Leading Auction House Builds Customer-Centric Culture to Drive Performance
Situation:
Our client is a 240-year old international auction house looking to develop a more effective Customer Engagement strategy. In response to rapidly changing market factors, including online auctions, a large influx of buyers with “new money,” and dealers offering more services, the firm’s management recognized the need to embark upon a comprehensive, research-based approach to building a more engaged customer base.
Approach:
PeopleMetrics took a comprehensive approach to measuring and improving Customer Engagement for this firm. First, PeopleMetrics conducted a strategic Voice of the Customer (VOC) study to understand the firm’s brand promise, highlight the most important drivers of Customer Engagement and establish a benchmark for future comparisons. The project team surveyed a broad sample of the firm’s customers and derived the elements of the buying and selling experience that had the greatest impact on Customer Engagement. After identifying areas of improvement, PeopleMetrics worked with the firm to take action to improve operational deficiencies. Furthermore, PeopleMetrics and the client were able to show a correlation between Customer Engagement and buying behaviors. Clients who are highly engaged spend, on average, five times more than highly disengaged clients in any given year.
One of the main findings from this research was that customers who have a poor experience that is handled well tend to be highly engaged; those for whom the problem was poorly handled tend to be actively disengaged. Thus problem resolution has been highlighted as a key area of focus moving forward.
Following the VOC study, PeopleMetrics embarked on a Customer Experience Tracking study to continually monitor individual service experiences. This more tactical perspective provided new insights into how well the firm was meeting the needs of its clients on a daily basis across numerous locations. It also provided the necessary information to ensure optimal service recovery.
Results:
Linking Customer Engagement to key operational and financial metrics presented strong evidence that the program is successful. The firm immediately saw the value in the strategic areas of focus identified by PeopleMetrics. They were no longer “bumping around in the dark,” and were able to put attention and resources into the most important, lowest performing areas to generate the greatest ROI on their Customer Engagement strategy. The continuous tracking research and real-time feedback is giving the firm the opportunity to improve management of customers’ experiences with every transaction.
Overall, the firm has made a monumental shift in the way they interact with their customers. They have positioned themselves to succeed as their market continues to evolve and become more competitive. As evidence of the firm’s commitment to building a more customer-centric culture, the CEO recently commented on his firm’s full commitment to providing exceptional service to their customers.
|
