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"Customer Insights"!
 

"Customer Insights"!

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In this slide presentation AH2 & Beyond Consulting takes a thorough look on how to gather “Customer Insight” and how to use such intelligence to grow your “Customer Database”. We also delve ...

In this slide presentation AH2 & Beyond Consulting takes a thorough look on how to gather “Customer Insight” and how to use such intelligence to grow your “Customer Database”. We also delve into the aspects of “Creating Customer Value”

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    "Customer Insights"! "Customer Insights"! Presentation Transcript

    • “CUSTOMER INSIGHT” How to get It How to use It Presented By Andre’ Harrell
    • In this slide presentation AH2 & Beyond Consulting takes a thorough look on how to gather “Customer Insight” and how to use such intelligence to grow your “Customer Database”. We also delve into the aspects of “Creating Customer Value” This presentation is for illustration purposes only to show how AH2 & Beyond Consulting can help your organization identify and grow your customer database
    • Ultimately, by bringing into sharper focus the emotional and rational drivers that influence customers’ perceptions and usage of a particular product, it helps to get a clearer perspective on what opportunities can be gained by this unique intelligence.
    • Introduction • The goal is to try to uncover the powerful yet hidden forces that shape customer’s attitudes,beliefs, motivations and behaviors. • In this presentationwe will look at the cultural drivers that shape and inform how customers think about and navigate choices, including understandingtheir belief systems particularly as it pertains to risk taking.
    • “Why I Buy” There was a survey conducted of more than 1,000 customers who were asked “Why do you buy”? • When there’s a need 1st, customers buy from people they know, trust, and like. • Customer Service, Value, and Cost head up as being the top 3 parameters. • The company’s “Vision” is becoming attractive
    • Ranking “Buying Process” Current Satisfied Customer Grassroots Referral Customer Who Has Not Bought Market Leader (Expert In Field) Social Media Search outlets (e.g. google etc) T R U S T R E L A T I O N S H I P
    • Ranking “Buying Process” • Current Satisfied Customer: Of course, customers are going to continue buying from their satisfaction/comfort, however it’s “Value” that’ssatisfying….staying as a current customer is dependent on that. • Grassroots Referral: As a customer you may not have the information on a product/company so you rely on a friend/confidant for opinion (e.g. word of mouth grassroots referral). • Customer Who Has Not Bought: You’re a current customer who has not purchased anything yet, the key is for the company to stay top of mind when a need occurs. • Market Leader (Expert In Field): Customers are attracted to the market leader because there’s a sense of better quality and confidence. Companies strive to get to this level of competence. • Social Media Search: The last ditch effort for customers who have no knowledge of the product, company or service. Google becomes the “Yellow Pages” for information. It would serve the company to have a stellar reputation and SEO optimization benefits.
    • “CUSTOMER SEGMENTATION” Capturing “THE ESSENCE” Of The Customer
    • Why Segmentation? • Helps to identify appropriate market channels to play in • Customer type segmentation provides laser brand focus • Market & Customer Segmentation leads to: – Brand Product Positioning – Sales Force Deployment – Target Audience Identification – Forecast Development
    • Segmentation Dividends • Quantifies growth opportunities and leverage points • Identifies richest targets – Identifies customer characteristics that may explain likelihood to identify need and advocate for a product/service – Identifies customer characteristics that may explain early adoption of a particular product/service – Identifies market characteristics that may explain likelihood of product/service access and usage • Ability to maximize marketing investment by segment – Invest in “richest targets” – Allocations based on launch timing – Institutional targeting plan at a hospital & physician level
    • “Action Segmentation Analysis” Where to Play? Which customer segments do YOU want to target?
