Betting on CX

CX is offense and defense

Betting on CX

{WARNING: Football metaphor ahead.}

Quarter Truth

CX is the last competitive frontier for business. 

Half Truth

You need to focus on client experience if you’re a professional services firm.

Full Truth

Every firm needs to take a hard and sober look at both how they’re organized and how they communicate (internally and externally) to compete against firms providing what may be perceived as a commodity service.

As more firms divert resources from the unpredictable side of their marketing and into the more predictable side of client experience, the methods and means of outcome-measurability are becoming too positive to ignore. It’s a far different proposition these days to enter a game you know you can win.

We’ve begun to notice a potentially troubling trend that is catching many professional services firms off guard. In the past year or two, we’ve seen firms losing long-lasting clients not because they did something wrong per se—but because they did nothing at all. Their competitors are investing resources into the work of programmatic client experience. They’re investing in CX to better understand the experiential world of their clients and how to use that understanding to serve them more successfully (offense); and to make themselves more competitive in tightening marketplaces (defense). This approach is beginning to demonstrate increases in net new wins through higher rates of referrals and gradually increasing revenue and overall client lifetime value while eroding competitors’ ability to keep nipping at their heels. And as if this wasn’t enough, those who are investing in CX are finding they are able to consistently and reliably command a higher premium for better experiences their competitors cannot fathom.

Where to Place Your Bet

CX is emerging as a team sport with an offensive and defensive playbook. Some firms are focused on systematically improving both their offense and defense while others aren’t yet investing at all. It’s not difficult to imagine who’s going to win.

Competitively speaking, within which approach are your placing your bet—the team of practiced offensive and defensive players who’re continuously improving by watching past plays and addressing points of service friction and following a modern playbook? Or are you betting on a team with neither, who is confident they’ll keep winning based on past reputation, old friendships and processes that have worked well over the past several decades?

No Comments

Sorry, the comment form is closed at this time.