According to the latest Customer Experience in Marketing Survey 2017: Greater Expectations, Greater Challenges, in two years 82 per cent of B2B CMOs expect to mostly or completely compete on the basis of CX, compared with 76 per cent for B2C marketers.
Meaning that competing on price and product or a combination of both is becoming much less important. This is big, really big, because creating great customer experiences will require tenacity, dedication, long term thinking, integration of data, collaboration and a cross company approach where everyone is involved. No. Mean. Feat.
https://which-50.com/why-the-customer-experience-matters/
There are a number of key pieces of information that a product manager can learn from listening to the voice of the customer which has an impact on all aspects of growing a business. The more the voice of the customer is implemented into the analysis of your sales, churn and product planning the more you can use data to drive repeatable success within your business model.
Here are 3 ways that the voice of the customer can be used to grow your business:
https://producthq.io/blog/2018/06/06/why-product-managers-need-to-hear-the-voice-of-the-customer/
We now exist in a world where technological innovation is empowering customers to expect more from the brands they deal with, to switch when they're not happy or satisfied, and share their negative experiences online.
Recently, Brightpearl conducted a survey of millennial shoppers that revealed millennials can be particularly hard to please. Over two-fifths (45%) admit to being less loyal to brands when compared to a year ago, and are quicker to abandon companies that don't meet expectations.
Buyers today have a lot of choice and an array of products to choose from, so it's understandable many brands are struggling to get customers to stick around for the long haul. An enormous 76% of shoppers report it's now easier than ever to take their business elsewhere, while a quarter of millennials would change where they buy goods, based on the shopping experience. Millennials are also the group most unlikely to return to a brand if they have a bad shopping experience.
https://www.retailcustomerexperience.com/blogs/why-its-time-for-brands-to-prioritize-the-happiness-of-millennial-shoppers/
For years price, product and quality were most important. Organizations didn’t even think of their customer needs. Nowadays the Voice of the Customer is more important than ever. In the previous blog we gave an introduction about what Voice of the Customer is and the importance of listening to the customer. The question is not so much why you want to use VOC for your organization, but when you start with it to improve customer focus.
https://www.cys.group/en/blog/why-is-the-voice-of-the-customer-voc-for-your-organization-more-important-than-ever/
The difference between a friend and an acquaintance is the regularity and depth of your communication. A friend is part of your day-to-day life. You speak often, and you’re familiar with each other’s lives. An acquaintance, on the other hand, is someone you might only encounter occasionally when your paths cross.
In business, customers should be more like friends than acquaintances. You want to stay in close contact to remain relevant to their day-to-day success. This deeper relationship is created using customer engagement. In a nutshell, customer engagement is the connection between an enterprise and the customer forged through communications.
So, why is customer engagement important? Because it forms a bond between you and your customers that encourages long-term loyalty based on mutual growth.
https://www.business2community.com/customer-experience/why-is-customer-engagement-important-and-valuable-02238103/
Great customer service experiences are few and far between, so when you have a good one, it makes a serious impression. Today, most companies don’t let their customers connect, hear a live voice -- a positive one, at that -- and build loyalty to the brand. An interaction with customer service is often the first step toward alienation, not bonding. But for brands that do it right, the contact makes a different kind of impact -- a good one.
https://www.forbes.com/sites/forbesagencycouncil/2018/09/20/why-great-customer-service-is-key-to-a-positive-brand-reputation/
Back in 2015, I wrote a post titled Hey! You Got Your Metrics in My Journey Map! In it, I advocated for mappers to add data to their journey maps. I wrote that…
…mapping tools had to evolve because people failed to see the value in mapping with the then-current approaches; in addition, maps were not proving to be that catalyst for change that they are designed to be. In order to be that catalyst, maps have to be actionable. And the only way they can be actionable is if you have some data to support or to drive that action. Executives love data and metrics, right? Data-driven decisions are all the rage, and rightly so.
What kind of data? There’s no shortage of data, right?! Obviously, the data needs to be related to the journey you’re mapping, but here are some examples of the types of data you can add to the map.
http://customerthink.com/why-do-i-need-data-in-my-journey-maps/
When retail brands started measuring CX through emails or SMS, they thought they would be rewarded with several benefits. For one, they would constantly monitor the pulse of their CX and react quickly to solve customer problems. Besides, CX conversations would start to happen across the organization and brands would have access to a benchmark. Customers would also be rewarded as they would be offered a new way to highlight issues or pass compliments. And, to a certain extent, some of those benefits did materialize.
It was the time when some software vendors were claiming CX would improve if companies simply launched a CX measurement program (be it NPS or something else, as long as it used their software) that encompasses those metrics across the organization.
http://customerthink.com/why-customer-experience-measurement-is-biased-and-how-to-fix-it/
In the ‘Customers 2020 Progress Report’ (Walker), it is predicted that Customer Experience (CX) will surpass price and product as the key differentiator by the year 2020. Right now, CX and Voice of the Customer (VoC) are considered to be the two most important areas of improvement if a business wants to remain competitive.
For a B2B company, the ability to retain clients can be the difference between success and failure. So understanding the Voice of the Customer and using feedback to inspire meaningful change is paramount. Here we look at why VoC is important for B2B, and how it should be used in order to be provide value.
https://www.iris.xyz/sell/client-experience/voc-program-vital-your-b2b-business/
Collecting and measuring team performance through KPIs is a great way to assess the effectiveness of sales processes. This is because KPIs are extremely informative when it comes to how well, or how poorly, sales teams are completing goals. It is important to select a few sales KPIs to focus on, as opposed to try to improve them all at once. Choose the ones that are more relevant to your company goals and measure them over time to get more visibility and control over your sales performance. Here is a list of 14 Sales KPIs that are commonly used by sales organizations:
https://www.business2community.com/brandviews/dealhub/which-sales-kpis-should-your-team-measure-02148257/
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