    • Market Characteristics Customer Characteristics 1. Choose the most meaningful and actionable segmentationvariables to put on the axes 2. Putvariables 2. Combine variables on each axis in a way that will further explain differences in behavior(s) Process for Creating “Segmentation Frame” 3. Identify, characterize and prioritize the segmentswithin the frame
    • “Segmentation Variable Prioritization” CustomerVariables  Analytical  MSP BehavioralSegments  Amiable  Driver  Expressive  CustomerAge  Position in Community  Career/Positionin Career  Purchasing Habits  Product Use  Education  Living Location  Homeowners/Apartment etc  Organization Memberships  Marital Status  Family (e.g. children) Initial Set of Variables Market Variables  CustomerPopulation Density  Geography  Level of Competition  Indifference Market  Apathetic Market  Satisfied Market  Hospital Access (Example)  Retailers  Diversity  Income of Market  Demographic  Socio/Cultural  User Behavior Market  Psychographic Evaluation Criteria  Meaningfulness Testing* – Differencesbetween values generated by cuts in variables – Statistical significance of differences – Review of population distribution generatedby cuts in variables  Action ability Examination – Available databases (higher) vs. further investigation or guess work on the part of the company  Hypothesizing and assessing correlation between variables Customer Variables  Traits  CustomerAge  Position in Community – Career – Community Involvement – Organization Memberships Market Variables  CustomerPopulation Density  Geography  Level of Competition  Market Behavior – Indifference – Apathetic – Satisfied Variables Used in Segmentation Frame
    • Market Axis (Market Population Example)  Customers in communities with a surrounding hospital health service area population of less than 100,000 peopleare significantly more likely to both identify need for and advocate for Product than physicians in areas with populations of 100,000 or more  Markets with less than 100,000 areas tend to be smaller (fewer hospitals), less busy (fewer target procedures per surgeon), under less competitive pressure (fewer hospitals in surrounding health service area) and are highly unlikely to be teaching hospitals Customer Market Customer Population Less than 100,000 Customer Population 100,000 or more Cust POP Pop Dens <1500 ppl/mi2 Pop Dens 1500+ ppl/mi2 Other Geographics Market Population 44% 33% 29% 24% 0% 75% % Likely to Identify Need for Product % Likely to Advocate for Product MARK Pop. Less than 100,00 MARK Pop. 100,000 or more 33% 51% 38% 55% 0% 75% % Product Share % Product Share MARK Pop. Less than 100,000 MARK Pop. 100,000 or more % Share % Customers Highly Meaningful * * * *
    • Questions Explored  What makescustomersmorelikely to becomeproduct advocatesfor a product? – Specifically, what are the drivers for Segment I and III?  What makescustomerslikely to becomehigh usersof product at time of launch? – Specifically, what are the drivers for SegmentsIV, V and VI?  What accountsfor the differences in product advocacy / usage between older and younger customersin SegmentsIV, V, and VI?  What othermarket attributes help explain why population density is a meaningful cut of Segment IV? The “Why” (Behind Product Segmentation) Customer Market Higher Customer Volume (Population) Market/Customer Behavior Urban/Rural Population Volume Demographics Apathetic Indifference Age <50 Age 50 and over Market Population Less than 100,000 Market Populati on 100,000 or more MA RK Pop Dens <1500 ppl/mi2 Pop Dens 1500+ ppl/mi2 Other Markets III III IVa V VI IVb Primary targetsfor product advocacy Potential customertargets for productusage (IVA + IVB) IV
    • Conclusions • Original/Initial segmentation assumptions should be validated by quantitative & qualitative studies – Customer & Market Behaviors – Customer & Market Purchasing Habits • Breaking the overall markets into smaller sub-segments (e.g. population, density, demographics) can help identify customer and market needs. • Thorough segmentation places you in a competitive position to compete in markets that are Apathetic, Indifferent or Satisfied. • Helps Marketing to be more efficient and laser focus on specific opportunities based off segmentation results.
    • “CUSTOMER LOYALTY” How Does STARBUCKS DO IT? How Can You?
