Key terms Flashcards

Question

What is outcome-based selling

Answer 1

Outcome based selling: don't sell the prodcut, sell the customer's outcome

Answer 2

Customer success outcomes: ensuring the product achieves customers' goals

Answer 3

Expectations VoC are more important, as they define the gap from reality we should focus on. People have subconcious expectations and they automatically judge the solution of a company against these expectations.

Answer 4

Budget with no choice to re-allocate it.

Answer 5

Costs to reverse churn and offset churn. These are linear or exponential increase in sunk costs yearly

Answer 6

RFT is a concept of preventing or stopping issue occurance for everyone (FCR is only for Call Center, but RFT is across the company). This leads to linear or exponential savings yearly.

Answer 7

Aims to reverse churn and offset churn. Touchpoints for example: customer support, customer success, CRM, Personalization, UX **It's about maintain revenue**

Answer 8

Aims to make customers brand allies with referral and quick wins. Tools for doing so: NPS, Journey Mapping, CX Design, Loyalty Incentives, Digitalization **It's about expanding revenue**

Answer 9

Aims to prevent value roadblocks and focuses on Lifetime Value. Tools: Expectations VoC, CX Annuities, Growth Inspired by CX, Efficiency Guided by CX, North Star = CX (Customers' Jobs to be done) **It's about aiding customers' goals**

Answer 10

Ignore root cause of customers' pains, and that means high costs and negative behaviours continue. These programs of quick wins might be useful for short term, but value less than what executives would expect.

Answer 11

Requires everyone in the organization to pay attention to expecations VoC and reality VoC. If this is guided by the north star, gaps are closes, revenues are growing and everyone's happier. In order to acheive expereince excellence - passion and collaboration are essencial

Answer 12

1. Ask = reserach about the jobs to be done and share VoC with every work group in the org 2. Absorb = connect the VoC to the hearts and minds, use the jobs to be done for this 3. Adopt = create a sense of urgency to close the north star gaps 4. Apply = adjust workflows to close the gaps at the root cause level 5. Account = establish consequances for following through 6. Applaud = celebrate progress and collaboration

Answer 13

It's patterns show up in VoC

Answer 14

It should derives from experience intelligence and life time value approach, to close gaps between realities and expectations

Answer 15

The internal engagement is to engage employees to the CX efforts on closing gaps for customers. External engagement is to engage customers above and beyond what they already paid (fair market value) for the product, solution or service they get from the company.

Answer 16

The entire flow should happen in order to declare of XM Maturity

Answer 17

comments and descriptions

Answer 18

Ratings and numerical figures

Answer 19

Strategic ROI

Answer 20

Gap between findings (Sample) and the market (Population). Should looked at from several aspects making sure the findings capture the truth.

Answer 21

Points in the CX journey where customers are most likely to increase or decrease their engagment with the brand.

Answer 22

The population is well represented (statistically significant, p-value) For accurate reporting the sample needs to be representing the sub-population and then sample need to have all sub-population included. The sample should be selected randomally.

Answer 23

In Lagging Indicators the "train has already left the station" and it's out of our hand (so we can only fix) In Leading Indicators the "train is still in the station" and we can prevent what's about to happen before the customer experience it.

Answer 24

Lifetime value is the goal. Revenue minus Cost (=profit), for the duration of the relationship customer has with the company. **It is a cumulative profitability.**

Answer 25

Share of Wallet is what one customer is spending on the brand. Share of Market is what all customers are spending on the brand.

Answer 26

Edge Strategy provides a path to growth by getting more yield from assets already in place. For example, if your business supplies canned tomatoes, the next step in the customer journey might be to dice them. So adding diced tomatoes to your list of offerings would be a clever way to extend your offerings and add value to some of your customers' journeys.

Answer 27

* A flowcharting technique that helps identify the processes that have the greatest impact on customer satisfaction. * A process map that shows the linkage between suppliers, inputs, process, outputs and customers. * A tool used by a team to identify all relevant elements of a process improvement project before work begins. * A SIPOC is typically used to map out the processes, linkages and impact that flow from Supplier through to Customer as part of a process improvement initiative

Answer 28

For **creativity!!** Not for innovation.

Answer 29

Killing stupid rules will help employees perform better but does not necessarily do anything to influence particular behaviors, or helps with innovation in doing better

Answer 30

Customers' group that represents **the highest value in %** and not the group that represents most of the customer base.

