The "experience economy" has redefined business success, but traditional customer satisfaction metrics like Net Promoter Score, or NPS are falling short. This was the message delivered by Peter Graf, chief strategy and operations officer at Genesys, in his keynote presentation at ITEXPO 2024.
Organizations are fixated on high NPS scores, but they lack the”'why” behind the number. This blind spot hinders their ability to create truly differentiating experiences that drive loyalty and growth.
Graf highlighted the limitations of NPS, citing a 75% abandonment rate and its isolation from business results. He emphasized the need for a more robust, people-centric approach that measures what customers and employees value most throughout their entire journey.
Graf also presented statistics that showed the true cost of poor experiences: 31% of consumers abandon companies after a negative interaction, and contact center employee attrition rates reach 38%, resulting in a staggering $75 billion annual loss.
However, he cautioned against a one-size-fits-all approach.
"What works for one person might not work for another," Graf said. "Organizations need to understand the individual's perspective and tailor experiences accordingly."
Graf offered a multi-pronged approach to address these challenges:
- Experience orchestration, reduce costs and drive efficiency with GenAI-powered "copilots" to simplify tasks.
- Through journey management, utilize a composable desktop, copilot technology, workforce management tools, work automation, AI services and an open-SaaS (News - Alert) infrastructure for journey orchestration.
- Experience optimization is a way to analyze data, innovate and build solutions and execute improvements based on insights.
Looking beyond traditional metrics, Graf argued that the likes of average handle time, first contact resolution and customer churn rate, while important, fail to capture the full picture. He advocated for a people-centric, actionable measurement system focused on end-to-end experiences.
Graf also introduced Experience Index, which measures:
- What matters most to employees and customers.
- How their experiences compare to industry benchmarks.
- Employee experiences across onboarding, work environment, customer interactions, engagement, development, and well-being.
"This research helps us understand what truly drives loyalty and satisfaction," said Graf. "We continuously update our questions to reflect evolving needs, like the recent shift in focus to remote work preferences."
The final point Graf talked about was about a future where employee experience and customer experience converge, powered by predictive analytics and intelligent data collection.
Edited by
Greg Tavarez
