The Secret to Higher Profits in a Digitized World

The Decline of Customer Satisfaction

Customer satisfaction is going down, not up.

How can that be in a world with unprecedented technological progress?

 

“A brand is the sum of the good, the bad, and the off strategy.” –Scott Bedbury

 

Tema Frank founded Web Mystery Shoppers International, the world’s first company to test omnichannel customer service. Her new book, People Shock: The Path to Profits When Customers Rule , shows off both her decades of business experience and the research from interviewing over 150 business leaders. She developed a formula to help businesses improve the customer experience in the midst of a digitized world.

I recently asked her about her research.

 

“The key to getting work done on time is to stop wearing a watch.” –Ricard Semler

 

What is PeopleShock?

As we automate more and artificial intelligence wipes out jobs, the smaller amount that is left for human to human interaction becomes critical. Companies that are people-focused (while using technology to support those people) are the ones that will win in an era of increasing competition and social media power. If you get the people side right, PeopleShock is your key to success. Ignore it and your company will soon be history.

 

“If you’re too busy to build good systems, then you’ll always be too busy.” –Brian Logue

 

Get the 3Ps of Profit Right

Please share your 3P Profit Formula with our audience.

Customers are cranky, and they’ve got more choices than ever before. So you’ve got to keep them happy, and that means getting all of the 3 Ps of Profit right:

Promise – Having a clear aspirational, inspirational and memorable reason for doing what you do inspires staff and customers. It also gives staff a filter for decision-making: Would their action be consistent with the company’s promise?

People – Business success comes from connecting effectively at a human level with people inside (staff) and outside your organization. Outsiders include not only prospects and customers, but people we sometimes overlook, like suppliers, distributors, lenders, investors, media and the public.

Process – As time goes by, some of the processes that got you to where you are stop making sense.  To deliver consistently great customer experiences, you have to regularly re-assess how you’ve been doing things. Start by looking at processes from a customer point of view. What do they experience? Then look at how that lines up with what you do internally.

 

“CEOs are the ones who must conduct the corporate orchestra.” –Tema Frank

 

How does this translate into higher profits?