A
An advanced computer system that can make decisions for itself. AI systems can replace tasks that usually take human intelligence.
Action Planning
An action plan is a can be as simple as making a note of the things someone will do to achieve a result like a customer satisfaction target. The plan usually contains other info like; by when will the action be completed, who will support and a date when the action will be reviewed.
B2B: Business to business
A B2B business is one that provides products or services direct to other businesses rather than direct to consumers.
B2C: Business to customer
A B2C business is one that provides products or services direct to customers rather than to other businesses.
Brand Experience
An marketing term that encompasses a defined set of conditions that a company puts in place to influence customers emotion towards its product or company name.
Big Data
The term given to a large amount of data that can be analysed by systems to understand trends and behaviours.
Closing the Loop
A set of processes an organisation puts in place to measure and gain feedback from customers, that then goes on to analyse the data, turn it into insights, fix and learn from the insights, then go back and tell the customer what they have dune to improve.
Customer Centricity:
Used to describe how customer focussed an organisation is. Someone who really looks after customers and their need can be said to be "Very customer centric".
Customer Experience (CX):
The entirety and resulting outcome of a customers interactions with an organisation. CX can be measured in many ways and customers touch points run across all channels like web, app or physical store.
Customer Experience Management (CXM)
The term given to an organisations efforts to make changes that improve customer or employee experience. XM can be measured by using a Maturity Model.
Customer Satisfaction (C-Sat)
A well used measure well used in CX. Usually derived from giving customers a single question to answer on a 1-5 or 1-10 scale.
C-Sat
Short for (see) Customer Satisfaction.
Customer Service
A term well used before Customer Experience became understood. Now, customer service is seen more as the servicing of a product but it's still summertimes used to describe the overall service an organisation offers.
Customer Journey Map (CJM)
A method by which an organisation identifies customers touch points while interacting or purchasing a product. The aim is to find areas of frustration and design them out of the journey.
Chat Bot
An automated text chat system that allows customers to interact with an organisation, without talking to a human.
CRM
A Customer Relationship Management [System] records customer information and interactions so that the data can be used to augment and strengthen the relationship an organisation has with its customers. An example of aCRM system is Salesforce.com
Customer Analytics
When customers leave feedback through a Voice of Customer survey, the resulting data can be analysed to find insights that can be actioned to improve.
Customer Success
A popular function in many FinTech companies describing a team that helps their customers get the best from the organisations products or services.
Customer Loyalty
Describes how wedded to using a company a customer is. With good Customer Experiences, customers loyalty grows and with bad experiences, loyalty reduces.
Claimed Wait Time
The amount of time a customer believed they waited for a service. This is often referred to as Perceived Wait Time.
Experience Management (XM)
The name given to a companies efforts to actively manage customers experiences to make them internal. The level of XM is often measured using a Maturity Model.
Employee Experience
I'm the same was as we know Customer Experience, Employee Experience is the term given to the feedback and views of employees who work for an organisation. These views can be gained by conducting surveys in the same way as a Voice of Customer Programme.
Ease
A measure commonly used in CX to gain customers scores on how easy a transaction was to do. Usually derived from a single question in a Voice of Customer survey "Based on your recent experience, how easy were we to do business with?"
Effort
Sometimes used to describe Ease. A measure to which customers find an organisation easy to do business with.
Feedback
The response given by a customer when they complete a Voice of Customer survey. "The customer have us dune feedback about their experience."
FinTech
A term used to describe a company that sells financial services by developing usually advanced systems, websites or apps.
Inner Loop
The inner loop is the term given to the space where improvement are made at store level. The outer loop is a term given to the space in which improvements are made that are longer reaching, often company wide improvements.
Insight
After data is collected, analysis of that data can result in insights. Insights give a deeper understanding of someone or something uncovering trends and sometimes producing predictions.
IVR (Interactive Voice Response)
An IVR is an automated telephone system that interacts with customers giving then the options to select numbers that move them through menus. IVRs are often used to route callers to the right person to help them, based on their selections.
