Treat Customer Advocacy As A Management System
“Top-performing companies today are the ones that have moved from perceiving customer experience as a metric, to treating it as a management system, according to one of Bain and Company’s Asia-Pacific customer practice leaders.”
“Speaking at the Customer 360 Symposium, Bain and Company manager, Stan Swinton, said the shift towards customer advocacy often starts with metrics and a specialised business unit within organisations. The problem is, insights and practices aren’t usually disseminated to the wider business. He claimed a number of organisations are still in this camp in Australia and globally.”
“From there, it then progresses to a movement, and that’s where we see more experimentation, wider conversations and multiple metrics across the organisation,” Swinton said.
Top performers today, however, go a step further and treat customer advocacy as a management system, Swinton said.
“This is defined as being business as usual, continuous, about people and process and what we do everyday, and it’s a whole-of-business approach,” he said. “Customer advocacy needs to be a system that touches every part of the business. Most of us are at a program level, but it needs to go through to a competency.”
With reference to Bain and Company and industry research, Swinton said organisations that have embraced customer as a management system and have
- higher Net Promoter Scores (NPS) than their competitors [and]
- have a growth rate two times that of companies with average customer scores.
They also boast of
- more empowered employees,
- maintain simpler products and services offerings,
- have been able to reduce operational costs by up to 15 per cent,
- get a bigger share of customer wallet, and
- have higher customer win rates.
Read the full article by Nadia Cameron at CMO.