This event brings together distinguished personnel from banks, government bodies and technology companies to discuss and address crucial issues on how to seize new opportunities in retail banking and wealth management while making it beneficial for all stakeholders.
An Interview with the CX Master Hany Mokhtar, The founder of the famous 4 Es Customer Experience Management Model
Read an exclusive pre-event interview with the chairman of The Kingdom Customer Experience – Hany Mokhtar, a renowned business executive, a world-class speaker and a thought leadership pro with over 20 years of extensive business expertise in the areas of Marketing, Customer Experience and Digital Transformation.
1. What is the difference between “Customer Experience” & “Customer Journey”?
Well, this is a good and important question, since both are inter-related. Customer Experience is the final result of every interaction the customer has with his service provider, while the Customer Journey is a representation of an end-to-end aggregation of customer interactions across a sequence of chronological steps to achieve a particular goal (e.g., an opening a bank account Journey, a boarding a flight Journey or a putting an electronic device through maintenance Journey, etc.).
2. What is the biggest difference in CEM for the B2C and B2B segments?
From a segmentation perspective, CX is essential for B2C and has a great impact on people's lives; meanwhile, the enterprise sector has more sophistication and CX is quite crucial to it as well. A key difference is that B2B Customer Experience has to deal with multiple players simultaneously for a particular Journey or even a touch point, which needs strong management and thorough care notions in order to apply it.
3. However, marketers need to think B2H (Business 2 Human) more. Every customer is different. How important is customer segmentation and data?
As we are living in the era of the customer, knowing Customers is no more an option, but a mandate for service providers to stay and play in their Markets. Herein, Big Data and Customer Analytics come as foundational pillars for Customer Segmentation and thus for the attainment of revenue and retention objectives!
4. You are patenting the "Customer Experience 4Es" model. Can you tell us more about that?
For a long time, service providers have been struggling with Customer Experience Delivery. this is due to a gap between their understanding of CX and customer perception, which happens to always be different. On the one side, Service providers are constrained by performance aspects, and on the other, Customers have increasing aspirations. Both are leaving an unbridged gap.
I could see it as crucial for one of the two parties to wear the other’s shoes fully, but only after taking off his own shoes fully. As such, I have introduced a comprehensive multi-dimensional model conveying what the customer would want from his service provider and I have prescribed a plan accordingly for Customers to meet that end.
5. Nowadays, everything revolves around digital and mobile. What other emerging trends do you predict will shape the future of CX?
Actually, CX is shaping Digital Transformation across the globe; meanwhile, the notions of the Market space along with Big Data analytics are obviously impactful.
6. How can employees be encouraged to cultivate the CX mindset?
Employees, or Human Capital, are a make or break for CX excellence, and addressing their mindset with culture and mindset programs works well with them as per my previous experience across assignments that I have led.
7. Increased customer retention increases profitability – but not only that. What other benefits are there?
If I plot the levels of Customer affiliation to his service provider on a pyramid shape, we can start with the customer being satisfied, which is his basic right, then being loyal (meaning he will purchase again) and then ultimately being an advocate.
Retention comes at the loyalty stage, but with the advocacy stage, companies gain power of Customer promotability, which is surely reflected on both revenues and brand value.
8. One "personal" question - What have been the best and worst experiences you've had with a business as a customer?
Being a CX expert or a CX king makes me an uneasy rater, but I did witness one very ugly experience with one of the new taxi concepts providers when the car driver asked me and my family to leave his car when I rejected his bad attitude and because I mentioned that I would report it to his company. On the other hand, I had a great experience in one of the resorts when they learned about my son’s multi-food allergy and customized everything for him accordingly.
Interested in this topic?
Operational Excellence in Insurance
The 5th Annual operational excellence conference is a must-attend event dedicated to enhancing digital operational excellence and overcoming the challenges surrounding digital transformation and the impact of technological development.
Regulations & Safety in Cosmetics
Over the past five years, the cosmetic industry has met with several legislative changes. Within the new legislative package, including the new REACH and CLP, it is important to find a comfortable routine that will minimize costs while staying effective and compliant with all regulations.
Smart Workspace Design Summit 2016
Have a look on the infographic about the Smart Workspace Design Summit 2016.
Post Show Report 3rd Annual Oil & Gas Forum
Post Show Report from 3rd Annual HR Oil & Gas Forum
How important is the color of a car?
Have you ever thought about how important the color of a car is for insurers and insurants?