Forrester Research, Inc. · NASDAQ:FORR

Forrester Research — Forrester CX Prioritization Webinar (February 2021)

43 slides from Forrester Research's conference presentation, February 2021

  1. Slide 1: Activate More Data And Drive CX Project Prioritization

    Activate More Data And Drive CX Project Prioritization Cinny Little Principal Analyst

  2. Slide 2: Agenda

    • Being insights driven matters. • Only about half of business decisions are made using data, despite continuous investment. This has to change. • Problem: lack of alignment between CX pros accountable for actions and the people accountable for data and metrics Agenda • Solution 1: Implement a repea

  3. Slide 3: Your customers want what they want, where, when, and how they want it

    Your customers want what they want, where, when, and how they want it.

  4. Slide 4: Data matters to everyone's work

    Data matters to everyone’s work.

  5. Slide 5: Problem

    Problem 49% of business decisions are made using quantitative information.

  6. Slide 6: An insights-driven business uses data

    An insights-driven Uses data... business… to deliver insights we act on... …to optimize the customer experiences that matter most to business outcomes Everywhere in the firm

  7. Slide 7: Compared with beginner-level firms, advanced-level insights-driven firms are:

    Compared with beginner-level firms, advanced-level insights-driven business firms are: Source: “Build a Maturity-Based Business Case For Insights-Driven Investments” Forrester report © 2017 FORREST ER. REPRODUCT ION PROHIBIT ED. 7

  8. Slide 8: Compared with beginner-level firms, advanced-level insights-driven firms are:

    Compared with beginner-level firms, advanced-level insights-driven business firms are: Source: “Build a Maturity-Based Business Case For Insights-Driven Investments” Forrester report © 2017 FORREST ER. REPRODUCT ION PROHIBIT ED. 8

  9. Slide 9: Let's get real: Insights driven maturity is low

    Let’s get real: Insights driven maturity is low Insights-driven business maturity segmentation 60% 56% 50% 49% 43% 40% 37% 30% 20% 10% 7% 7% 0% Beginner Intermediate Advanced 2019 2020 Base: 2,700 data and analytics decision makers; Source: Forrester Analytics Global Business Technographics® Data An

  10. Slide 10: Blocker #1

    Blocker #1 © 2019 FORREST ER. REPRODUCT ION PROHIBIT ED. 10

  11. Slide 11: CX teams' accountabilities

    CX teams’ accountabilities The insights from data for business outcomes that data-to-insights pros are providing

  12. Slide 12: Examples of what solves for this: CX prioritization

    Examples of what solves for this : CX prioritization

  13. Slide 13: Forrester's CX Index score growth is linked to company revenue growth

    Forrester’s CX Index score growth is linked to company revenue growth Distribution of CX Index scores over the last three years Source: How Customer Experience Drives Business Growth, 2019 Forrester report

  14. Slide 14: Some brands have outpaced customer expectations

    Some brands have outpaced customer expectations We interviewed these companies that each experienced statistically significant growth. Source: “How US Companies Improved Their CX Index Scores” Forrester report

  15. Slide 15: TD Bank: improved customer surveys

    Process TD Bank: improved customer surveys Changes: • Old surveys were via phone and took 10 to 12 minutes to complete. • Moved to email, which boosted response rates and created rich insights • Closed feedback loop by reaching out to customers who reported a poor experience Results: • Reduced costs

  16. Slide 16: TD Ameritrade: enabled employees to spend more time per call

    Process TD Ameritrade: enabled employees to spend more time per call Goal: Ensure call center reps can spend enough time with each customer to resolve their issues. Actions taken: • Began using a blend of CX performance and call-time metrics • Call center employees get 2 hours each week to “skill up

  17. Slide 17: Business benefits of B2B CX

    Business benefits of B2B CX • Improved reporting and data • Improved the online shopping • Improved online support analysis to deliver more experience tools relevant calls to action • eComm sales increased 20% • Support case volume • Online renewals increased over prior year decreased by 9% by 12% S

  18. Slide 18: Blocker #2

    Blocker #2 © 2019 FORREST ER. REPRODUCT ION PROHIBIT ED. 18

  19. Slide 19: Problem: People and Process competencies have less focus

    Problem: People and Process competencies have less focus… to the detriment of firms’ success Source: Gauge Your Insights-Driven Business Maturity Forrester report © 2019 FORREST ER. REPRODUCT ION PROHIBIT ED. 19

  20. Slide 20: Critical human skills for advancing insights driven maturity

    Critical human skills for advancing insights driven maturity Resilience, Flexibility Emotional Intelligence Human skills Creativity, Customer, not Internal Initiative, Curiosity Silo Orientation Data Storytelling Persuasion, Negotiation Social Influence Active learning Report findings indicate need

  21. Slide 21: Process recommendation: Use OKRs as a framework

    Process recommendation: Use OKRs as a framework for aligning data to insights to actions

  22. Slide 22: Teams successful in driving more actions use a specific framework

    “Teams successful in driving more actions from data to insights use a specific framework to set objectives and metrics.” — Simon Whittick, VP marketing at Appsumer

  23. Slide 23: Why a framework?

    A common language, a common process Why a The way to align data to actions that matter framework? most Bottom line: enables value-driven work faster