Answer 31

Data Mining can inform you about customers by pulling out patterns of data, However it does not provide recommendations on the best way to use that data. It helps you provide a highly personalized and delightful customer experience based on known user patterns. For example: It can allow you to offer products and services to customers before they even know they want them. It can also inform the process of placing products in a store (whether brick and mortar or online) in the most optimal way.

Answer 32

A common phenomenon where performance in one part of the organization is improved at the expense of performance in another part of the organization. 'it leads to the well-known loop where this year we focus on quality, driving up costs. Next year we focus on costs, hurting cycle time. When we look at the cycle time, people take shortcuts, hurting quality, and so on.' **The Balanced Scorecard helps eliminate this phenomenon.**

Answer 33

A term coined by Jeanne Bliss to refer to the competing agendas of silos turning something simple into something much more complicated.

Answer 34

The premise of the CVF is that there are four basic competing values within every enterprise: **Collaborate, Create, Compete and Control**. These values compete in a very real sense for a corporation's limited resources (funding, time, and people).

Answer 35

**Accept, Avoid and Transfer** The PMI states that Accept, Transfer and Avoid are all ways in which to deals with risks. Accepting them requires no action. Transferring them is like buying insurance. Another entity will deal with the consequences. Avoiding means choosing a strategy where the probability of the risk occurring is reduced to zero.

Answer 36

A widely used change management and business-diagnostic tool to help organizations gain perspective on the forces at play when you're trying to make a large business change or decision. **It's about how then make each steakholder see "what's in it for me" instead of the roadblocks**

Answer 37

A mind map is a diagram used to visually organize information into a hierarchy, showing relationships among pieces of the whole. It is often created around a single concept, drawn as an image in the center of a blank page, to which associated representations of ideas such as images, words and parts of words are added.

Answer 38

The practice of rigorously challenging plans, policies, systems and assumptions by adopting an adversarial approach. A red team may be a contracted external party or an internal group that uses strategies to encourage an outsider perspective

Answer 39

Scaffolding, also called scaffold or staging, is a temporary structure used to support a work crew and materials to aid in the construction, maintenance and repair of buildings, bridges and all other man-made structures.

Answer 40

Inductive reasoning is a method of **drawing conclusions by going from the specific to the general**. It's usually contrasted with deductive reasoning, where you proceed from general information to specific conclusions. Inductive reasoning is also called inductive logic or bottom-up reasoning

Answer 41

Value stream mapping is a technique — developed from Lean manufacturing — that organizations use to **create a visual guide of all the components necessary to deliver a product or service,** with the goal of analyzing and optimizing the entire process

Answer 42

A change framework based on a company's organizational design. It aims to depict how change leaders can effectively manage organizational change by strategizing around the interactions of seven key elements: structure, strategy, system, shared values, skill, style, and staf

Answer 43

The Kano Model (pronounced “Kah-no”) is an approach to prioritizing features on a product roadmap based on the degree to which they are likely to satisfy customers. It's useful in gaining a thorough understanding of a customer's needs. You can translate and transform the resulting verbatims using the voice of the customer table that, subsequently, becomes an excellent input as the whats in a quality function deployment (QFD) House of Quality

Answer 44

Full VoC analysis seeks patterns among VoC + behavioral + operational + financial data.

Answer 45

It is overvaluing something, regardless of objective value It is an emotional influences on decisions

Answer 46

A "rule of thumb" or educated guess or automatic reaction

Answer 47

It's a big picture viewpoint of interdependencies. The ability to see the forest versus the trees and optimize the consequences (understand the domino effect = chain reaction). It's an holistic approach

Answer 48

Divergent Thinking is considering all the possibilities (brainstorming) Convergent Thinking is narrowing down the choices to a final best solution

Answer 49

1) learn from failures during design vs. after launch 2) Rapid iteration of customer feedback at each design stage/tweak **It's suitable for all phases of design**

Answer 50

Design Thinking is solution-focused. CX Design starts with a goal of a better future situation, considering both present and future conditions and exploring alternative solutions simultaneously. We use Agile it it.

