Firms are finding it difficult to build and sustain long term relationships with clients; both in the B2B and B2B2C sectors. Business sustainability is becoming less predictable with newer disruptive business models, shorter technological cycles and the fact that customers today have access to more information and a larger set of supply options to choose from.
Typical Challenges faced by Firms
INCREASING / SUSTAINING SHARE OF WALLET
How to sustain existing share of wallet and increase it through up-selling and cross selling?
REDUCING / MANAGING CUSTOMER CHURN
Why do existing customers leave despite good health of engagement?
PRE-EMPTING CHANGING EXPECTATIONS
How to evaluate needs of customers and assess their fulfillment?
CREATING BARRIERS FOR COMPETITION
How to assess competition positioning and realign strategies accordingly?
Organizations trying to address these challenges are looking at multiple avenues to improve their customer lifetime value, one of them being, a sustained focus on creating engaging and seamless experiences for their customers. To enable this, businesses are tracking experience metrics and putting in place initiatives / process changes to improve the stickiness with their customers. However the question to be answered, is how effective are these initiatives?
Firms struggle to measure customer experience metrics and effectively implement initiatives primarily for the following reasons:
- The complexity of the business ecosystem which involves multiple touch points, stakeholders and long conversion cycles. These unique interaction points across the customer journey are often not dissected to the lowest granular level with clearly defined metrics.
- Some firms already have systems in place to capture data through formal as well as informal mediums (using tools) at each stage of customer journey, however mining through this noise of data to arrive at the key drivers of satisfaction / dis-satisfaction is challenging.
- Add to this, there is often lack of strategic oversight to efficiently drive action items and initiatives to closure.
To summarize, we often notice a lack of contextualization while designing customer-centric initiatives & attempts to force fit solutions / metrics from a different industry may not yield the best results.
Hence in a B2B and B2B2C context, a custom research approach which is designed to ask the right questions to relevant stakeholders can get you those rich insights to bring change / improvement. These insights along with management oversight, can help drive tactical (short term) as well as strategic (long term) initiatives across every facet of the organization.
Our approach to listening right
At Feedback Insights, we work collaboratively with our clients as their ‘Listening Partner’. We are ‘prisoners of our client’s business objectives’ and hence believe in creating a customer research approach / survey design that will get them rich insights on the key drivers of customer satisfaction. Ours is a comprehensive data-led research approach focused on suggesting practical insights that will equip organizations to drive real business change and create improved customer experiences.
NPS Study: Evaluate the NPS score and benchmark against competition
Customer Engagement Study: Capture feedback to evaluate the health of the relationship with your clients. Usually carried out as an annual exercise
Lost Customer Analysis: Assess what were the factors that made clients shift. Also discern the relationship with their new supplier to arrive at key pointers to get back the lost client, in future
Customer Journey Mapping: Create a granular journey map of your customers. Basis this, define very clear metrics, understand needs & expectations at each stage and identify white spaces in the market
Needs & Expectations Study: Assess needs and expectation of customers and identify areas for value creation and differentiation at each step of the customer journey
Service Experience Tracking: Evaluate the performance of your service teams and basis the findings, put in place measures/training programs to improve the experience of the customer
Delivery & Installation Experience Tracking: Arrive at specific pointers to improve the Delivery and Installation experience of your customers
Complaint Resolution Experience Tracking: For every interaction, put in place and track metrics while driving improvement initiatives
Pre Sales Experience Tracking: For every interaction, put in place and track metrics while driving improvement initiatives
CSIP: Customer Satisfaction programs to strategize action plans and implement customer centric initiatives
Key Account Management: Build stickiness and up sell/cross sell to maximize the profitability of your top accounts
Account Based Marketing: Implement ABM programs for your key accounts based on a combination of experience, brand and financial metrics
To ensure that the feedback mechanism is effective, in addition to ‘post facto’ feedback we also capture ‘feed-forward’ (future looking) elements. With our deep understanding of the B2B2C environment we have built our proprietary framework that enables our clients to define the right metrics, track improvements over time as well as benchmark against competition.