Managing Customer Experience and Relationships

Require Information, but Information Comes Only with Trust 108Scenario: Governments Develop Learning Relationships with "Citizen-Customers" 111Summary 116Food for Thought 116Glossary 117CHAPTER 4 Identifying Customers 119Individual Information Requires Customer Recognition 120The Real Objective of Loyalty Programs and Frequency Marketing Plans 124What Does Identify Mean? 129Customer Data Revolution 133The Role of the "Internet of Things" and Smart Products in Managing Relationships with Customers 138Summary 139Food for Thought 139Glossary 140CHAPTER 5 Differentiating Customers: Some Customers Are Worth More Than Others 143Customer Value Is a Future-Oriented Variable 145Assessing a Customer's Potential Value 158Different Customers Have Different Values 159Pareto Principle and Power-Law Distributions 160Customer Referral Value 165Is It Fair to "Fire" Unprofitable Customers? 170Dealing with Tough Customers 171Canada Post Customer Value Management Program: Using Value to Differentiate Customer Relationships (Janet LeBlanc) 179Summary 182Food for Thought 183Glossary 184CHAPTER 6 Differentiating Customers by Their Needs 187Definitions 188Demographics Do Not Reveal Needs 191Differentiating Customers by Need: An Illustration 192Scenario: Financial Services 193Understanding Customer Behaviors and Needs 194Needs May Not Be Rational, but Everybody Has Them 196Why Doesn't Every Company Already Differentiate Its Customers by Needs? 197Categorizing Customers by Their Needs 198Understanding Needs 200Community Knowledge 202Using Needs Differentiation to Build Customer Value 206Scenario: Universities Differentiate Students' Needs 208Summary 212Food for Thought 213Glossary 213CHAPTER 7 Interacting with Customers: Customer Collaboration Strategy 217Dialogue Requirements 219Implicit and Explicit Bargains 220Do Consumers Really Want One-to-One Marketing? 222Two-Way, Addressable Media: A Sampling 223Technology of Interaction Requires Integrating across the Entire Enterprise 226Managing Customer Experiences by Taking the Customer's Perspective (Mounir Ariss) 229Customer Dialogue: A Unique and Valuable Asset 234Customizing Online Communication (Tom Spitale) 236Not All Interactions Qualify as "Dialogue" 239When the Best Contact Is No Contact (Bill Price and David Jaffe) 240Contact Centers Take a New Approach to Customer Interactions (Elizabeth Glagowski) 243Cost Efficiency and Effectiveness of Customer Interaction 244Complaining Customers: Hidden Assets? 245Summary 248Food for Thought 248Glossary 249CHAPTER 8 Customer Insight, Dialogue, and Social Media 253The Dollars and Sense of Social Media 254Listening to Customers 260The Importance of Listening and Social Media (Becky Carroll) 261Crowd Service: Customers Helping Other Customers (Dr. Natalie L. Petouhoff) 267Age of Transparency 277As Interactions Multiply, Trust Becomes More Important 277Influencing the Influencers 283Summary 286Food for Thought 286Glossary 287CHAPTER 9 Privacy and Customer Feedback 289The Trust Advantage of Robust Data Stewardship (John Rose) 294Individual Privacy and Data Protection (Larry A. Ponemon, Ph.D.) 303Privacy in Europe Is a Different World 306European Organization for Economic Cooperation and Development Privacy Guidelines 307Privacy Pledges Build Enterprise Trust 31010 Points to Consider in Developing a Company's Privacy Pledge 313Submitting Data Online 314Universal ID 317Summary 318Food for Thought 318Glossary 318CHAPTER 10 The Payoff of IDIC: Using Mass Customization to Build Learning Relationships 321How Can Customization Be Profi table? 322Demand Chain and Supply Chain 325Technology Accelerates Mass Customization 331Customization of Standardized Products and Services 333Value Streams 337Bentley Systems Creates Value Streams 338A Quick Primer on Business Rules (Bruce Kasanoff) 342Culture Rules 346Summary 349Food for Thought 350Glossary 350PART III MEASURING AND MANAGING TO BUILD CUSTOMER VALUE 355CHAPTER 11 Optimizing around the Customer: Measuring the Success of Customer-Based Initiatives and the Customer-Centric Organization 357Customer Equity 364What Is the Value Today of a Customer You Don't Yet Have? 373Customer Loyalty and Customer Equity 376Return on Customer 380Return on Customer = Total Shareholder Return 384Measuring, Analyzing, and Utilizing Return on Customer 389Leading Indicators of LTV Change 393Stats and the Single Customer 401Maximize Long-Term Value and Hit Short-Term Targets 402Summary 409Food for Thought 410Glossary 410CHAPTER 12 Using Customer Analytics to Build the Success of the Customer-Strategy Enterprise 413Verizon Wireless Uses Analytics to Predict and Reduce Churn 415CRM in the Cloud 417Customer Intelligence in the Era of Data-Driven Marketing (Jim Goodnight) 424Boosting Profits by Up-Selling in Firebrand Real Estate Developers 431Looking for the Right Time to Sell a Mortgage Loan 439Summary 443Food for Thought 444Glossary 445CHAPTER 13 Organizing and Managing the Profitable Customer-Strategy Enterprise, Part 1 447Customer Experience: What, Why, and How (Alan Pennington) 449How Do We Fix Service? (Bill Price and David Jaffe) 460Improving Customer Service at an Online Financial Services Firm 464Customers, Customer Service, and the Customer Experience (Christopher J. Zane) 467Relationship Governance 470Understanding Customer Experience through Customer Journey Mapping (Valerie Peck) 476Customer Experience Capabilities and Competencies Compared to Financial Performance (Jeff Gilleland) 502Summary 507Food for Thought 507Glossary 508CHAPTER 14 Organizing and Managing the Profitable Customer-Strategy Enterprise, Part 2: Transitioning from Traditional Business to Customer Centricity 513Becoming a Customer-Strategy Organization (Marijo Puleo, Ph.D.) 514Pilot Projects and Incremental Change 519Picket Fence Strategy 521Segment Management 523Customer Portfolio Management 524Transition across the Enterprise 525Using Up Customers 528Transformation from Product Centricity to Customer Centricity 531Transition Process for Other Key Enterprise Areas 533Managing Employees in the Customer-Strategy Enterprise 540The Everyday Leader (Marilyn Carlson Nelson) 544Summary 546Food for Thought 547Glossary 548CHAPTER 15 Futureproofing the Customer-Centric Organization 553Leadership Behavior of Customer Relationship Managers 554Maintain and Increase the Trust of Customers 556Reciprocity in Action 559JetBlue Builds Trust into Its DNA 560Summary 575Food for Thought 576Name Index 577Term Index 585