  24. Slide 24: OKRs

    OKRs connect “whats” and “hows.” Objective: “what” a specific team must achieve — what they’re held accountable for and in OKRs what timeframe Key results for each objective: “how” we will “OKRs are about the outcome of know we achieved that. Must consist of: a process that drives value.” — Paul Ree

  25. Slide 25: OKR Example: A clothing retailer's CX and Marketing teams

    OKR Example: A clothing retailer’s CX and Marketing teams 2

  26. Slide 26: Example 1: OKR for the digital marketing team

    Example 1: OKR for the digital Objective In Q2, increase add-to-cart marketing team, conversions for XYZ brand pages which ladders up over Q1 level Key • SEO traffic specific to XYZ brand to the Results pages increases 30% eCommerce • Add-to-cart conversions increase 8% team’s • Add-to-cart conversi

  27. Slide 27: Example 1: OKR for the digital marketing team

    What the digital marketing team is accountable for achieving, in a specific time frame Example 1: OKR for the digital In Q2, increase add-to-cart Objective marketing team, conversions for XYZ brand pages over Q1 level which ladders up Key • SEO traffic specific to XYZ brand to the Results pages incr

  28. Slide 28: Example 1: OKR for the digital marketing team

    Example 1: OKR for the digital Objective In Q2, increase add-to-cart marketing team, conversions for XYZ brand pages which ladders up over Q1 level Key • SEO traffic specific to XYZ brand to the Results pages increases 30% eCommerce • Add-to-cart conversions increase 8% team’s • Add-to-cart conversi

  29. Slide 29: Example 2: OKR for the CX service digital design team

    Example 2: OKR for the CX In Q2, increase digital CX satisfaction service digital Objective over the Q1 level of X%. design team, Key • CSAT for digital increases 1 point which ladders up Results • Digital effort decreases by 20% • Task accomplishment rate increases an accountability by 1% of the se

  30. Slide 30: Example 2: OKR for the CX service digital design team

    What the digital marketing team is accountable for Example 2: OKR achieving, in a specific time frame for the CX In Q2, increase digital CX satisfaction service digital Objective over the Q1 level of X%. design team, Key • CSAT for digital increases 1 point which ladders up Results • Digital effort

  31. Slide 31: Example 2: OKR for the CX service digital design team

    Example 2: OKR for the CX In Q2, increase digital CX satisfaction service digital Objective over the Q1 level of X%. design team, Key • CSAT for digital increases 1 point which ladders up Results • Digital effort decreases by 20% • Task accomplishment rate increases an accountability by 1% of the se

  32. Slide 32: Example 3: OKR for an aspiration by the CX customer service team

    Example 3: OKR Objective In Q2, propose design changes on the five selected customer service pages for an aspiration based on A/B testing. • Voice-of-the-customer (VoC) and CX by the CX Key service design team members select Results customer service the five pages by April 11. • Launch A/B tests May

  33. Slide 33: People recommendation: Use data storytelling to drive more actions

    People recommendation: Use data storytelling to drive more actions from data and insights

  34. Slide 34: A story turns an idea into a listener's own experience

    A story turns an idea into a listener’s own experience. Literally. 34

  35. Slide 35: Peoples' perspectives differ

    Peoples’ perspectives differ SIX NINE © 2019 FORREST ER. REPRODUCT ION PROHIBIT ED. 35

  36. Slide 36: Why does data storytelling get the job done?

    Why does data storytelling get the job done? “Many insights pros assume that the data and insights we provide speak for themselves. They don’t. We bring data, facts, and measurements to our stakeholders, but what's missing is the bridge from the data to the emotional engagement that actually drives

  37. Slide 37: The 5-Step Playbook for a story that drives action

    The 5-Step Playbook for a story that drives action 1 Define the business purpose: action(s) you are working to drive. 2 Analyze the audience setting and frame of mind. 3 Structure your story with a simple 3-part outline. 4 Rehearse your story with colleagues. Take and give supportive feedback to col

  38. Slide 38: Step 1: Create a business purpose statement for your story

    Step 1: Create a business purpose statement for your story The statement should be as few words as you can make it. Your statement must include these elements: 1. The specific action(s) you want your story to drive 2. The reason(s) the time is right now to apply these insights

  39. Slide 39: Step 2: Analyze your audience's frame of mind

    Step 2: Analyze your audience’s frame of mind Every audience member always has these 2 questions. You must answer them - indirectly. 1. What’s in this for me? 2. Why do I need to care? © 2019 FORREST ER. REPRODUCT ION PROHIBIT ED. 39

  40. Slide 40: Takeaways

    • Driving more actions from data and insights requires changing the way we work. • Get started now. • Improve your data storytelling. Goal: drive more actions that matter • Apply the OKR framework to align business accountabilities with the metrics needed to measure progress/status. Takeaways • Be s

  41. Slide 41: Dare to step up! Use OKRs and data storytelling together

    • Dare to step up! Use OKRs and data storytelling to step up — together

  42. Slide 42: Q&A

    Q&A Please submit your questions in the Q&A chat.

  43. Slide 43: Thank You.

    Thank You. Cinny Little Principal Analyst

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