Answer 51

See in the picture the 4 elements of true CXM 1) Customer Centricity Culture 2) Holistic Alignment of Systems & Structures 3) Evolution of Business Practices Through a Focus on Customer Needs & Engagment 4) The Realization of the Rewards

Answer 52

A change framework based on a company's organizational design. It aims to depict how change leaders can effectively manage organizational change by strategizing around the interactions of seven key elements: structure, strategy, system, shared values, skill, style, and staf

Answer 53

Kotter's 8 Step Change Management Model is a process designed to help leaders successfully implement organizational change. **This model focuses on creating urgency** in order to make a change happen. It walks you through the process of initiating, managing, and sustaining change in eight steps. **What are 8 steps from the leading change?** STEP 1: Establish a Sense of Urgency. ... STEP 2: Create a Guiding Coalition. ... STEP 3: Develop a Change Vision. ... STEP 4: Communicate the Vision for Buy-in. ... STEP 5: Empower Broad-Based Action. ... STEP 6: Generate Short-term Wins. ... STEP 7: Never Let Up! ... STEP 8: Incorporate Changes into the Culture.

Answer 54

Helps organizations and individuals understand and more effectively manage and work through the personal and human side of change. The model identifies the three stages an individual experiences during change: **Ending What Currently Is, The Neutral Zone and The New Beginning.**

Answer 55

The word “ADKAR” is an acronym for the **five outcomes an individual needs to achieve for a change to be successful:** Awareness, Desire, Knowledge, Ability and Reinforcement. The model was developed nearly two decades ago by Prosci founder Jeff Hiatt after studying the change patterns of more than 700 organizations.

Answer 56

Extrinsic rewards are usually financial or tangible rewards given to employees, such as pay raises, bonuses, and benefits. Intrinsic rewards are psychological rewards that employees get from doing meaningful work and performing it well.

Answer 57

The Golem effect describes the process where superiors (such as teachers or managers) anticipate low performance from a subordinate, causing the very behavior they predict. **Lower expectations > Lower performance**

Answer 58

The Hawthorne effect is the modification of behavior by study participants in response to their knowledge that they **are being observed or singled out for special treatment**. In the simplest terms, the Hawthorne effect is **increasing output in response to being watched**.

Answer 59

The Pygmalion effect refers to situations where **high expectations lead to improved performance and low expectations lead to worsened performance**

Answer 60

The Pygmalion effect refers to situations where **high expectations lead to improved performance and low expectations lead to worsened performance**

Answer 61

It's an early worning of danger. Meaning Someone/something that is an early warning of danger - like low VoE as a warning for low VoC. Employees talk about disfunctions are a signal to what customers are experiencing.

Answer 62

This term refers to an analysis that is correct in its conclusions, but the numbers are not accurate. Example: Let's not focus on the details. The industry analysis is directionally correct. When data points you in the right direction, with obvious need for action, you should act.

Answer 63

Swim lane diagrams **confirm who owns each part of a process**. They show communication, connections, and handoffs between team members, who are each placed in different "lanes." This helps to provide a thorough overview of a process and highlight inefficiencies

Answer 64

Choice overload bias is a cognitive bias that occurs when individuals are presented with too many options, which can lead to negative outcomes. This bias is often related to decision-making and can be seen in various contexts, such as consumer behaviour, personal finance, and healthcare **Choice overload is an example of: Environmental influences on decisions**

Answer 65

The Pareto Principle states that 80 percent of a project's benefit comes from 20 percent of the work. Or, conversely, that 80 percent of problems can be traced back to 20 percent of causes. Pareto Analysis identifies the problem areas or tasks that will have the biggest payoff. **In CX improvement: It identifies what is necessary to prevent recurrence**

Answer 66

It's the test of the solution versus the problem, or **how well your solution solves the problem**

Answer 67

It's the test of outputs versus inputs, or **how well your design meets specifications**

Answer 68

Identifying your customer corridor is a way to see your company from your customer's perspective. It helps you see what is important to customers and what is not. Properly done, you will identify areas where changes in your service delivery can be made at both the transactional and strategic, i.e., relationship levels.

Answer 69

A measure is a number, while a metric measures a relationship between numbers. Measures are often suitable for tracking the current status of something, while metrics often measure progress toward goals. A measure is unit-specific, while metrics don't require units.

Answer 70

Marketing metrics are a quantifiable way to track performance and are an important marketing measurement tool for gauging a campaign's effectiveness. The most appropriate marketing metrics vary greatly from one campaign to the next, but in general they measure the effects of your campaign on audience actions

Answer 71

Next-best Action (NBA) is a strategy that helps businesses identify the most effective marketing actions to take to drive customers closer to a desired conversion event. It is designed to optimize marketing efforts and improve the return on investment (ROI) of marketing campaigns

Key terms Flashcards

(98 cards)