    • “Establishing Customer Loyalty” • Customer Intelligence – Customer Base Definition – Determining customer Expectations, Needs, and “Dreams” – Identifying the “Customer “Value Proposition” – VOC (“Voice of Customer” Feedback) • Obtain and Maintain The Customer Relationship – Executing on Customer Commitments – Deliver positive customer experiences – Address negative feedback quickly and appropriately – Build on network relationships – Create a “Corporate Environment” built on customer service – Performance Metrics
    • Customer Intelligence Customer Base Definition (5 Step Approach) 1. Develop a “Product Champion” database (your loyal customers) 2. “Customer Segmentation” your clients as explained in previous slides 3. Account Management (identify your top accounts, leverage relationships) 4. Uncover the individual contracts you have and continue building those relationships that have the opportunity to use more product/services 5. Develop “Referral Database” which is driven by existing loyal customers
    • Customer Intelligence Determining Customer Expectations, Needs , and “Dreams” • The key is to first ask the customer what their expectations/requirements are, this will become your “Standard of Excellence” • Develop “Communication Channels” that stay in consistent touch with customers to gather feedback, ideas, and room for improvement Satisfaction Loyalty Loyalty Gain Customer Commitment Meet Customer Needs Exceed Customer Expectations Meet Customer Requirements Anticipate Customer Needs Develop “Product Champions”
    • Customer Intelligence Identifying The Customer “Value Proposition” • A somewhat controversial strategy is to have customers a part of the innovation process, this creates “Personal Value” • Build “Focus Groups” that are transparent in terms of providing “Real Time” feedback • Develop a “VOC” funnel process that receives consistent feedback from the customer on what “Value” means to them
    • Maintain Customer Relationships Executing On Customer Commitments • Ensure you “Inspect What You Expect” from the feedback you gather from your current customer base. Fully understand your customer’s expectations • “Time-Bound”…never deliver or execute “Tardy”. “Perception” and “Reality” of poor quality will be determined by the customer if timelines are not met • Creating a “Culture” where honoring customer commitments has to be priority #1, this can be done by adequate training, competency development, and employee performance metrics • Again, develop a customer “Communication Channel” so that there’s accountability to ensure commitments are met
    • Maintain Customer Relationships Delivering On Positive Customer Experiences • Consistently stay abreast of the customer’s experience with your product/service, and it has to be time-bound. • Verify “Positive Customer Experiences”, this can not be assumed but verified by following up with the customer. • Leverage “Positive Customer Experiences” by developing a “Best Practices” platform that creates a corporate culture of customer service. • Delivering on positive customer experiences also provides an opportunity to develop “Product Champions” who can help provide a grassroots campaign of communicating your company’s customer service. Positive Customer Experiences Assessment Identification Experience Execution
    • Maintain Customer Relationships Address Negative Feedback Quickly and Appropriately • Depending on how efficiently you address or recover from a negative occurrence will define whether a customer stays or leaves your business • Business School 101…always accept the negative feedback even though it’s misplaced or incorrect. It’s how you handle the crisis that’s important. • Empathize with the customer, and yes “The Customer Is Always Right” to a point. Customer “Education Programs” provide a connection from the company to the customer on how to rebuild from the mistake or negative feedback • Learn from your mistakes, and again this should be part of your company’s “Best Practices” to ensure a similar mistake/poor feedback is handle properly in the future
    • Maintain Customer Relationships Build On Network Relationships • The best “Public Relations” is when your best customers spread the news of your company’s customer service policy • Develop a repository of your TOP customers where consistent feedback can be gained by communicating with them regularly. • Developing “Incentive Programs” for loyal customers to help leverage and bolster that networking relationship • The network can help introduce company to “New Customers” • Many companies have internal committees dedicated to catering and building a “Professional Network” with loyal customers, a model worth looking into
    • Maintain Customer Relationships Performance Metrics • There should be 2 categories of metrics built, one for the company and one for the employee • “Inspect What You Expect” and the best way objectively is to develop a metrics platform that captures tangible results The Potential Process: Confirmation on Objectives Determine frequency of evaluation process How will the data be used? How will the results be communicated? What measurement tools will be used? Clarity on what is Measured Getting internal/external stakeholders involved Internal “Competency Model” built on CustomerService Build “Execution/Strategy Plan” from results
    • “CUSTOMER FOCUSED TEAM” BuildingA “CustomerFocused” StandardOf ExcellenceTeam”
    • Hiring “Customer Focused” Team The initial hiring period is a critical time for any company. The learning curve is steep with an expansive amount of knowledge to acquire and understand – about a company, culture, products, customers, and competitors. The New Hire should have and obtain customer focused skills that are required to help sell our products in a variety of settings and in a complex and dynamic market.
