Rick Franza: Redefining the purpose of a corporation
The traditional purpose of a corporation has been, first and foremost, to maximize profits to increase shareholder value. While such a purpose has, in many ways, served companies and their investors well over many years, such a purpose can have some detrimental effects.
On the positive side, it protects the shareholders who invest their financial resources in the firm. By seeking to maximize profits, the corporation’s leadership (e.g., the CEO) ensures shareholders receive appropriate returns.
However, a singular focus on maximizing profit has the potential to negatively affect the corporation and many of its stakeholders. A short-term outlook also can lead firms to cut costs on customer service, employee wages and purchases from suppliers, all of which are likely to impact long-term success.
• Delivering value to customers; meeting or exceeding customer expectations.
Learn more about how to meet and exceed customer expectations
This article was published in The Augusta Chronicle.
Read the full text of the article here.
Why Your Employee Experience Journey Matters
This week, Andy Newman wrote a great article in The New York Times about the life of a retail sales agent. He used the example of an Old Navy sales…
What is Human-Centered Design and how to Leverage it in 2021?
At its core, design is about value creation. In the world of Customer Experience, value-driven design requires CX professionals to use empathy to imagine a future customer experience that is…
Healthcare Experience Horror Story
We talk about good vs bad customer experiences. And we give examples of organizations that do things well or poorly. But we rarely are able to shine the light on…
How to Build Your Customer Experience Roadmap?
This summer, The Petrova Experience conducted a Customer Experience Preparedness Survey. One of our questions assessed brand maturity in terms of customer experience strategy. Only 28% of the respondents had…
Customer Experience, Self Service, and the Gift of Time
Time is the most precious gift in life. If you think about it, time is the one thing we all want more of. As we get older and busier, time gets even more valuable to us.
Hospitality Experience and Why We lack Seamless Travel Experiences
Hospitality is taken for granted across government agencies, airlines and hotels. In my line of work, I often hear “I want to have the JetBlue customer experience.” Although many claim…
A Lot of Data, Not Enough Insight
A month ago I saw a Forrester presentation on Customer Experience measurement that began with a great quote from the Global Bank: “We are drowning in data and starving for…
Patient Experience Trends in 2021 – Telehealth is Here to Stay
Today, we continue our series about 2021 Customer Experience trends and tactics. We take a closer look at patient experience and what telehealth means for the future. Both for patients…
Customer Experience Technology View of your Call Center
By 2022 the global cloud based contact center market is growing from USD 6.8Bn in 2017 to 20.93Bn in 2022. This makes for CAGR of 25.2%. If you do not…
Employee Centric Culture – Culture is King
In 2017 we introduced our ROI series recognizing the challenges all customer experience professionals have to obtain funding for CX initiatives and to prove their positive returns. Our second ROI…
What is Customer Experience Transformation?
To meet the needs of the empowered 21st Century consumer, most companies, especially larger enterprises, need to embark on a customer experience transformation. Imagine a car manufacturer that does not…
4 Career Tips to obtain a Customer Experience Role
In honor of the 4th of July, we are rounding up 4 career tips for CX professionals. Set aside some time during the break from work to take stock in your CX career and evaluate the steps you need to get to the next level.
Why you need a defined culture for customer experience?
When designed and built correctly, customer experience expresses an organization’s brand. Your brand and marketing promises serve as a guiding light to your experience team. Similarly, organizational culture serves as a goalpost for the service side of customer experience.
Travel Experience Stories: How Not to Leave Customers Stranded
Meet Diane. Diane is traveling with her 2 year old and 5 year old to her in-laws’ house for Thanksgiving. This is the one annual trip she takes. And she…
What is Revenge Travel and Why People Do It
LinkedIn is overflowing with articles and company news in response to COVID-19. We are starting to see renderings of future casino experiences that are anything but human-centric. People are beginning…
CX Skills Builder: Own the Customer Experience
Often, Customer Experience professionals do not believe that they can improve customer experience by impacting the experience design for their customers. Why? What causes this disconnect? I once got a…
How to Build Customer-Centric Culture
Before we address how to build customer-centric culture, let’s examine the terminology: what culture is and what it is not. Culture is not executives talking about high level strategy. Equally,…
JetBlue Leading Customer Experience
Since I used to lead the JetBlue customer experience, people often ask what is behind the JetBlue experience magic. Or, as one of our clients refers to it, the “JetBlue…
What Can Casino Consulting Firms Learn from Airlines?