Journey
A time line of the touch points when a customer interacts with your organisation when purchasing a product or service.
KPI (Key Performance Indicator)
A measure used to manage a business. Not all KPIs have to have targets.
Lifecycle
A customer lifecycle is the process a customer moves through as they are engaging with an organisations and building a relationship it. This may start way before the customer actually purchases from the organisation as they research or look for product reviews.
Machine Learning
Machine learning is an use of artificial intelligence (AI) that allows that system to automatically learn and improve on its own, without being programmed.
Maximum Wait Time
When a set of data around wait time is collected, the maximum wait time is the largest number that appears in the data.
Minimum Wait Time
When a set of data around wait time is collected, the minimum wait time is the lowest number that appears in the data.
Metrics
A term used to describe the scores derived from a Voice of Customer survey. Metrics are often called KPIs.
Moment of Truth
A key touch point in a customers journey, when the experience is make or break. For example, if a customer has a complaint, the moment of truth could be the first point at which they contact the organisation to complain.
Maturity Model
A method that assesses the competency and maturity of an organisation in its ability to manage customers experiences.
Net Promoter Score (NPS)
A common main CX metric for many organisations. It is derived by asking customer "On a scale of 1-10, how likely are you to recommend us to a friend or family member?". Depending on how customers answer, they are grouped into the categories,
1-6 Detractors
6-8 Passives
9-10 Promoters
An NPS score is calculated by Working out the difference between the percentage of Promoters and Detractors.
Here is an example: If you have 20% Promoters, 55% Passives and 15% Detractors, your NPS will be +5. An NPS of +40 world be considered a great score.
Outer Loop
The outer loop is a term given to the space in which improvements are made that are longer reaching, often company wide improvements. The inner loop is the term given to the space where improvement are made at store level.
Omni-channel
A phrase used to describe how an organisation brings together the different methods of interacting with its customers. For example, web, app, telephone or a physical store.
On-boarding
The process an organisation puts in place to induct new customers into a product or service.
Personalisation
The efforts by an organisation to make customers Experiences tailored to their individual needs of circumstances.
Predictive Analytics
The processing of data to predict what will happen in the future.
Perceived Wait Time
The amount of time a customer believed they waited for a service. This is often referred to as Claimed Wait Time.
Retention
A word given to the act of "keeping" or holding in to, of existing customers or employees.
Social Listening
A system that scours the web and relays what it sees on social media platforms. These are used by organisations to understand how their brand or products are being talked about online.
Service Recovery
The name given to processes that resolve the situation, when there has been a service failure or a bad customer experience.
Sentiment Polarity
A metric derived from, for example analysis performed on text entered by a customer into a voice of customer survey. Sentiment Polarity works on a sliding scale, from -10 very negative, towards 0 meaning mixed or unaffected, to +10 very positive.
Text Analysis
A system that takes text, often from a Voice of Customer survey and performs analysis upon it to give a set of metrics such as sentiment polarity.
Top Box
A method used to calculate a score from customers responses to questions. The boxes refer to the choices customers have. I the answer to a questions is from a scale of 1 to 5, 5 is the top box. The metric or KPI is usually displayed as the % of customers that selected 5.
Touchpoint
A point at which a customer interacts with an organisation. This could be on a website, in an app, by phone or physically in a store.
User Experience (UX)
User experience (UX) is the term given the the overall set of interactions a user has with a system or website. User experience design is the process design teams use to create such products or systems.
Voice of Customer
A term given to a survey an organisation offers to its customers to leave feedback on their experiences.
Voice Analytics
A system that takes live or recorded human voice, performs analysis upon it to give a set of metrics such as sentiment polarity.
Wait Time
The amount of time a customer perceived they waited for a service. This is often referred to as Perceived Wait Time or Claimed Wait Time.
Wait Time Acceptability
On a sliding scale, the level to which the time a customer waited was acceptable to them.