We are excited about beaton’s new CX report for two reasons. First, the report provides unequivocally clear evidence that increasing Excellent CX and avoiding Poor CX supports profitable growth. Second, the findings are full of major and unexpected insights for the way professional services firms manage the way they relate to and serve their clients.
The chart summarises one of the most important findings, namely the likelihood of buying additional services more than triples when CX is rated Excellent compared with when it’s rated Poor.
Drawing on our early 2020 survey of a representative sample of corporate and commercial clients of professional services firms in Australia and New Zealand, this post shares four CX insights. For each insight we offer readers beaton’s recommendations.
The client journey
The client journey typically comprises four phases, during each of which the respondents were asked about their CX. The phases are:
Onboarding and scoping
Outcome / deliverable
By thinking about the client journey in distinct phases, your firm can focus on each phase’s differing client needs and opportunities to deliver consistently excellent CX.
Insight 1: Big opportunity for improvement
One of the poorest CX ratings – and biggest opportunities for improvement – is in Phase 1, Onboarding and scoping.
What’s unexpected? This is a key phase which is often overlooked. Major unmet CX needs are reported by clients.
beaton recommends: Focus your efforts on improving CX in the phases with the lowest CX scores – including Onboarding and scoping.
Insight 2: Big differences in how clients feel about the 20 interactions we measured
Our CX study measured five different interactions at each phase of the client journey and measured how strongly each interaction was driving the different emotions and CX ratings.
During the Onboarding and scoping phase, for example, 'Resourcing with the right people and technologies' is one of the key interactions driving both positive and negative emotions when done excellently or poorly, respectively.
What’s unexpected: Firms work hard to select the right (best) team for a job (despite internal politics). But who does the client think constitutes the right team for them? On what information do they draw to form that opinion? And in what forum in the firm can they safely express their views?
beaton recommends: To improve CX during the Onboarding and scoping phase, explore how you can assure the client that your team is the right one for them. And ask them for feedback so that you can deal with any dissonance they are feeling.
Insight 3: CX has major influence on NPS, repeat purchase and price
Increasing Excellent CX and avoiding Poor CX both contribute to profitable growth.
Poor CX drives negative NPS, lowers future use and clients want to pay less. On the other hand, Excellent CX drives positive NPS, there is a 93% intention to use additional services and a increased willingness to pay a premium price.
What’s unexpected: Many CX programs have difficulty linking CX to ROI, but our data shows robust linkage.
beaton recommends: Link your CX program and metrics to profitable growth.
More information about the CX Report can be found here. If you want to start a conversation about your firm’s CX program or any of the above, contact a beaton partner.