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Customer

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Project Compass: Customer

“Creating strong, long-lasting partnerships with our customers is vital to our success. Without customers, we don’t have a business.

Fierce competition is forcing all companies to be more agile and think differently. In these times of rapid change, no force is more grounding and stabilising than a positive customer relationship. It’s what keeps both organisations thriving and growing.

At first glance, we do operate in different markets however all our businesses provide vital services that our customers rely on and put great emphasis on understanding our customers needs so that we can deliver the best proposition in our chosen markets. This is at the heart of what it means to be our customers partner of choice. As Steve Jobs once said, ‘Get closer than ever to your customers. So close, in fact you tell them what they need well before they realise it themselves’.

As individual businesses we’re doing some brilliant work to build these bonds with our customers. Now is the time to do more. Harnessing the power, knowledge and skills of our diverse group, let’s learn from each other and evolve a more structured approach to partnering with our customers.

Compass is a catalyst for change and improvement, and is inspiring us to initially focus on three key areas: 1) Setting stretching customer satisfaction targets, 2) Setting up Customer Councils to listen to their needs, and 3) Establishing Customer Charters to set high expectations for the services we deliver.

Below is a summary of what we’re doing already, where we want to be and how we’re going to get there. We can put these things in place, but we’re relying on all colleagues to bring them to life, as we continually work to be our customers’ partner of choice and support them to thrive.”

Alexei Callender, BLG Investment Director and Customer Point Lead

Our Customer Vision

“We continually work to be our customers’ partner of choice and support them to thrive

Our Customer Goal

“Leading NPS customer satisfaction score of >60 by 2024”

 

Our Trailblazer areas of initial focus

1. Customer Satisfaction scores

Recording customer satisfaction scores and setting stretching targets for improvement helps us to gauge the quality of our service, identify areas for improvement, strengthen our customer relationships and ultimately grow revenue. That’s why we’re further embedding a clear Net Promotor Score methodology across our businesses and setting the goal of having leading customer service scores.

 

2. Customer Councils

True customer partnerships require close attention to their needs so we can listen, communicate and act better. We’ll be hosting ongoing customer councils within each business that seek input from our customers on the challenges that face them, how they work with us and  provides a forum for testing potential solutions. This will help us understand our customers in a meaningful way so that we are able to respond to their changing needs, and be their partner of choice.

 

3. Customer Charters

We’re proud of the high quality service we provide to our customers. We’ll be agreeing these high expectations and standards clearly with our customers, colleagues and other stakeholders to ensure we always deliver quality customer service. To commit to this each of our businesses will publish a customer charter that recognises the needs and commits to add value to each customer.

 

Case Study: Designing a customer-centric strategy

Earlier this year, BFS launched a detailed country review of their UK (Invoice Finance), Poland and Germany businesses to take a more customer centric approach by focusing on identifying customer segments and how BFS can anticipate and meet their current and future needs.

As part of the ongoing BFS 4.0 strategy, the project is following an inclusive and collaborative approach with extensive engagement with customers and across multiple internal teams to really understand how the business can add value to customers.

To identify where they should focus their effort and investment, BFS engaged with customers using a variety of methods including in depth interviews, focus groups and online surveys to understand their specific needs and pain points.
 
The strategy is centred around decisions made on customer needs and how the business can best address these compared with their competition, and then identifying what it will take to address those needs.

Over 40 people across BFS have been involved so far, including key stakeholders across IT, Sales, Marketing, Operations, Partnerships, Risk, and Finance teams.

Lucile Knight who led the project said: “This has been a real collaborative effort across multiple teams, putting the customer at the heart of all we have done. This had enabled stakeholders to think differently about how we understand our customer and should focus on their pain points and the need to really add value and support their growth.

“It’s been an amazing effort by the teams, with all stakeholders showing a real passion for identifying the needs of our customers, and defining the right strategy for the business to create a mutual value exchange.”

Get Involved!

There are a few ways you can get involved and help contribute to our Customer Vision and Goal:

Share your success story

If you’ve done something innovative to improve customer service or delight customers, no matter how small, share your story or best practice to inspire others. Click below to share your story.

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Suggest an idea

If you have an idea, or improved way of working that you think would benefit the customer experience, please let us know your idea. Click below to share your idea.

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Join a project

If you are passionate about customer service and would like to be considered to join one of the customer trailblazer projects, please let us know at the link below.

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The Four Compass Points