Alex is currently Director, Consulting at Fifth Dimension, where he works with clients within financial services, retail, and media across a range of business challenges, from setting up VoC programs for appliance manufacturers, developing credit cards, to launching new nappy brands. Alex has been an insights and market research specialist for almost two decades. Within that time, he has worked with some of the biggest brands in Australia and abroad. He has set up and managed consultancies in Sydney and London, and has specialised in consulting within the media and services sectors. He is an expert in the use of advanced techniques to simplify decision making for clients.
What’s the ‘right’ customer experience metric?
Co- Presenters- Lyndall Spooner & Nick Wyatt
Millions are spent each year on performance bonuses across organisations, yet virtually no empirical rigour is applied to selecting the right customer experience metric. Voice of the customer (VoC) programs are increasing in popularity and sophistication, but at the heart of these programs often lies a single metric that an organisation is trying to improve. There are many to choose from – NPS, CSAT, CES, WTP, Consideration, Preference, Likelihood to stay….and many others. Given that the customer metric often determines millions of dollars of bonuses each year across the organisation, it seems strange that companies don’t apply rigour to the selection of the right metric for their organisation (or any of the companion metrics beneath it). We’ve found that different metrics are suited to different sectors (and sometimes even to different organisations within a sector), based on factors like the organisation’s strategic objectives, the internal stakeholders for the metric, and the consumer behaviour model within the sector. So how do we arrive at the right metric? Fifth Dimension recently worked with a client to establish a large scale VoC program. The first phase of the program was to conduct a rigorous assessment of potential metrics that could be used within the VoC ecosystem. We’ll present an overview of our metric assessment approach and how we selected the right metric for the client. This includes:
• How to define what ‘right’ means to the organisation
• The five key components of the assessment
• How to assess companion metrics (i.e. metrics that ladder up to the VoC metric)
• The data needed to conduct the assessment
• How to bring the components of the assessment together
• How to make the final informed decision based on the data