Christophe Vergult is Managing Partner and Director Customer Experience at InSites Consulting.
What’s a new ‘buzz’ word in your domain? What does it mean and what do we do with it?
‘Referral value’, as many customers share their experiences with a company with others. And that matters. Positive recommendations generate new customers (referrals) and bring value to the company. Many companies still have a single focus on the traditional, individual ‘value chain’ of customer experience, or how they can decrease churn and cross-sell and up-sell among existing clients. Nevertheless for many companies the true value of investing in compelling customer experiences lies in the potential referral value.
As such, marketers need to understand how client conversations contribute to the value of their company. What is the current referral value of the customer base? Which customer touch points matter? What drives positive conversations for each touch point?
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