Consider these 2 scenarios:
There are 2 key indicators that you need to be aware of:
i. Inbound Marketing - Dollars spent to attract customers to website, to create content such as blog, white papers
ii. Outbound Marketing- Dollars spent to advertise about the company's products - email campaigns, TV Ads etc.
b. Sales: Salaries of inside sales team or Direct field sales teams associated with the account
c. Discounts: Any discounts or coupons given to get the customer buy the product or service
d. Free services or products: Product or service giveaways to attract customers
Customer Experience programs today are helping companies increase their customer lifetime value by up-selling and cross-selling products to existing customers and identifying ways to retain most profitable customers. If you can identify a potential customer with high CLV, then you can afford to give away products or services for free in return for the customer increasing their share of wallet with your company. If not, is the customer really worth pursuing just because you want to crush competition or increase your market share?
In my previous post, I had asked a simple question - how do you keep on top of new trends happening in the marketplace? I purposely left out one program all together - Listening to your customers. How often do you or your executive team talk to your top 20 customers? Do you know them by their names? And when I say top 20 customers - I don't mean top 20 in terms of the revenue they bring to the table. I am talking about your top 20 profitable customers. In today's competitive world, it is extremely important that you are in touch with your customer and their needs. As everyone is aware, it is always more expensive to on-board new customers and much easier to up-sell or cross-sell to existing customers. However, not many executives know that, the best way to utilize your company resources is to - upgrade your product or service. Do keep in mind, there are limitations to this statement such as:
However, if you are upgrading your product or service, how do you incorporate and prioritize customer feedback? Do you have a voice of customer program? Are you gathering and prioritizing customer needs in an efficient manner? Are your top profitable or top revenue generating customers part of this program? Does your business model allow for such a feedback? For example, if you are a B2B company, neither you nor your executive team will be talking to the end-user. In such a scenario, how do you make sure the end user is heard? Are you making sure you are incorporating feedback from all your customer touch points such as Sales, Customer service, Professional services, Partners, Marketing, Account Managers etc? These are some of the considerations that your Voice of Customer program should incorporate. How do you measure the efficacy of your Voice of Customer program?
Growth Consulting Expert