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DS News August 2020

DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.

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65 should be called out as a differentiator and communicated out to customers by your marketing department? When it comes to experimenting with focus groups, consider a customer advisory panel or CAP. CAPs can quickly allow customers familiar with the organization and its products/ services to speak freely about what best suits meets their needs or expectations. Once you run these experiments, be sure to fold the results back into your personas and journey maps. Even experiments that don't go as you had hoped should yield important insights on how things can and can't be adjusted to better fit customer expectations and needs. It's these tangible outcomes and data sets that allows your CX team to go back to the drawing board for the next great idea to positively impact the customer experience journey. From a pacing perspective, it is wise to move quickly. e more quickly you move, the more ideas you can test and iterate—and the better your team will be at adapting quickly to changing environments. On the customers' end, as mentioned earlier, they like to see and feel their feedback being taken into consideration. Doing so quickly shows that you value their time, input, and relationship. MEASURE Now that you have all the data from listening and experimenting, how can you best use it? Like the saying goes, what gets measured gets done, so use that data to measure progress. Key performance indicators (KPIs) should be gathered and shared companywide to ensure a shared definition of success. ere are plenty of tools on the market that help measure the data that reflects the state of your customer experience. e costs associated with these platforms can be as high as you want them to be, but Google Analytics is a good start—and it's free. As you build out your customer experience program, though, you'll benefit from more advanced technology that uses data science and machine learning, if budget allows. e key is to have tangible metrics to show success, blind spots, key areas of improvement, and opportunities to innovate or differentiate. To do so, consider measuring a few of the following: 1. Customer Satisfaction (CSAT) 2. Customer Loyalty/Net Promoter Score (NPS) 3. Customer Effort Score (CES) 4. First Call Resolution (FCR) 5. Time to Resolution (TTR) 6. Customer Lifetime Value (CLV) You'll also want to create simple and agile measurement cycles. After measuring, you may just need to tweak an experiment—or you may need to go all the way back to the listening phase—to identify how to address an outcome that wasn't what you were expecting. CONCLUSION Improving customer experience initiatives can be overwhelming in calmer times. Doing so during a global pandemic, when customer attitudes and preferences are changing by the day, can seem nearly impossible. Companies that are actively listening to their customers, developing ways to best illustrate their characteristics, behaviors, and expectations and acting from those efforts are precisely the company customers will remember most. Even if it means starting off simply with a few informal customer interviews or taking a quick pass at what the customer's journey (from their perspective) looks like with your organization, the idea is to start somewhere and move quickly. en, make that second move and plan your next step. What did you learn? How can you turn that learning into an experiment? What did you learn from your experiment? How will you measure your progress from your first step? Who in your organization would be most interested in what you learned? e opportunities for learning and improvement are endless—and the benefit to your customer can be substantial which can have a positive impact on your bottom line. Erika Martin is the Director of Customer Experience at Genworth U.S. Mortgage Insurance. Utilizing her product management and development, sales, technology and process improvement experience, Erika develops and evolves the strategic direction of Genworth's customer engagement and delivery experience. Erika is certified in Lean Six Sigma and holds an MBA from UNC Kenan-Flagler and a Real Estate Broker license. e statements in this article are solely the opinions of Erika Martin and do not necessarily reflect the views of Genworth or its management. The more quickly you move, the more ideas you can test and iterate—and the better your team will be at adapting quickly to changing environments.

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