Tag Archives: USAA

Stand Out from the Crowd: Create Innovative Customer Experiences

How can your business create an innovative customer experience (CX) that helps your stand out? It’s harder than one might think.
According to a recent Forester report, ‘Customer Experience Innovation Demystified,’ everyone talks about innovation, but no one knows quite what it is or how to get it. Today, the biggest driver for CX innovation is differentiation that will distinguish a company in the marketplace. Thirteen percent of respondents are shooting for a better CX than any company in any industry. The report states ‘innovation that drives differentiation and long-term value is the key to getting there.
Additionally, more and more companies want innovation. Customers have higher expectations than ever, upstarts are using technology to compete, and competitive advantages do not last long. Forrester points to customers being wow’d by new apps like Google Now, to Warby Parker’s Net-based competition with established retailers like LensCrafters, and to USAA’s short-lived advantage with its mobile check deposit app.
However, the strategy and planning do not match the ambition. Three-quarters of respondents focus on making incremental improvements, not radical ones. And, less than a third said they connect CX improvements with results that have business consequences. Not to mention, the majority of respondents said their companies plan CX innovation by watching their competitors or companies in other industries, 62 percent expect technological improvements will help them innovate, and only 53 percent develop ways to understand customer needs.

Ultimately, Forrester says that CX innovation differs from normal innovation processes because it goes beyond traditional methods. CX improvement enhances current customer needs, while innovation solves unmet ones. Companies need to reframe their business opportunities as meeting customers’ unmet needs. To do so, of course, involves looking at the company’s CX from the customer’s needs.

Business Week names Customer Service Champs

Business Week recently announced its Customer Service Champions. See Business Week’s presentation list here.

The Top Ten:

1 L.L. Bean
3 Apple
4 Four Seasons Hotels and Resorts
5 Publix Super Markets
6 Nordstrom
7 Lexus
8 The Ritz-Carlton
9 Barnes & Noble
10 Ace Hardware

Customer service winners

I recently came across BusinessWeek’s Customer Service Standouts slideshow. I took some time to look through the top ten to find out what made them so special when it came to their customer service. An overlying theme was treating your employees with respect. If employees love who they’re working for, love the products they’re selling, and are educated on them, odds are your customer service will be great. Here’s Business Week’s top 10 and why they made the list. 1. USAA ‘ With their service team of 12,400 receiving 250,000 hours of reinforcement training a year to service military personnel with they know their product. 2. LL Bean ‘ In the 2007 holiday season, they took time to store up their inventory, leaving less customers calling the call center to complain about items being in stock, even with the extra goods they had left over. 3. Fairmont Hotels & Resorts ‘ All employees get the luxury service when they start the job so they know what it’s suppose to be like for the customers. 4. Lexus ‘ They set up an online chatroom to converse with customers online who are thinking about buying Lexus vehicles. 5. Trader Joe’s ‘ They make an effort to pay their employees the average income in their community, and pride themselves on customer interaction in the store. 6. Starbucks ‘ January started, and they made customer service their number one priority, making changes to their current rocky business. 7. Jet Blue ‘ Their new terminal at JFK Airport in New York City will bring more security outlets, as well as more eticket kiosks. They’ve also added a Customer’s Bill of Rights. 8. Edward Jones ‘ In 2007, they implemented a system to recognize branch managers who excelled at customer service. 9. Lands End ‘ In Sears stores, their current owner, they’ve added in-store monogramming, and also computer kiosks so in store customers can browse online. 10. Ace Hardware ‘ The employees focus on being knowledgeable about their tools. This year, they’re having every employee carry around a skill matrix card, so if they’re not the expert on certain tools, they can quickly connect customers with the right person.

Banking Institutions fall in Customer Satisfaction

A new study out by Forrester shows that customer satisfaction from US banking institutions is at its lowest level recorded. Insurance News Net wrote about the study here. The study was conducted by Forrester and 5000 US customers evaluated 41 banks, brokerages and insurers. The low level of satisfaction is attributed to the fact the consumers think that banks do not have the interest of the customers in mind. The study attributes this to the drop in consumer confidence, caused by things such as the subprime mortgage crisis. USAA held the top spot for highest ratings as a bank. The study also found that property and causality insurers are the highest ranked, as they are five of the top ten organizations ranked in the survey.