Today we’re talking about casino experience. Casinos and airlines are similar in their operational complexity and sense of wonder. They also are similar in the way they can implement technology…
The One CX Goal You Need to Set for 2019
For 2019, I urge you to make only one CX goal – bring about business success with your customer experience work. Don’t just do work in the general sense. Rather, set a CX goal that has a real impact on your customers and their experiences with your brand.
The seamless travel experience we deserve
This week on the CES 2020 main stage Delta’s CEO Ed Bastian presented a vision about the future of seamless travel experience that “might happen in just a few years.”…
Customer Experience Audit: Cadillac Scores Millennial Customers with Future-Forward Thinking
Editor’s Note: This post is part of a Customer Experience Audit series. See all the audit stories. The automotive industry is right next to the airline industry in terms of…
Web Experience is Having a Comeback
In the third quarter of 2020 US e-commerce sales went up 36.7% compared with the same period in 2019. Websites have come back to center stage. However, we are not seeing…
Am I A Good Candidate For A Customer Experience Role?
People often ask me what experience they need to be a good fit for customer experience roles.
Autonomous Customers, Traveler Privacy and More Questions for CX Professionals in a Changing World
“As we move toward a more automated culture, most travelers will adapt to a Jetsonian, automated lifestyle. Every industry we know will be disrupted. For those of us in aviation,…
CX Skills Builders: You May Have a CX Job and Not Know It
Last week we talked about the identity crisis of CX professionals and we urged you to fix any small problem or seam on the customer journey in order to build internal brand equity and buy in.
End to End Customer Experience – How to Get it Right
When we think of travel, we often think of the flight experience. But the end to end customer experience is complex, and includes all modes of transportation that get you…
NYC Subway CX Kills Chivalry in the City
Brands have the power to make customers feel ignored, and even angry. The CX Pyramid crumbles and customer-to-customer behavior, in addition to individual experiences, suffer. Case in point, the New York MTA System.
Even the US Government is Jumping on the Customer Experience Train
As we get ready for 2021, we have been diving in to the top customer experience trends we see on the horizon. So far, we have looked at why customer…
Customer Loyalty Begins In-House
Ten years ago, creating customer loyalty meant assigning a membership number customers fed back to brands at the time of purchase. Customers went through the trouble of keeping track of loyalty numbers, hoping to collect enough points along the
Customer Experience Audit: Mobile Provider Eliminates Remote Workforce
How to balance the efficiency call center metric FCR (first call resolution) with wait and talk time? JetBlue promotes human interactions as a brand promise.
Airport Experience – Are You Letting Down Your Precious 2021 Travelers?
A month and a half ago, as part of our ongoing conversation about airport experience, we introduced the concept of revenge travel. We pleaded with the public to trust us…
What is the Real Cost of Employee Experience?
There are two types of leaders (and organizational cultures) that stand to benefit most from improving employee experience. The first kind have 40% or higher turnover and think their frontline…
Paperless Customer Journey – JetBlue Deviceless Boarding
JetBlue Biometrics – Innovation and Disruption This year, JetBlue entered the ranks of the innovators who disrupt industries by applying customer experience technology. They not only imagine the future. They…
What is Customer Experience? What are the Faces of CX?
Each area of CX represents a path for CX professionals to impact business health and build successful careers. One of my favorite CX analogies is that it is like the blood in our bodies. When CX is done well, it touches every aspect of an organization. That’s what makes customer experience so much fun! You will never be bored working in CX.
3 Ways to Create a Better Employee Experience Strategy
Guest Post by Gabe Smith, CCXP for The Petrova Experience The relationship between employee experience strategy and customer experience has long been discussed. Without engaged employees, we’re told, it’s difficult…
How to Prepare for AI: Dispatches from CR Summit, Charleston
On the eve of the #CRSummit in Charleston, customer experience leaders from various industries held the first AI Committee meeting. AI is a challenging topic to cover because it has…
Is Covid19 What We Needed to Build Seamless End-to-End Travel Experience?
On January 10th, we published an article called The Future of Travel We Deserve. In it, we laid out the foundation necessary to implement innovation at scale. Four months later,…
Digital Customer Experience Strategy – Top Three Mistakes
How many of you have interacted with financial and insurance institutions who seem to have forgotten the invention of the world wide web and applications design? In 2021, Major players…
Holiday Wishes for Great CX: Career Advice Edition
Every successful customer experience initiative starts with a skilled CX team. Brush up on your CX skills to strengthen the business case for CX; to develop relationships within your organization; and to deliver standout customer experiences in the new year.
