EFM stands for Enterprise Feedback Management. Leaders are constantly seeking new ways to drive customer-centricity throughout their organisations. Time-starved customers are less and less willing to provide feedback in traditional ways. All of this creating a requirement to address company and customer needs alike using EFM. Despite its mounting popularity, there is confusion about what EFM is and how it is different from traditional customer research – which is hindering deployment and real business success. More and more we also see a convergence between the measurements of brand experience (i.e. brand communications, both strategic and tactical) and customer experience – there is no longer a clear separation of the two.
E is for Enterprise
The idea that EFM is fundamentally about broad enterprise usage is being lost in a jumble of traditional 'old-school' transactional customer satisfaction research programs. All over the world, across industry sectors, and for many years there have been large research projects focused on measuring the last experience a customer has had. However, these programmes typically report to a handful of researchers in a central location who prepare reports that are disseminated infrequently to a select set of middle managers.
On the other hand, true EFM is about broad, real-time usage whereby nearly all employees, from the CEO to front-line staff, receive role-appropriate types of customer feedback daily. This democratisation of customer feedback data is the hallmark of EFM. It is spawning a real revolution in how organisations become customer-centric by tightening the loop to near instantaneous broad recognition of experience performance - be it good or bad. EFM programs are becoming the primary source of the voice of the customer within the client organisation.
To know if your client's current programme is truly EFM, simply ask yourself: "How many people in their organisation have their own unique usernames and passwords to see their own specific customer information?" Then divide that figure by their total number of employees. If you have a ratio equal to 10% or less, your clients most likely do not yet have full scale EFM in place.
F is for Feedback
This is the realm of real-time data capture that combines a wide variety of customer feedback and other customer data, as well as related operational and financial data and employee feedback too. The continuous combination of a diverse set of customer experience data streams, including those from social, mobile, local, and commercial (SoLoMoCo) sources, is new.
The age of single source data being reported in silos is ending. Furthermore, feedback is increasingly unstructured as customers become less willing to complete traditional feedback surveys. The analysis and subsequent dissemination of unstructured data is becoming increasingly influential and Ipsos best-in-class text analytics gives a strong competitive advantage. Feedback can also include data that need not be actively provided. Passive geo-localisation data is just one of the many new and powerful sources of feedback being combined, analysed, and presented throughout organisations. Digital user experience due to the prevalence of website and app-based experience is also becoming more influential as part of the overall customer journey.
Our programs target to serve as a "single source of customer truth" and bring the voice of the customer to the heart of the organisation. Through providing this continuous stream of feedback we aim to close the culture gap between actual staff behaviours and the target behaviours that staff must exemplify. This helps our clients nurture a culture of customer-centricity and continuous improvement by flagging emerging issues, using the voice of the customer in employee coaching and celebrating successes.
M is for Management
Here again is a simple and important difference from the traditional approach, whereby the "M" stood for measurement. The emphasis of EFM is on action, change, and improvement, or in other words, on the management of customer experiences.
Management requires analysis to move away from purely backwards historical views and towards predicting the impact of customer experiences on customer behaviour and adjusting the strategy and tactics of the business in anticipation of predicted customer behaviour. Most importantly, management is about closing the loop on individual customer events, rather than simply feeding a scorecard (the hallmark of traditional transactional research programmes).
True EFM systems don't stop at providing scorecards; they foster the taking of immediate action every single time an experience goes wrong, a customer seeks help, or a business process is predicted to fail.
With the hype and promise of harnessing the volume, velocity and variety of customer experience data by applying Enterprise Feedback Management technologies, it is easy to be confused about how leaders should think about adopting these new and powerful tools. By ensuring EFM addresses broad enterprise usage of multiple active and passive feedback sources in a framework oriented much more towards management than measurement, we can be sure to capture maximum value from our EFM investments.
Ipsos Point Of View
EFM within Ipsos Loyalty is not about re-selling or implementing software. We are positioned as trusted advisors that offer "Service And A Software". We have a portfolio of solutions that allow us to fit software around our clients' needs rather than the force solutions upon our clients. We have seen that an ability to provide our clients with an offer that is built for their business coupled with our research expertise can truly resonate.
We are the #1 integrator of EFM technology in the world providing the best in class/most creative programmes to strengthen customer, employee, and brand relationships to provide real impact to our clients' business results. We help our clients define their vision for CXM and deliver the appropriate service and software ecosystem to achieve by:
We believe in integrated CXM systems, aggregating all relevant data to provide the right information, to the right user, at the right time.
Understanding one technology does not fit all
We know that no single technology will fit all your needs, and believe in implementing the right technology for your specific priorities.
Driving action and change
Technology does not drive cultural change, people do. We believe in action and in empowering your staff to move beyond measuring CX to managing CX.
[EVENT] The Future of Financial Relationships: Customer Connection in a Digital Age
October 3 - This event will examine the dramatic impact of new technology and thinking on how consumers and financial brands interact. We will explore how providers, both emerging and traditional, can build ‘emotional’ engagement with their customers in an environment increasingly dominated by digital interactions.