#121 Understanding Customer Value

I'm thrilled to host Dr. Maxie Schmidt, a principal analyst at Forrester's Customer Experience Practice. Maxie is a global thought leader in CX measurement and value for customers, and she dives into the significance of customer value metrics. From how companies can effectively measure what their customers truly value, to the intricacies of trust and co-creation, Maxie offers unparalleled insights that are sure to challenge conventional thinking and provide actionable strategies for CX leaders.

This conversation stands to be invaluable for anyone eager to foster stronger customer relationships and drive business success through customer-centric strategies.

Why You Should Listen:

• Learn about innovative approaches to measuring customer value.

• Understand how to build trust and maintain customer loyalty.

• Discover ways to co-create value with your customers.

• Gain actionable insights from a leading expert to elevate your customer experience strategies.

Key Questions:

1. What are customer value metrics, and why has measuring them been a challenge for companies?

   • Maxie provides a foundational understanding of customer value metrics and sheds light on common misconceptions in current measurement practices.

2. Can you explain the concept of co-creation of value with customers and provide practical examples?

   • Maxie explores the co-creation of value by using real-world scenarios, emphasizing the importance of customer engagement and mutual value generation.

3. What specific steps can companies take to better measure the value that customers perceive they are getting?

   • She discusses methodologies and strategies businesses can implement to accurately gauge the perceived value from the customer's perspective.

4. Why is it crucial for companies to understand their role in the customer's value network, and how can they identify where they should play?

   • Maxie elaborates on the need for companies to identify the right touchpoints in the customer journey, backed by examples like DBS and AARP, to ensure they are adding genuine value.

Tune in to this episode for a transformative conversation that promises to enhance your approach to customer experience and business growth.

Forrester Articles on Value:

• How we define value:
• https://www.forrester.com/blogs/value-for-customers-a-60-second-look-at-the-top-11-driver-categories/
• https://www.forrester.com/blogs/three-truths-about-value-for-customers-hint-you-cannot-deliver-it/
• Deeper dive into why companies cant “deliver” value: https://www.forrester.com/blogs/the-customer-is-neo-not-you/
• And here a recent piece on journeys and value: https://www.forrester.com/blogs/energize-your-journey-portfolio-optimize-journey-value-for-customers-and-the-business/

Meet Maxie!

Maxie Schmidt

VP, Principal Analyst

Forrester

Dr. Maxie Schmidt is a principal analyst in Forrester’s customer experience (CX) practice. She leads Forrester’s research on CX measurement and value for customer. In her role, she advises leaders on how to build effective CX measurement programs, make the case for CX, and cocreate value with customers. Maxie is a frequent keynote speaker at conferences and leads CX workshops at events.

Previous Work Experience

Before joining Forrester, Dr. Schmidt was a management consultant at Simon-Kucher & Partners. She led global engagements with firms across industries to improve products and pricing and to design pricing processes and governance. Prior to that, Maxie was an assistant professor of services management at the School of Business in Ingolstadt, Germany.

Education

Maxie earned her doctorate and taught as the chair of service management at the School of Business in Ingolstadt, Germany. She was awarded an Emerald Literati Best Paper Award for research on the frustration that customers experience in loyalty programs. She also published a book on optimizing the quality of customer interactions in contact centers.