Forrester Wave Report
Leslie Stretch, Medallia CEO, and Borge Hald, Medallia Founder, Reflect on Being Named A Leader by Forrester in The Forrester Wave™ Customer Feedback Management Platforms, Q4 2018 Elena:...
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One of the beauties of Experience 2016, Medallia’s conference for customer-focused leaders, is that members of its community come from nearly every industry imaginable. This year’s speakers are no different. In a previous post, we introduced you to customer experience guru Joseph Michelli — and now, as part of our ongoing blog series with Experience 2016 speakers, we’re excited to introduce a customer experience leader from one of the world’s most revered financial services brands.
Meet Joanne Crozier — Vanguard’s Head of Client Experience for Financial Advisor Services. She’s focused on increasing loyalty within advisory firms by developing loyalty strategies and systems. Her team partners across Vanguard’s advisory business to measure, understand, act, and close the loop on client and employee feedback.
We sat down with her to get her thoughts on CX — and Experience 2016:
Why is customer experience important?
As a branding and customer experience leader, this is something I’ve spent a lot of time thinking about. At the end of the day, I believe it all comes down to this.
Creating relevant customer experiences that not only satisfy your customers but create advocates for your company is a strategic advantage. Every interaction a customer has with your company is an opportunity to leave an impression in his or her mind. Those impressions add up over time and create a perception of the company. That perception is your brand and influences customers’ behaviors – whether they purchase from you once and walk away or purchase from you time and time again, whether they speak negatively about your company and discourage others from using it or sing your praises and create new customers for you.
Thinking strategically about the customer experience and investing in it can result in differentiating your company in the minds of others and lead to strong business results over time. Customers who have consistently positive experiences with your company not only lead to purchases, but also to retention (it’s more costly to recruit a new customer than to retain an existing customer) and to new customers via positive word of mouth. A virtuous circle in the very best form!
How’s that perception changed inside your industry?
Over time, more and more companies have increased their focus on customer experience, including those within industries like Financial Services where products are often viewed as commodities. According to Gartner, since 2011 the percentage of companies (across industries) planning to compete with customer experience has skyrocketed from 36% to 89%.
Do you think companies can afford not to be paying attention to CX?
I don’t. Consumers are savvy and experience plays such an important role in our culture today. Think about what used to be a necessity type of activity, such as grocery shopping. Go in buy milk, eggs bread, etc. and leave – in and out. Today, many consumers relish the experience – they not only go to the grocery store to get the staples but enjoy a latte while they’re there, may do some wine or food tasting while they’re there, shop for exotic foods from around the world while also getting the staples, and may even have dinner accompanied by music in a pub within the store while there. It’s a different world today. And because a few iconic brands (think the Disneys, Apples, etc. of the world) have raised the bar on customer experience, a new – very high – standard exists. Consumers don’t compare the customer experience your company provides solely to other companies within your competitive set. They compare the customer experience you provide to the best customer experiences they’ve ever had, no matter where those experiences have taken place. To merely compete today, you need to be focused on customer experience. To win, you need to be deeply committed to creating a customer centered culture and rally your entire organization around your customers.
What are you looking forward to most about Experience 2016?
Experience 2016 is an amazing opportunity to be surrounded by people who are passionate about customers and doing the right thing by them. I’m looking forward to conversations with people who love doing similar work as I do, debating and exchanging ideas, learning a lot, and having some fun along the way!
What do you plan to talk about at Experience 2016?
I’m excited to share how Vanguard views building client loyalty as a core business strategy. While we’ve always been client centered – in fact we’re a client-owned company – how we’ve approached building loyalty has evolved over the years. I look forward to sharing how we approach rallying our employees around listening to clients, acting on client and employee feedback to strengthen the client experience, and closing the loop with clients to let them know they’ve been heard. Not only does this process help build client loyalty but it strengthens employee engagement too.
Meet more Experience 2016 speakers and register today!