Employee Engagement and Wellness In The Workplace: Guest Post
Today, The Petrova Experience brings you a guest article about employee engagement and organizational culture. This piece is by Natalie DeVito, of Commonwealth Joe. Commonwealth Joe is an innovative company,…
Create Your Tribe: How Great CX Makes a Lifestyle Brand
Newcomers to the market realize that their business is only as strong as the growth of their customer base. With that in mind, senior leaders work hard to shorten the distance between them and the customer.
A Customer Experience Strategy will Define Your Success in 2021
While there may not be a magic pill to guarantee the perfect customer experience, there is one thing that every organization needs to transform into a customer-centric business. And that…
What is Wayfinding?
I did not always know what wayfinding means. But ever since I left Bulgaria to come to America I have been looking to find my way. The first time I…
Extend Your Travel Experience Value Proposition
Last December the Ladders published a piece that discusses business travelers who extend travel beyond the timeline of the business trip. The article says, “[a]ccording to a new study by La…
Culture Starts at the Top
Without a leader who believes that today’s business success is about acquiring and retaining customers, you cannot even begin the process of building a culture. Leaders who are passionate about the customer are also passionate about creating culture and employee engagement.
Can One Email Build Loyalty? #MYWESTELM
This is exemplary management of the post-purchase journey touch-point. For years, this level of management has been non-existent. At best, it tends to come in the form of an email confirmation that purchased items have been delivered.
2021 Customer Loyalty Strategy – Relationships over Transactions
According to the Salesforce Connected Customer Report, 90% of consumers expect companies to clearly demonstrate their values and 66% expect brands to demonstrate empathy. In other words, when thinking about…
Grateful for Customer Experience Heroes
When we launched The Petrova Experience, we did so with the words “in pursuit of customer happiness.” Pursuit of happiness is part of every interaction we have with our clients,…
Do You Know Why The Iconic Brand Toys ‘R’ Us Closed Doors Despite All Our Memories? #RetailBlues
The year is 2016. You are the CEO of Toys ‘R’ Us. Your brand still controls 13.6% of the toy market although the company is highly leveraged, a strategy of…
Why You Need Culture Not Call Center Training for Customer-Centric CX
If the organization does not understand what customer experience is, you will not get the funding or organizational support you need to build customer-centric experiences.
Retail Experience Design of the Future
In preparation for this article about omni-channel retail experience of the future, I thought first about the definition of omni-channel customer experience. I wanted to share with you a simple,…
Organizational Culture and Access to Information
By and large, people perceive culture as an HR discipline. The most common perception is that culture covers the soft side of performance. Culture is about how you do things, not so much about what you do. This approach to culture could not be more wrong. In fact, organizational culture is about so much more than a few words in a performance review sheet. It is about leaders expressing values, and the action guidance their cultural behaviors provide.
What is Big Data and Why Should I Care?
Big data has become part of our daily language. We read about it. We see companies that are “experts in big data.” LinkedIn is filled with engineers and analysts who…
NPS Best Practices
Last week I spoke at the Corinium CCO Fall Conference. One of the discussions we had was on the very popular topic of Net Promoter Score best practices and its…
Customer Engagement ROI
We have discussed the power of employee engagement for your brand. And we have explained the true meaning and ROI of a working organizational culture (a culture that starts at…
Customer Experience Audit: New York Times Beats Google
Editor’s Note: This post is part of a series of Customer Experience Audits. In this series we walk you through customer experience examples across industries. We feature brands that made…
Would You Pitch In To Save Toys “R” Us For Your Children To Experience? #ToysRUsGoFundMe
Last week we laid out the big moves that the leadership of Toys ‘R’ Us failed to take to evolve with customer needs and thus joins other brands as examples of…
How Does Social Media Affect Customer Experience?
Social Media is the only real-time channel for successful brands to manage customer experience and brand management.
What is the best question for your CX Survey?
As customer experience professionals, we need to factor in this disconnect when we design surveys. And when we react to survey results. Customers have an image of who they want to be. However, their behaviors do not always reflect that image.
How to talk to your CFO about customer experience and revenue growth
Last month we introduced the topic of Customer Experience ROI and the complexity of building a good business case for it. The Customer Experience business case is strong, but not easy to prove. Today we will focus on two big wins of a successful customer experience investment – revenue and customer growth of your business.
