We live in a dynamic and converging world where business is experiencing more disruption with every passing day. Many are looking to product and service delivery to sustain new and innovative ways of doing business.
Within this transformation, there is one vital factor that is often overlooked when companies are innovating ways to improve; it's also the most important factor for business security when combating against competitors. It's your point of difference, your golden opportunity to stand out from the pack - it's the client experience.
Defining the Client Appreciation Index
The Client Appreciation Index (CA Index) is an innovative measurement empowering businesses to maintain and expand their market position. The index measures client 'appreciation' over 'satisfaction', providing a superior metric which delivers profound results in client loyalty thereby maximising revenue and ROI. By ensuring you know exactly how to engage with your market at a 10/10 client appreciation level, you can vastly reduce your risk of becoming redundant or being replaced by a competitor.
There are five key benefits of the CA Index that provide insights beyond the client experience, enabling you to revolutionise your business to deliver dynamic value consistently and gain the loyalty of your customers.
How measuring client appreciation benefits your business
- Go beyond expected
The CA Index determines what the current market situation is so you can go beyond expected. Most companies believe delivering on time, stock availability, quality products and service, a helpful team, effective communication and product knowledge is what defines a leading company.
All this considered, it must be asked; as opposed to what? Low-quality products and being unhelpful?
Leading companies certainly have the above covered, yet as soon as you don't deliver on these factors; clients are no longer loyal to you. These factors are expected not exceptional.
It's knowing how to go beyond the client experience that is driving innovation in the client experience (CX) space.
Delivering what your market expects is the baseline of loyalty, and it only achieves satisfaction. Most companies believe client satisfaction is the goal, when in this dynamic world, satisfaction is the starting point. Companies that dominate their markets know exactly how to go beyond expected (satisfaction) and continue to innovate their CX.
- Become relevant
How relevant are you to your market? Do you stand for something they align their personal values with? Are you their first thought when your product or service is considered?
If not, then consider yourself irrelevant to them. If you are irrelevant, there’s a strong indication they’re just satisfied with you, which means you are in the price trap fighting it out with discounts and loyalty schemes.
The challenge operating in this space is that most transactions are not bad or negative; they're just average, and average service doesn't earn the highest margin.
As a minimum you must be a 9/10 with your clients and only using the CA Index can get you there. Even at the high end of the loyalty ladder, there is still a degree of risk with their extreme loyalty and degree of irrelevance.
Consistent use of The CA Index to test and measure internal performance and external experience ensures your high standards and service KPIs are met.
- Rise above the price trap
If there's one thing to know about your business model, it's to recognise whether or not your business strategy and theory has you caught in the price trap. This is key to your long-term future and sustainability.
The CA Index quickly determines if you're stuck in the price trap and assists you to optimise your service process, over 'being different'.
Look closely at most companies and you'll find they're trying to be different rather than focusing on being better. Being different isn't difficult with search engine optimisation, AdWords, loyalty (discount) programs, special deals, etc. However, being better is a whole new game as it requires structural change within a company and a level of profound long-term commitment that goes from senior leadership right to the front line with a constant, never-ending focus on optimisation.
When we aim and operate to optimise rather than improve, we ask different questions. Different possibilities open up different and better results. This commitment to optimisation drives performance well beyond mere improvement. It is possible to achieve a step-by-step optimisation process specific to your business by using the CA Index.
Optimising is the most demanding of games and becomes a magnet for talent that fuels a context for creating a championship team. The best-of-the-best optimise their processes while relentlessly striving to reach their full potential.
- Minimise variation, maximise appreciation
Maximum client appreciation is the ultimate measure of client service and the CA Index. When you master client appreciation, you are rewarded with maximum wallet share and powerful referrals, and the price paid is considered real value. This can only be achieved with minimum variation to your service delivery. Every part of your service delivery must be designed and implemented to reduce any variation from the ideal service experience. This is the great challenge for multiple site / salespeople business models, without this KPI, you are missing a telling opportunity.
- Deliver dynamic value
Dynamic value is ever-evolving value that surprises and delights your clients. It requires a constant focus on innovation (change that adds optimal value) regarding your client experience process. It must be a strategic part of your business plan that engages your best talent in the development of a client experience process that sets you apart.
Every point of engagement must leave a deposit in the emotional bank account of your client and, most importantly, integrity must be present. Your clients' needs and interests must come first.
In your team, an individual point of difference must be present. They must be inspired to serve and not require you to motivate them. Inspiration will drive people to go harder, "to be willing, even if I am unwilling" is the individual's attitude - this is dynamic value at work. It is critical to manage the requirements of inspiration without external motivation, and that’s why leadership is so important. If you can't lead the two behaviours of inspiration and motivation, you are going to struggle with consistency. Some members of your team will require your motivation to get them to see their purpose in committing to your values, and once they have their own purpose to do so, they are then inspired internally to be their best.
The CA Index enlightens and provides a process that ensures you are enabled to revolutionise your business to create and deliver dynamic value.
When a company understands the core truth about what matters to its clients, it has the edge in its marketplace.
Only with the correct measurement can companies benchmark accurately and be enabled to rise in their field and become Number One. Staying Number One requires routine application of the CA Index to test and measure your business, and ensure you stay ahead of the game.