Answering Your Questions
What Is Net Referral+ CX™?
Why do we need a survey program if we already have a mystery shopper program? Don’t they do the same thing?
” In the research world, there are different research instruments for different purposes. A mystery shopping program is the instrument used to come all the way down into the exact behavioral level, so you build essential employee skills. You have a select group of evaluators from your customer pool assessing whether or not they’re experiencing what your standard is for service and sales delivery based on the actual behaviors observable during a live, real-time service experience, whether it’s on the phone, in-branch, digital – whatever it might be.
The survey instrument is intended to capture higher level, more general information from a broader audience, from those who are not even expecting to give that feedback at the time of their experience. You’ll have many data points, in terms of credibility, but it’s not going to be coachable at the behavioral level. We’re going to reach out very broadly in terms of thousands and thousands of data points over the course of time, and we’re going to capture feedback that is high-level yet still lets you drill down into particular areas of the organization that need attention so you can, for example, reduce friction, seize opportunities, and identify Products, Processes, Channels and People that need attention. The difference in the survey channel is you’re going to get lots of information but it’s less in-depth. In the mystery shopping channel, you’re going to get less information, but it’s deeper. So with both you’ve got the power and combination of deep and wide working together. “
What is the focus and desired outcome of these two different types of programs –surveys and mystery shopping?
” With mystery shopping, the desired outcome is coaching, development, skill-building and accountability for middle managers and frontline managers, and all the way down to the employee. The mystery shopping program asks, What’s our strategy? For example, our strategy is that we draw our customers closer to us and we identify the exact behaviors that keep that from happening. Then we build those skills on those behaviors. That’s mystery shopping. That’s the outcome. You’re designing and delivering service that meets the customers’ expectations and needs, according to a set of standards.
The expected outcome in the survey channel is to know across a large set of data. Of course, across a large set of data you’re going to know where the organization needs to focus attention to either inform strategies or change practices. And you’re going to know that based on four critical ways by which consumers view you or experience you: Products, Processes, People and Channels.
The outcome will answer: What do we need to focus our attention on? What’s preventing people from staying with us, buying more from us, telling others about us in a positive way on social media? These answers will allow you to fix the immediate problem now, and then inform strategies that will tell you whether your strategies are where they need to be. The survey will tell you if your practices are actually being delivered as they need to be delivered, or if they need correction. Whereas the mystery shop is asking, What are the exact behaviors that we are building up in our culture? “
What Need Does IT MEET?
What problems did financial institutions face that led you to create Net Referral+ CX™?
“ Friction in the customer experience. Customer turnover or attrition. We are in a space today where there is a heightened attention on the customer experience. Given that, and the various ways by which customers experience you and determine that level of service, the organization needs to know across every conceivable touchpoint where that friction lies and how to resolve it – profoundly, immediately, and permanently. “
What kind of situations would lead someone to want Net Referral+ CX™ as their chief solution?
“ Customers are not staying with you, they are not fully adopting your products and services, and they are not speaking well of you. When those things are happening, you’re not getting the revenue growth and profitability that you’re expecting or should be getting. “
HOW DOES IT WORK?
Is Net Referral+ CX™ really a survey program, or is the survey just part of it? What is Net Referral+ CX™, essentially?
” It’s a comprehensive customer experience management platform that happens to involve surveys. The survey is data capture. You’re going to capture the data so that you know what your customers are thinking about you and feeling about you, and what they’re actually doing in terms of products and services. We have to know that. How are they talking about you? We’re going to capture the data so that we learn just that. But once that data is captured, now it is coming into an entire platform to manage the customer experience. The platform begins with making sure that we are targeting the right customers based on your clear objectives. What problems are you trying to solve? What are your goals? You can say, we need to know what Millennials are doing and thinking about this. Or, we really want to segment the high-end earners or those with high credit value. What we’re trying to accomplish is…We’re going to then craft the surveys and target the very specific customers based on the problems you’re trying to solve. We wouldn’t be talking if you don’t have a problem you’re trying to solve or if you didn’t have a need you’re trying to meet or an opportunity you’re trying to seize. We’re going to discover all of that in the sales process.
The survey instrument itself is also very objective-driven, so we’re capturing what you really need to know – again, based on your problems, opportunities and needs. We’re going to capture this and craft a survey in a very customized way by segment, demographic, type of service experience, type of product, type of channel experience. We’re going to ask just the right questions, but we’re not going to stop there. Based on how they respond to each question, it will then open up another series of questions. We’re capturing root cause analysis in the survey process.
From there that data is going to go into an intelligent queuing process that’s moving that data in different points and workflows for next actions that need to happen and will happen in real time.
If they’re saying they’re interested in a loan product as they’re giving their feedback on the survey, then we’re going to move them to a landing page that goes into your website, right into the product that they’re inquiring about, so they can go right on through the application or opening process, depending on how far your website can take it. Simultaneously, the data is going into this Experience Management System so that your people are responding in real time when you have a dissatisfied customer because something went wrong. Problem resolution occurs quickly and seamlessly, and you’re learning from that.
