fico® customer experience consulting practice

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FICO® Customer Experience Consulting Helps Organizations:• Focus resources appropriately

to achieve business results and maximize value from customer experience investments

• Meet or exceed customer expectations, improve loyalty and increase customer lifetime value

• Develop a deeper understanding of customers across all touchpoints and the entire customer lifecycle

• Generate a more comprehensive set of actionable insights from new and existing customer data

• Create a sustainable framework for ongoing, in-house customer experience improvement

As disruptive technologies and rapid market changes reshape entire industries, leading companies are turning to customer experience for a competitive advantage. FICO Customer Experience Consulting provides clients with a data-science-based methodology to improve customer experience by identifying, quantifying and prioritizing customer experience gaps and opportunities. With the necessary combination of qualitative and quantitative customer understanding, strategy and solutions, this focused consulting offering helps clients understand and optimize customer journeys to drive brand loyalty and customer lifetime value at scale. Education and coaching supports clients in building in-house capabilities for continuous improvement.

Where data science meets customer experience

Example Customer Journey Map

Journey maps quantify and communicate the most important touchpoints for driving loyalty, retention and customer lifetime value.

FICO MARKETING SOLUTIONSFICO® Customer Experience Consulting Practice

The Importance Of Customer Experience Is GrowingCustomers today are more informed, empowered and sophisticated than ever before. They seek information on products and services from trusted third parties—including their family, friends and coworkers—and they complete a majority of the sales process on their own before engaging directly with a company or brand. If they have a negative experience, they share it far and wide on social media.

Customer Expectations Are On the Rise

Customer experience scores have declined over the past two years, not because companies aren’t improving experiences, but because they’re not improving as quickly as customer expectations have increased. Innovations from leading companies are raising the bar for all brands. Customers expect experiences to be mobile, effortless and tailored to their individual preferences.

Brand Loyalty Isn’t What It Used To Be

Research has shown that the value of brands has dropped significantly in the past decade, while the importance of strong customer relationships has grown. Since the economic downturn, organizations have seen the value returned by focusing on retaining customers, especially those with the greatest potential for high customer lifetime value.

Better Experiences Generate Greater Revenue

Even a modest improvement in the experiences a company delivers has proven to deliver significant increases in revenue. A Medallia analysis of customer spending behavior over a one-year period showed an increase in spending with higher customer experience scores. Even moderate improvements in customer experience resulted in 15%, 20%, and even 30% increases in spending. Customers reporting the best experiences spent 140% more over the year than customers with poor experiences.

Customer Experience Improvements Increase Customer Loyalty

Companies that provide the best customer experiences have more loyal customers— who not only buy more products and services, but who are also more likely to forgive mistakes and trust the company to act on their behalf. Those companies providing poor customer experience see the opposite behavior. Customers having poor experiences are also more likely to move their business to a competitor.

Customer Centricity Becomes a Competitive Advantage

Companies that are disciplined in how they improve customer experience evolve into customer-centric organizations. When customer focus becomes part of how an organization operates—when it becomes ingrained in the organization’s culture—it becomes a competitive advantage that cannot be easily replicated or counteracted.

Customer Experience Defined

All interactions, expectations and emotions a customer has during their entire journey with a company

Customer experience is often misunderstood. It is more than customer service, customer success and user experience (UX); it comprises all these and more.

Customer Experience Management The application of methodologies, technology and processes to understand, track and improve customer experiences so they meet or exceed customer expectations and ultimately improve loyalty and customer lifetime value (CLV).

Customer Experience Maturity The extent to which an organization routinely performs the best practices of Customer Experience Management required to understand, track and improve customer experience in a disciplined way.


Client Understanding

FICO Customer Experience consulting engagements often begin with a customer experience (CX) maturity assessment that provides a baseline understanding of your organization’s current level of discipline around CX best practices. During this process, we learn about your business, its brands and your unique strengths and challenges. We will also identify achievable “quick wins” that can deliver an early return on investment and start building momentum around your customer experience efforts.

Here we identify any existing data sources that can be further analyzed using FICO’s data analytics expertise and commence that process.

Customer Understanding

During this stage of the engagement, FICO brings its data-driven methodologies to bear to create a more comprehensive view of customer needs, thoughts, feelings and behaviors. Workshops on customer personas and journey map development help build in-house capabilities around these key components. We analyze customer touchpoint interactions to determine which have the greatest impact on customer loyalty, and we identify the optimal segmentation of customers around their needs.

