I was reading an article on what is the role of CCO (Chief Customer Officer) in a company, as this is a designation that has been popping-up now and then in organizations.
Here are some important points that are being made by Dennis DeGregor of BankAm to make it work in companies:
- Increasingly organizations are feeling the need for one executive to be in-charge of customer experience.
- Role & Responsibility of a CCO is "Integrating" customer insights across channels and product factories(Esp. in Bank Am).
- What's interesting is that he mentions Customer-centricity is not a technology issue but a cultural issue.
- CCOs must have customer experience officers responsible for customer experience design and measurement systems and driving customer sat . Also, they would need a customer information officer who is responsible for managing the strategic information and analytics required to determine a customer's needs and then "sense and respond" to those needs accordingly.
- CCOs also needs a technology integration officer who is responsible for writing business requirements for customer-facing technologies and systems. They would also need a program management officer, who is responsible for actually deploying new information and analytical capabilities on the front line in partnership with IT.
- He goes on to explain, if an institution has 40 million customers and practices a "one-to-one" needs-based selling model, there are, in essence, 40 million unique customer strategies. ..
- CCO could be measured on managing customer relationships as a portfolio of assets to achieve a specific return on customer capital as a primary metric.The second metric is to increase and create organic revenue growth..The third metric is customer-advocacy..The fourth metric is ability to have created enterprise level customer insights..
Getting customer-centric is a journey. What's not measured, never gets done. This article provides a good starting point to do it right.