All of this information coming in demands one-off handling, and handling it well, but the key is that the data is intelligent enough and compiled in such a way that you are operationalizing that data. In other words, you’re using the data in such a way that it is not just handling Joe or Sally and their dissatisfaction with us. The feedback points to a larger problem of operational friction. So that data is streaming over to who owns that area where the friction is so that it’s resolved operationally.
And we’re only halfway through! Now this is flowing into an Experience Management System. I think about it as a CRM. Everyone in the organization who owns different pieces and parts is simultaneously taking the action required and it’s being trapped in this closed-loop system so nothing is falling out. All of the analytics that we’re gathering in this process are also presented not only in real time, but in such a way that it’s going to inform your strategies. It’s going to inform operations. It’s going to identify practices that potentially need to change immediately around Product, Process, People and Channel. The other element of this is that this data is very living, very real, and if your strategy is saying, we need to deepen relationships with Millennials, this is immediately going to tell you if you are or if you’re not. It’s going to inform your strategy. “
What’s the first step you take with a new Net Referral+ CX™ client?
” When we are engaged by a client, we will determine what their strategic goals and objectives are: Do you believe you want to grow? What’s the plan? And this is done in a consultative fashion. We’re not starting with a blank slate by any means. For example, our Client Success team is very expert in matching what a client’s goals and objectives are to the type of survey and the purpose of the survey and the demographic of the survey, etc. Again, there’s a very technical element to this.
As a result of the discovery, we are making recommendations and an order of recommendations of very specific surveys and what their intended purpose is and how they are designed and what the outcome will be as a result. So basically it’s a spreadsheet and that spreadsheet may list 12 different objectives. Multiple objectives could possibly be solved in one survey. So we lead with the objectives, the problems they are trying to solve, needs, etc. We’re leading with that and we say, you can best get that through this direction. “
Are there any major activities that happen between crafting the rollout plan and rollout occurring?
” Quite a lot! The client is providing a data file of customers and experiences or transactions that we use to build this database of customers we are going to target specifically for feedback.
Then we are customizing and designing out each survey, each type, with the client’s brand.
Very few clients, though, will say, yes, that’s exactly the survey content I want. We could spend weeks, days, or months in that process of designing out the exact content and how it should look. Sometimes, depending on who’s involved on the client’s side, they can add extremely creative ideas that then serve the rest of our client base and future clients. You’ve got this energy because they’re very much involved in the process. They are owning it in that sense.
And as part of our method, we are not going to capture or collect any information from customers that we don’t intend the client to use. We know in our expertise how to craft the survey so things like respondent fatigue doesn’t set in so that when that data comes to us it is highly actionable. It feeds up into this dashboard and identifies exactly where the gaps are in the feedback of how they’re being experienced. Then we close those gaps. In doing this, we’re also solving industry problems. For example, the credit union industry has a problem and that is they have all of these indirect members that are coming their way through the indirect lending channel. They aren’t making any money whatsoever on this because they’re just getting a transaction from the dealer and they’ve had to pay richly for that. Well, we are the only ones in the industry who have designed an evaluation targeting a very specific messaging to that demographic of member, and we are getting 50% of those who respond who are saying, I want more information on products and services of the credit union. That’s unheard of in the industry. “
How does the deployment of surveys actually happen?
” Our clients are providing us transaction data in real time, if they have that capability, every day. We’re getting a file from them maybe every hour, maybe instantly, of a customer who just came in and conducted a transaction. That survey is going to be deployed under those rules that have already been determined early on in the implementation. Now the system knows we’re going to survey John, who had this experience here. The survey goes out. We have the email database that they’re providing us for those customers, and that’s how we’re communicating with them, by and large. Surveys are automatically being deployed with careful rules that are already written into the system so that one customer doesn’t get multiple surveys for the same types of transactions over certain periods of time. Lots of rules like that are already written in our software. “
WHAT SETS IT APART FROM OTHER PRODUCTS?
“ With other survey products, the focus generally tends to be what I call “one-off.” The one-off way is to just handle the complaints. But you’re just going to keep handling the same complaints. You have to operationalize, you have to fix whatever the issue is at the core of the organization and know what it is you need to fix. Other survey companies tend to be very transactional, while our solution is transformational. It’s one thing to just check it off: Okay, they had a complaint. Let’s take care of it. That’s transactional. Our solution is getting to the root of how this even became a complaint so that we can learn and evolve so it never comes up again. That’s transformational.
Net Referral+ CX™ is a platform-level customer experience management program or solution that has many components, and those components over the years have continued to grow. We’ve done the innovating, but ideation oftentimes is bubbling up as we’re co-creating with our clients. They ask, can it do this, can it do that? We know that it’s more than an NPS solution. It’s very nimble; it can live very differently in every organization. This is a solution that says, you know you’re not growing in revenue and profitability, you know that to compete well you have to live a recognizable difference, you know that has to involve the engagement of the customer and how they view you and experience you. So then this platform is a solution that not only solves problems, it not only meets needs, it creates opportunities. “
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