We all know the age-old saying, “high risk, high reward.” Well, what if you could minimize that risk when making decisions for your business? By studying the past, present and future trends affecting your industry, customer analytics does just that.
To help your company become or remain successful, consider voice of customer research for these four reasons.
So, you want to make a case for a customer analytics budget. The (ideal) problem is, your company is growing rapidly, your product is being sold to the right people, and marketing efforts seem to be effective. In this case, your boss may ask, “Why do we need customer analytics?” which is a valid question. After all, why spend resources when things are going well? Well, here is why…
Want the 411 on your industry? Don’t ask.
I recently attended a conference where coffee, danish and slightly faulty advice were served. The speaker claimed that the marketplace will be going through many changes in the next couple years, and so companies need to gather as much intelligence as they can to stay up on things within their industry.
To gather such information, his suggestion was to have salespeople ask questions of their clients — nose around a bit, get the lay of the land.
Your sales folks might indeed be able to glean some useful tidbits that way. But I’ve observed that the best companies don’t put too much stock in such an approach.
There is a famous ad from the late 1950s that read: “At 60 miles an hour the loudest noise in this new Rolls-Royce comes from the electric clock”. Supposedly after the ad ran one of the Rolls-Royce engineers said “We’ve got to do something about that damn clock.”
Today we still expect certain brands to go all out to ensure their products are as close to perfect as possible. Apple would probably qualify as one of these brands — at least, until the release of the iPhone 6.Read More
There is No Easy-Bake Oven for Building Customer-Centric Organizations
When baking your first cake, chances are you consulted with a professional. Whether that professional was an actual baker by trade or a mother or grandmother, asking their best advice is the perfect place to start.
The mistake in this process is to consult with the professional after you have put all the ingredients together. If you pull the cake out of the oven and see the center has caved in or the edges are burnt, there is not much that can be done. The only thing to do is start over.