From customer feedback to growth

Putting the customer at the heart of the business is something that most organizations have been talking about for years. Despite good intentions, many companies are still at an early stage of development with regard to their customer experience programs.

Creating a meaningful and transparent setup for frontline employees

Customer Experience Programs cannot be effective without the engagement of frontline employees. In the process, it is vital for succes of future improvements, that you ensure a transparent setup and engage employees in the organization. To create transparency we recommend,

  1. Involve frontline personnel in the identification of the right customers
  2. Give all relevant customers access to the individual answers via dashboard
  3. Enable account managers to resolve problems as soon as they are discovered
  4. Learn and share best practice customers
  5. Identify the necessary actions per account – grow, fix, model or move

Figure 1: From feedback to action – close the loop

Feedbacktogrowth1

Use customer feedback to prioritize customers

In the following example, we worked with our client to identify the means and areas of potential growth. We surveyed all customers, and account managers got individual access via dashboard to track progress in real time, enabling them to solve current problems as they became apparent. The last step was to include financials to estimate the relational potential based on share of wallet estimations – “how large a share of your current budget do you buy from us?”. The relational potential was estimated to be twice as big as the current turnover but distributed unevenly among customers. Our goal was to reveal which customers to prioritize.

To make it simple, all customers was grouped into four categories based on their share of wallet and their customer loyalty profile,

  • Customers with a low Share of Wallet and low satisfaction/loyalty
  • High Share of Wallet, low satisfaction/loyalty
  • Low Share of Wallet but high satisfaction/loyalty
  • High Share of Wallet and high satisfaction/loyalty

Figure 2: From feedback to growth

Feedbacktogrowth2

The outcome of the process was a pathway to capture the full potential on each account. All account managers had easy access to the different segments via predefined filters and their individual responsibility, and they received special alert information on high importance customers. Especially two categories created interest:

  • Customers who are immediately at risk of leaving. While they spent a large share of their budget at our client, they were not satisfied with the service provided. Each of these must be assessed and contacted to prevent customer churn
  • Satisfied and loyal customers who are not spending a large share of their budget at our client today have great potential. A simple call or visit was in most cases enough to increase their business considerably

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