CVMBoK

The purpose of the Customer Experience team as understood here is to ensure low friction and consistency in all customer journeys across all touchpoints (channels and products). The key difference of this function from Channels is that Customer Experience also encompasses the experience of actually using the product itself. This team may also be responsible for processing customer complaints.

• Determines the context of CVM activities by delivering (or not) a seamless product experience.
• Determines the effectiveness of CVM activities in delivering (or not) a seamless channel experience.
• Provides feedback about customer complaints related to CVM initiatives

Lack of alignment with Customer Experience team results in a strong impact to the performance of CVM.

• Analyzing Customer Experience data in relation to Customer Value
• Incorporating customer complaints signal into campaign targeting and next best action programs.
• Measuring the quality of CVM initiatives using the frameworks provided by Customer Experience team, e.g. with transactional NPS
• Measuring Customer Experience KPIs on behalf of the Customer Experience team, e.g. measuring NPS across the entire customer base
• Ensuring integrity and consistency of CVM initiatives across all channels by following the guidelines established by the Customer Experience team.

• CVM initiatives have a big influence on the overall customer experience and satisfaction, especially on the price/offer aspect.
• CVM initiatives may create a cohesive omnichannel journey that strengthens customer trust and relationship with the brand or they may detract from this with disconnected, conflicting communications.
• CVM initiatives may create alignment of pricing strategies across channels, respecting customer expectations and fairness, or may create additional sources of dissatisfaction and friction with price discrimination by channel.
• CVM team should be careful to ensure offer redemption mechanics are providing a good customer experience.

The aim here is to have a solid two-way information exchange with the Customer Experience team to ensure that CVM Initiatives improve rather than worsen the overall customer experience.

CVM team should ensure that there is:

• Collaborative initiatives with CX team to reduce customer effort and friction across all channels.
• Consistent experience across CVM initiatives – channels, pricing, offers, communication.
• No channel conflicts and incentive misalignments to ensure a unified approach to customer rather than different treatments.