    • The Goals of a New Hire “Customer Focused” Training Process  Deliver continuity and consistency in the training of the “Customer Experience” for more predictable success  Accelerate the time to positive impact on customer/business results  Ensure that training focuses on what a “Positive Experience” looks like for a customer (“What Good Looks Like Training”)  Provide “Customer Simulations” training to address variability outcomes and realistic business needs  Develop shared ownership for “Customer Focused” success between Manager, New Hire, and the Training Department Hiring “Customer Focused” Team If your company has developed a sound process to ensure the success of a “Customer Focused Team”, it should follow the below goals:
    • The guidelines are meant to provide structure to set the New Hire up for “Customer Focused” success by:  Crafting a balance of individual work and support, where the New Hire takes ownership of their learning, while being guided by the Manager and Company  Providing a blend of “Customer Learning” opportunities that include self-study, field-based customer interactions, and home office classroom application  Ensuring frequent contact and constant communication, including a comprehensive progress report and a formal readiness review by the Manager Hiring “Customer Focused” Team The Guidelines of a New Hire “Customer Focused” Training Process
    • What Can the New Hire Expect?  Orientation sessions conducted by the Manager that establish expectations for success  Structured self-study that includes on-line modules, review sessions with company mentor (A company “Mentorship Program” should be developed)  “Customer Focused” training resources designed to ensure a consistent training experience that is aligned to the company policy/culture and company direction  The Manager will have regular contact with the New Hire during self-study to reinforce understanding of the “Customer Focused” training content  Pre-Home Office Training and Post-Home Office Training field sessions will support the transfer of knowledge from the classroom to execution in “The Field” The New Representative will build “Customer Focused” knowledge and skills through a training continuum that utilizes a blended approach incorporating home-study and field experiences. The training process includes:
    • The New Hire is accountable for his/her success  s/he should communicate with the Manager as needed to ensure a complete understanding of the “Customer Focused” training process and the objectives of each phase of training. The New Hire should focus on learning the “Customer Focused” information and successfully completing the required assessments  The Manager will make frequent contact, and the New Hire will be asked to verbalize their understanding during review sessions. In addition, the New Representative will have the opportunity to spend time in “The Field” with mentor  This important training time should be used to apply self-study lessons learned to real-world situations. New Hire Expectations
    • “Creating Customer Value”
    • • Create a professional and engaging approach to “Creating Customer Value” that is based on providing value • Help our employees to engage customers using confidence, integrity, pride, and empathy • Moving our customers quickly to the “Loyal” phase so that we maintain a “Customer Relationship Base” “Creating Customer Value CULTURE” GOALS:
    • Purpose of “Creating Customer Value CULTURE” Gain Loyalty/Drive Business To understand customers’ challenges To identify needs To provide solutions and value To create a partnership
    • Building Customer Relationships  maturity  reliable  respectful  positive intent  genuinely cares Character  Product Knowledge  Market Knowledge  Company Knowledge Competence TRUST
    • Gallup Sales Analysis Customers who felt strongly positive about the company and their salespeople were 12 times more likely to continue repurchasing the product . . . evidence showed an emotional connection or attachment was important . . . price was not a significant driver of repurchase intentions. Smith and Rutigliano, Discover Your SalesStrengths, 2003
    •  Active Listening means being in the moment with your customer  Watch non-verbal cues  Clarify and confirm your understanding of points made by your customer by:  Restating or Summarizing  Acknowledging verbally and non-verbally  Use silence to your advantage Culture of “Listening” to Customer
    • • People are on average only about 25 percent effective at listening • The number one reason for business failure is communication • Very few people ever work on this skill • The most fundamental aspect of selling a product/service is to listen to customers’ needs “Listening” Did You Know?
    • A recognized need that is not critical enough to your customer to warrant action A need that the customer believes is critical enough to warrant immediate action. Can be called a ‘motivator for change’ SURFACE NEED ACTION NEED Culture of “Providing Solutions”
    • “Creating Customer Value CULTURE” Establishing a culture that’s “Customer Focused” first one has to build a “Vision” where the customer is an integral part of the company’s credo. Your organization must understand and buy into the organization's service vision and “Customer Focused Plan. Training has to be a priority when educating employees and orientating them to a “Customer Focused” infrastructure. Corporate Leaders must demonstrate by example the customer focused “Vision” on a daily basis. Performance metrics must be put in place in order to track performance and provide opportunities for improvement and development. Educating Your Company On The Virtues of “CREATING CUSTOMER VALUE”
    • “THANK YOU”!
    • Checkout my presentation on “Global Sales & Marketing Excellence Plan-Example”! http://slidesha.re/1dBavAO You can also checkout my background/work by clicking on the following links: http://www.slideshare.net/aharrell2000 www.linkedin.com/pub/andre-d-harrell/5/13/382/ http://thesalesprofessionalnetwork.blogspot.com/ www.ah2andbeyond.com https://www.facebook.com/pages/Sales-Marketing- Management-Consulting/267898536570725
    • Andre’ Harrell AH2 & Beyond Consulting www.ah2andbeyond.com 267-221-8529