Customer Experience Audit: eBay’s Vibrant Marketplace of the Future
Editor’s Note: This post is part of a series of Customer Experience Audits. They highlight advances in artificial intelligence in retail and other technologies. See all audit stories. Two years…
How a Personal Interaction builds Repeat Customers
A customer-centric methodology is key to the successful outcome of my interaction with Hello Spud. It is the reason this story appears here, and not among the CX Big Fails! The company did not send an automated response. It did not deliver a message stating “sorry we couldn’t help you, would you like something else.” Instead, the company co-founder reached out to me personally across multiple channels (a handwritten note, followed by personal emails).
The ROI of Customer Experience Programs
What customer experience is, and how well brands think they are executing customer experience, and how well they are actually doing it are often at odds. According to Bain, 80%…
Think Strategically about Telehealth in 2021
Today, we examine telehealth strategy for an in-depth look at this 2021 customer experience trend. As we continue our conversation about why telehealth is here to stay in 2021, we…
Freelance Customer Experience Lessons for Freelancers
For small businesses and freelancers alike, it’s important to recognize that your business is as strong as the relationships you build with your customers. That’s just one of the key…
Healthcare Whitepaper: Impact of Patient ‘I Wants’ in Healthcare
Rachel Dreyfus joins The Petrova Experience with a guest blog about patient experience. Background A culture of positive patient experience is increasingly important in Healthcare, affecting patient outcomes and satisfaction….
Customer Experience Design – How Do You Want Customers To Feel?
Last week, we talked about CX Design in terms of space and function. Today, we continue our customer experience design journey to talk about the design of emotions and feelings. All…
CX Skills Builder: How to articulate your CX Value and secure your budget
Two weeks ago we urged you to find CX problems and fix them instead of diagnosing and mapping them. That is
Customer Experience Audit: FedEx Omnichannel Disaster
In our Strategy, Org Design & Culture series, we cover customer-focused companies that are willing to adapt, take risks and discover new ways of staying relevant. Sometimes, we encounter brands…
Why I Don’t Love Chatbots
Today, we tackle the value proposition that chatbots are more valuable to companies than customers. I reject this. The ROI simply is not there, especially since better customer experience is…
Do You Know Where Your Inventory Is?
When I worked in the airline business our most embarrassing incident was “losing a minor”. We never lost a child, of course. But we might not have known where a…
What is Customer Experience Day?
Although I opened my consulting practice this year, I have been working on customer experience for much longer. The first time I celebrated CXDay officially was only two years ago….
Human Experience: Do You Really Know Your Customers?
Steve Jobs said: “Get closer than ever to your customers. So close that you tell them what they need before they realize it themselves.” He did not just say that….
3 Call Center Mistakes You Are Making
No matter how often my peers and I say that technology is not the answer, call center managers still ask…
WeWork Does Customer Experience Right with a Wow Moment
Used at the right time and place along the customer’s journey, the Wow Moment is an excellent retention technique. When a brand creates personal, relevant experience at exactly the right time, it can build a lifelong, loyal customer relationship.
Customer Experience ROI. Is It Worth Doing?
The business case for Customer Service is complex. Gone are the days when we bought a piece of hardware that depreciates over 5 or 10 year on the balance sheet. CX does not even show up on our assets list. At least not with that name.
Customer Experience Audit: Uber Bets On Self-Driving Cars With Big Volvo Purchase
The question that remains unanswered is who will be part of the future of transportation. Uber is going for the vertical integration – the whole pie. The future industry of urban transportation will be made of players in three different categories: cars, self-driving software, and ride-sharing network. In contrast, Lyft approaches the future through partnerships.
United CEO does not care about #customers happiness. Really?
Lately, I have been thinking about United Airlines and its organizational culture. Initially, I thought about United Airlines culture because someone asked whether it is possible to build a customer-centric…
How Well Do You Understand AI Applications?
In the last week I spoke about AI at the Argyle Forum webinar and at the ConnectID Conference in Washington, DC. Technology is emerging
Keep The Customer Focus in 2018
In her latest post for JetBlue’s Into the Blue blog series on customer experience design, Liliana Petrova talks customer experience innovation. She explores how to combine innovation and human behavior…
Customer Experience Quotes – Horst Schulze
“Real knowledge of the customer is absolutely essential. Without it, you cannot serve your market in a way that is superior to the competition.” Horst Schulze, Cofounder and Former President…