Five Steps to Winning the Triple Crown of Business
[reduced costs, increased revenues and improved customer interactions]
BP Group recently published a ‘Moments of Truth’ toolkit. In it, they identify the five steps to winning the Triple Crown.
Step 1) Identify your goal. They point out that the overall goal is to improve customer satisfaction.
Step 2) Identify your target area. The target is the area that we are seeking to improve.
Step 3) Identify your moments of truth. Moments of truth happen when your internal processes touch the customer.
Step 4) Blink your analysis. I am interpreting this as a brain dump of all of your ideas.
Step 5) Describe your actions. Identify the actions that you need to take to achieve your stated goal.
Their conclusion: Although companies have been investing record amounts of money in traditional process improvement approaches, such as Six Sigma and Lean and in general service quality improvements, most of these initiatives end in disappointment. What’s regularly missing, in our experience, is the ‘outside-in’ perspective that sparks between the customer and frontline staff members – the spark that helps transform wary or skeptical people into strong and committed customers.
Utilizing moments of truth to identify and reengineer all customer interactions produces immediate and sustainable benefits for all – the customer, the staff and the shareholders.
Several articles have pointed out that satisfied customers are not going to be enough – they claim that you need ecstatic customers. Their thinking is that a satisfied customer will not necessarily be touting your company to others, but an ecstatic customer will. A satisfied customer might be taken away from you, but an ecstatic customer will not. So, how do you create ecstatic customers?
Let’s look at an example we all know – NetFlix. Blockbuster owned the DVD rental business. NetFlix decided to provide DVD’s by mail [eventually over the internet]. They paid attention to customer satisfaction – the customer came first. While Blockbuster is bigger, they got into that market late. To this day, they still charge late fees. Today, NetFlix is the leader because they really know how to take care of their customer. Blockbuster will have a difficult time overtaking NetFlix and likely never will.
Many companies look to improve their internal processes, but how many focus on the processes that interact with their customer? If one of your goals is to have ecstatic customers, then these processes need some attention.
IQPC says – ‘A customer experience is an interaction between an organization and a customer’. It is a blend of an organization’s physical performance (product, price, delivery), the emotions evoked, each intuitively measured against customer expectations across all moments of contact… Over 50% of a customer experience is how you feel. It’s not just about the what, it’s the how’.
In today’s economic climate some companies will fail, some will just get by and a few will do really well – How do we become one of the few that will do really well?