with Stephen Powers, Forrester vice president and research director serving application development and delivery professionals, to record a podcast. You can hear it in its entirety below (episode 1) or choose topic-sized cuts (episodes 2, 3, and 4).
Attendees at Forrester’s Forum For Customer Experience Professionals East in New York saw some great speakers, including Jamie Moldafsky, chief marketing officer at Wells Fargo, John Vanderslice, the global head of luxury and lifestyle brands at Hilton, and Graham Atkinson, the chief marketing officer and chief customer officer at Walgreen.
Interestingly, the speaker with the highest audience rating was Paul Heller, managing director of the retail investor group at Vanguard. Paul spoke about how the firm creates customer loyalty by providing low-cost mutual funds that deliver long-term outperformance, combined with quality service and investor advocacy. At the center of this virtuous cycle: highly engaged employees.
How does Vanguard manage to create a culture that engages employees around providing a great client experience? In this video excerpt of Paul’s speech, he shares the secret: start with “why.”
Who doesn’t know Walgreens? It’s an iconic American brand that’s been around for over 100 years.
But at Forrester’s Forum for Customer Experience Professionals in New York on June 26, Graham Atkinson showed us a Walgreens that’s totally different from the one we’ve come to know. Graham is the Chief Marketing and Customer Experience Officer at Walgreens, and he’s leading the charge to transform the company from one that traditionally differentiated based on location, location, location to one that differentiates based on experience, experience, experience.
In this video excerpt from his speech, he describes three initiatives that are currently underway:
Delivering the well experience.
Transforming the community pharmacy
Taking the Walgreens brand to the world
As always, we welcome your comments! And if you're interested in seeing more great speakers like Graham, check out our upcoming Customer Experience Forums in Los Angeles in October and London in November.
Those are the fundamental questions answered for Wells Fargo by its CMO, Jamie Moldafsky, at Forrester’s Forum for Customer Experience Professionals in New York on June 25.
Going into the event, I didn’t envy Jamie’s task. The four large banks that dominate the U.S. retail banking industry don’t have stellar reputations for delivering a great customer experience. Feedback from their own customers bears this out: In Forrester’s Customer Experience Index, Bank of America, Wells Fargo, Citibank, and Chase received scores ranging from 60 to 69 on a 100 point scale. In contrast, credit unions have an average score of 82, and regional banks like SunTrust Bank, PNC, and TD Bank have scores in the high 70s.
But to be fair, when you have 70 million customers spread across more than 90 businesses – as Wells Fargo does – delighting everyone might just be mission impossible. And yet that’s exactly what Jamie and her team are trying to do on their journey to “get to wow.”
In the following video snippet of her speech, Jamie explains why customer experience is important to Wells, what she’s trying to accomplish, and the factors that make her mission both challenging and critically important.
As always, we welcome your comments! And if you're interested in seeing more great speakers like Jamie, check out our upcoming Customer Experience Forums in Los Angeles in October and London in November.
Way back in January I spoke at the Luxury FirstLook conference put on by Luxury Daily in New York (a terrific event, by the way). Several of the other speakers intrigued me. One, in particular, gave a speech that I immediately wanted to bring to attendees at Forrester's Forum For Customer Experience Professionals East: John T. A. Vanderslice, the global head of luxury and lifestyle brands at Hilton Worldwide (those brands being Waldorf Astoria and Conrad).
Here’s one of many things John said that struck me: "Today's luxury buyers make investments of passion." That’s a far cry from the way customer experience (CX) practitioners usually talk about emotional engagement. But it struck me as an authentic way to describe super-affluent buyers who’ll pay to reenact the life of a Roman gladiator or to take a trek through the wilds of Nepal.
I ambushed John on his way out the door and recruited him to speak at our forum, which he did earlier this week. He was great. And he was also gracious enough to answer some questions that we posed to him, which we’re now happy to share with you.
1. When did your company first begin focusing on customer experience? Why?
Marketing and customer experience are two sides of the same coin: Marketers are responsible for communicating the brand promise, and customer experience professionals are responsible for making sure that the promise is kept.
It’s that synergy between marketing and CX that led us to invite Jamie Moldafsky, CMO at Wells Fargo, to speak at Forrester’s Forum for Customer Experience Professionals in New York on the morning of June 25. As a run-up to our event, Jamie took the time to answer a few questions about why Wells Fargo cares about customer experience and how its approach to CX has evolved over the years.
Q: When did your company first begin focusing on customer experience? Why?
Treating customers with courtesy and respect has been a core value at Wells Fargo for more than 160 years. Back in 1888, its agents were given the following instructions: “Proper respect must be shown to all — let them be men, women, or children, rich or poor, white or black—it must not be forgotten that the Company is dependent on these same people for its business.”
There is a staggering amount of customer experience work going on in the healthcare industry these days. From providers (the docs), to pharma companies and payers (health insurers), everyone is trying to figure out what to do and how to do it.
I’m excited to finally be able to talk publicly about our CX Forum East in New York at the end of June. The theme this year is “Boost Your Customer Experience To The Next Level.” We picked that theme because ever since last fall when we published Outside In, our book about customer experience, people have been asking us to show them how to either get started on the path to CX maturity or accelerate their progress. This forum is all about helping people create customized roadmaps for their organizations.
Megan Burns will kick off the first day of the event with a speech about “The Path To Customer Experience Maturity.” The speech will debut new research about companies that successfully adopted new competencies and changed employee behavior. Attendees will be the first ones to get copies of Megan’s new report that details her findings – I’m editing the report and I am really jazzed about what she’d discovering.
Kerry Bodine, my co-author for Outside In, will kick off the second day of the event with a speech about customer experience innovation. Her speech will also be based on new research. She’ll detail her findings into what distinguishes incremental CX improvements from true innovations. She’ll also describe how companies can create innovation engines within their organizations – the “road map” for the advanced class. For those of you who want to leap ahead of the pack and truly differentiate through customer experience, this is a “must see” presentation.
As an avid personal investor I’m often appalled by cable shows that report on the markets as if they were non-stop sporting events. Seriously, how many people care how the NASDAQ or the Dow are doing on any given minute of any given day? But apparently there are enough day traders out there that noon reports from the floor of the New York Stock Exchange are as compelling as half-time reports during the NFL playoffs.
I have to confess that there is one piece of financial analysis that I do look forward to – though in my defense, this is an annual occurrence and not an hourly update. The analysis comes from Jon Picoult, a gentleman who runs Watermark Consulting.
For a while now Jon has been taking the data from Forrester’s Customer Experience Index (CXi) and using it to do a thought experiment. In this experiment he looks at what would have happened if, back when we first published the CXi, an investor had taken two equal buckets of money and created two U.S. stock portfolios. The first portfolio would have consisted of the top 10 publicly traded companies in our index (the customer experience leaders). The second portfolio would have consisted of the bottom 10 publicly traded companies in the index (the customer experience laggards).
In Jon’s model the investor would have held each portfolio for a year, then sold them both and taken his profits (or losses). He would have then used the proceeds to purchase the new year’s leaders and the new year’s laggards, continuing this cycle of selling and buying for all six years that the CXi has been in existence.
Intriguing, right? Even those of us who believe in the business value of customer experience (or in my case can prove it through research) don’t normally look at the impact on stock performance.