Investing in Our Customers: A Winning Strategy
By Kathryn Perry on Jan 16, 2014
A Guest Post by Jeb Dasteel, Senior Vice President and Chief Customer Officer, Oracle (pictured left)
Focusing on the customer experience is one of the wisest investments a company can make. A 2012 report by Temkin Group found that even modest improvements in the customer experience can yield hundreds of millions in additional revenue each year. More important is the direct and strong correlation between the customer experience and loyalty—including the gold standard: willingness to recommend a company to others.
At Oracle, we’ve taken this research to heart as we maintain our focus on optimizing the customer experience across multiple interactions, touch points and channels throughout the relationship lifecycle. Our programs are built on the tripod of listening, responding, and collaborating.
Last week we were honored to have been named as one of five Temkin Group 2013 Customer Experience Excellence Award (CxE) winners, alongside renowned global brands AIG Asia Pacific, Cisco, Intuit and EMC. Temkin also named six finalist—Adobe, Cox Communications, Findel Education Resources, Fiserv, Rackspace and UMB Bank. The annual awards are based on efforts to transform the customer experience, improve business and customer results and the sustainability of all those efforts.
Oracle received recognition for our efforts to develop a comprehensive understanding of our customers’ interactions and experiences with us. Intuit, renowned for its solutions that simplify business management and payroll processing, personal finance, tax preparation and filing, has focused on continually improving its processes, services and support to anticipate customer needs. Temkin applauded Cisco’s Ease of Doing Business (EoDB) philosophy that inspires innovative solutions that simplify complex communication, networking and collaboration issues for organizations. Global insurance provider AIG Asia Pacific is in the midst of an expansive service culture transformation. It is focusing on turning its team into enthusiastic customer experience promoters. Data storage provider EMC is working to fine tune its data-driven approach to improving customer and partner experience.
CX is a continuous journey at Oracle. We have significantly increased customer satisfaction across the customer lifecycle, where we’ve seen a three-year positive trend in customer loyalty index and likely-to-recommend metrics. During the same period, we’ve resolved issues identified through our ongoing customer surveys three times faster. We also have more than 7,300 active and involved customers on our product advisory boards and executive strategy councils, and have seen a 7 percent increase in customer references over the last two years.
The investments we make in our customer programs are significant and the results are making a difference. We know that if we invest in very specific programs and in the different ways we engage with the customer, we see measurable increases in satisfaction. The entire effort absolutely pays for itself and is becoming a core tenet of our culture.
We are honored that Temkin Group has recognized Oracle for our efforts and included us in this group of global leaders, and we extend our congratulations to all of this year’s Temkin CxE winners and finalists.
Temkin, Bruce. “Temkin Group Insight Report: The ROI of Customer Experience,” March 2012.