“20% of something is always responsible for 80% of the result”
All things are not equal. It’s especially true of customer bases and employees - even customer touch points. Focussing on the few that really make a difference is absolutely essential if organisations are to get the most out of their energies and investments.
Differentiating Customers. Pareto was right. In some sectors like banking 10% of customers account for 115% of the profit! We have seen organisations double their profits in three years by applying a differential approach based on current and potential value, likelihood to leave and likelihood to extend product holding. Ultimately, it’s all about getting to return on customer.
Differentiating Talent. The same is true for people. The vital few are those that are always first on the list for all-important projects. The best organisations and managers recognise their star talent and manage it accordingly. Losing these people really hurts.
Differentiating Moments of Truth. There are countless interactions that organisations could focus on to improve the experience. But by focusing on the important ones, you’ll make the biggest impact on customers and on the business. Jan Carlson famously coined these ‘Moments of Truth’ – points where you can make or break a relationship.
Royal Bank of CanadaRoyal Bank of Canada is one of the most sophisticated CRM organisations in the world. They apply a differential approach to customers based on three dimensions: Needs; Behaviour; and type of Interaction. The needs determine the likely products and service required. The behaviour (value, potential, risk and vulnerability) determine customer strategy segments and objectives. Type of Interaction (Day to Day, Event or Planning for the future) determines the appropriate treatment. They are one of the few organisations that can understand return on customer by individual customer, customer segment and value. |
Want to understand the vital few? Fast-track, cost-effective programmes from H2X can help….
• Customer strategy – want to get the best out of your investments in customers and improve your return on customer? We’ll analyse your customer base and map your current product, service and marketing costs by customer. Then we’ll calculate potential returns and establish a customer strategy to help drive improvements.
• Talent Management – Want to ensure you’re spotting, developing and nurturing your talent appropriately? We’ll review your HR processes and policies and identify the ways in which you can improve productivity, reduce absenteeism and improve retention of your staff.
• Journey Mapping – Recognising what happens and how keeps customers happy. We’ll look at what your new customers’ typically experience, and where things could be improved. Then, by re-designing the key interactions - the ‘touch points’ - we’ll help you enhance their experience and improve your brand’s effectiveness.
For an initial, confidential discussion to find out more, contact David Williams, H2X CEO, on +44 (0)1628 777945 or email davidw@h2x.biz
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