Loyalty is defined as the commitment or depth of feeling a customer has towards an organization in terms of willingness to join, stay, purchase products & services and refer customers. The degree of loyalty and brand consumption is directly influenced by the aggregate of experiences a customer has with an organization.
The nature of economic value follows a natural progression from commodities to goods to services and then to experiences. Experiences occur whenever a company intentionally uses services as the stage and goods as the props to engage an individual. While commodities are fungible, goods tangible, and services intangible, experiences are memorable and result in significant value creation for the customer and the company. Furthermore, the hardest thing for competitors to copy is the experience a company creates.
Crafting a great customer experience requires enormous amounts of coordination along the customer value chain and collaboration across groups in a company that often work independently to design a product and deliver the value proposition. In many cases marketing, product design, customer services, sales, advertising, and external partners must all be working in concert to create innovative products and customer engagements that leave a lasting impression. Veraxia has helped many companies evaluate and enhance the overall customer experience.
WHAT WE OFFER
Defining the Journeys: A critical first step in the customer experience strategy is to define the journeys that matter. We help clients understand all aspects of the journey - from the customer perspective, interaction channels, technology, and people - and use both top-down, judgment-driven evaluations and bottom-up, data-driven analysis. We recommend pursuing these efforts in parallel to capture the greatest insights.
Journey Mapping: A company must examine each key journey in detail in order to understand current performance. This phase involves additional research, including customer and employee focus groups, interaction monitoring, and examining key moments of truth. Combined with the initial bottom-up analysis, this phase allows a company to map the most significant permutations of each journey as the customer experiences it, revealing the sequence of steps they are likely to take from start to finish. The mapping exercise also exposes departures from the ideal customer experience and their causes, and often reveals policy choices or company processes that unintentionally generate adverse results.
Experience Performance: Companies can monitor various touch points and patterns of interaction with customers to gain a better understanding of the overall experience they are providing. Depending on the precise information a company is seeking, it may choose to analyze past patterns, present patterns, potential patterns, or a combination. Each pattern requires a distinct method of generating and analyzing data and will yield different types of insights. We work with our clients to analyze the data, determine current porformance, and expected performance.
Experience Design: We leverage information from internal and external sources along with performance data to determine how to meet the segment-specific needs in each business segment, either by improving existing approaches based on new insights from the journey mapping or by developing entirely new ones. With a clear view of the patterns and gaps in customer experience, we pull together relevant stakeholders from across the organization—IT, legal, marketing, sales, and design—to rethink how best to engagea and interact with customers. All the levers of customer experience — product, service, content, channels, touchpoints, pricing, facilities, sensory engagement, etc. — are considered and described in the design.