Do you know the VM Matrix for customer experience?
The V stands for value and the M for maintenance. These two elements have the biggest impact on CX in my opinion.
I ascribe to the definition of Customer Experience shared by my friend and fellow speaker Mike Wittenstein. CX is the following equation:
Everything that your product or service does for your customers (Value)
– Minus everything that your business processes do to your customers (Maintenance)
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= The result of the equation is how the experience makes your customer feel
Why VALUE and MAINTENANCE? This scientific approach was based on my dating theory in college. When you thought about someone whom you’d like to date, you’d ultimately want someone who was high value … and low maintenance. If you don’t understand what maintenance is, that means you’re probably HIGH MAINTENANCE.
Let’s explore both concepts starting with VALUE:
In business, price represents what you pay. And price is only relevant to the value received. Value is what you get. What are the elements of value?
VALUE is the what/why of experience
– Beyond the product or service, what are the tangible and intangible benefits that you receive?
– Did the brand go above and beyond to exceed expectations to honor the relationship?
– Did they give that little unexpected extra to surprise and delight?
Value is crucial in terms of both differentiation and word of mouth. To quote Seth Godin, “The thing that makes something remarkable isn’t usually directly related to the original purpose of the product or service. It’s the extra stuff, the stylish bonus, the design or the remarkable service or pricing that makes people talk about it and spread the word.”
Now, let’s tackle MAINTENANCE:
Maintenance is the who/how of experience.
– What is the onboarding or buying experience like?
– Does the company make things turnkey or simple?
– Are they responsive to problems/issues?
At the end of the day, you take all the value received and weigh it against the business processes you were subjected to. In our on-demand world, the effort you have to expend can dramatically impact the experience.
Takeaway: It’s all about a feeling. Because your brand is no longer just what you just tell people it is. It’s the differentiation that your customer experiences, how they FEEL about that experience, and most importantly… what they tell others about their experience. Are you on-target?
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Stan Phelps walks the walk. He stands out in the sea of sameness by modeling his own Differentiated Experience (DX) message: Differentiation isn’t just about what you say, it’s about what you do and, more importantly, how and why you do it. Stan leverages his unique collection of 5,000+ case studies on customer, employee, and brand experience to engage audiences with informative learning-based experiences. He believes purposeful DX wins the hearts of employees and customers, and differentiation ultimately boosts loyalty, retention, referrals, and results.
Find Stan’s in-person and virtual keynotes, workshops, and Goldfish tank programs at StanPhelps.com.