Strategy

Findings are presented and implementation recommendations are made to ensure that the CX strategy and initiatives are aligned with the organization’s business and brand strategies. Together, we will finalize a roadmap of prioritized CX initiatives.

Solutions

This phase encompasses the implementation of CX roadmap initiatives. Examples include voice of the customer programs and technology solutions.

Ongoing Coaching and Support

FICO’s goal is to help you achieve the best possible outcome from the most strategic use of resources. The best engagements result from working hand in hand with our clients to build up their organizations’ customer experience management capabilities. An ongoing, open dialog is a critical component of this success. In this spirit, our team will be available as needed, both during and after the engagement.



• Executive Alignment

• Current State Evaluation

• Best Practice Assessment

• Customer Experience Education

• Quick Wins

• Needs-Based Segmentation

• Qualitative Research

• Quantitative Research

• Personas

• Journey Maps

• Data Analytics

• Performance Gap Identification and Prioritization

• Business Analysis

• Customer Experience Strategy and Brand Recommendations

• Initiative Roadmap

• Customer Experience Blueprints

• Voice of the Customer Program Development

• Marketing Solutions

• Data Analytics Solutions

Client Understanding

Customer Understanding Strategy Solutions

Example Customer Persona

Personas enable organizations to understand and empathize with their most valuable customers so they can deliver better customer experiences.

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Customer Experience Strategy Development

Developing a sustainable customer experience (CX) strategy starts with an analysis of the company’s business and brand strategies. Since companies set expectations with customers on a daily basis through their brand promise, the CX strategy needs to support the company in meeting that promise. Workshops are held to review existing strategies, the brand promise and customer understanding findings, with ideation to create a strategy that is relevant and credible to customers, supportable by employees and achievable for the company. FICO also supports gaining the necessary buy-in to the new CX strategy across the organization and connects it to the intent of future customer experience designs and measurement KPIs.

CX Maturity Assessment

A comprehensive customer experience maturity assessment rates your

organization in its frequency, breadth and depth of adoption of 51 best practices across eight disciplines of customer experience. This process establishes a baseline from which improvements can be charted and measured. It uncovers strengths to be leveraged, and it helps generate a Maturity Rollout Plan that gets organizations to the next level of CX maturity in a 6- to 18-month time frame. Periodic reassessment highlights progress, informs possible course corrections and establishes new areas of focus as the organization’s customer centricity grows.

Needs-Based Customer Personas

Customer understanding is a cornerstone of customer experience improvement, but it must go beyond demographic and market-based classification to a true needs-based understanding and segmentation of an organization’s most valuable customers. Personas that represent these segments as fictional characters—each with their own thoughts, feelings and needs—help us understand how their lives are impacted by customer experiences, and it helps us identify and empathize with them as we design improved experiences and exceed their needs.

Journey Maps, Touchpoint Analysis and Loyalty Drivers

Most companies have hundreds of touchpoints and experience attributes that a customer can encounter during their journey with a brand, from awareness through to purchase, use and advocacy. Determining which of these has the greatest impact on customer loyalty is a critical step in determining what experiences should be designed or redesigned.

Application of Data Science to Customer Experience

An innovative leader in big data analytics before it was called big data, FICO takes a data-science-based approach to customer experience that provides unique opportunities to derive fresh, customer-focused insights from new and existing datasets. By examining customer feedback and survey data together with a customer’s digital footprint from their interactions with an organization, predictive measures can be developed around customer behavior and impact on business results.

Customer Experience Blueprints

Experience blueprinting facilitates easier in-house implementation of customer experience improvements by designing the details and moving parts that comprise the solution. Experience blueprints can often be developed early on in an engagement as low-hanging fruit is identified.

Ongoing Customer Experience Education, Coaching and Support

Improving the level of customer experience maturity and building customer centricity into an organization’s fabric in a sustainable way can be a challenging effort. Having an ongoing dialogue with a trusted partner who understands your unique position and challenges—and combines that with knowledge of best practices—can significantly ease the process, maximize resources and accelerate results.


FICO’s Customer Experience Consulting engagements are designed around best practices, customized to meet each client’s unique needs. Some of the more common and impactful components of these engagements are highlighted below.

fico® customer experience consulting practice

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