A new guide for CEOs published by McKinsey and Co. says those willing to become customer-experience gurus can have happier employees, while potentially achieving revenue gains of 5%-10% and cost reductions of 15%-25% within two or three years.
“But it takes patience and guts to train an organization to see the world through the customer’s eyes,” the management consultancy warns. “The management task begins with considering the customer—not the organization—at the center of the exercise.”
What customers want
McKinsey says empowering technology means customers expect to get a response to their questions within five minutes, regularly use price comparison apps and place immense trust in online reviews.
“Increasingly, customers expect from all players the same kind of immediacy, personalization and convenience they receive from leading practitioners such as Google and Amazon,” it says.
It recommends that CEOs make sure the customer enjoys a smooth end-to-end journey. Exceling at one or two things, such as billing or troubleshooting, might not be enough if the customer receives his or her package a day late in the mail, for example.
To be sure, customers buying different products and services can place more value on some business functions than others. To figure out which, CEOs now have new analytical tools and big data sources at their disposal.
In one case study at an airport, a business leader was surprised to discover that customer satisfaction had more to do with the behavior of security personnel than with time spent waiting in line.
CEOs can also consider applying behavioral psychology techniques, such as merging different stages of interaction to shorten their perceived duration or offering simple choices to make customers feel more in control.
To bring it all together, leaders must create a customer-focused management structure. This could include devising the best methods to accurately measure customer feedback, applying clear customer satisfaction targets and employing a senior sponsor such as a Chief Customer Officer.
CEOs that don’t could find their company getting left behind.
Chief Executive Group exists to improve the performance of U.S. CEOs, senior executives and public-company directors, helping you grow your companies, build your communities and strengthen society. Learn more at chiefexecutivegroup.com.
0
1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
