B2B Customer Feedback Program Potential Evaluation
Most businesses agree that getting customer feedback is a good idea…but is a process and a program right for your company at this time?
Whether you are considering a Customer feedback program for the first time, or wish to “re-calibrate” and existing program (or programs), such an evaluation may prove highly beneficial.
An assessment of your goals, needs, and financial and human capital resources can be made to determine the potential for successful implementation and ROI from a Customer Feedback program in your company. Assessing the potential for success considers how “ready and able” the organization is to imbed, manage, and benefit from either an in-house or third party managed customer feedback process. This includes:
- Existing customer programs in place…and alignment with company strategies and goals
- Performance improvement and change management expectations vs. capabilities
- Existing market, sales, and customer information, and surveys
- Program Design Alternatives
- In-house vs. Vendor alternatives
- Positioning, Sponsorship, and Leadership of the program
- Cross functional porosity and cooperation
- Performance improvement and change management capabilities
- Estimated Program ROI
A Customer Feedback Potential Evaluation can be accomplished in a short period of time, and be delivered as a workshop or with key individuals to socialize and support actions and activities based on the findings.
Account Based Intelligence
ABM, or Account Based Marketing is becoming a key technique for B2B marketers looking to adopt a more sustainable approach to the development of prospects and clients. It is a marketing technique that encourages businesses to strengthen their relationships with the customers they value the most via more comprehensive understanding of the B2B customer as an “account” composed of multiple individual contacts.
Account Based Marketing focuses on accounts which are most likely to generate revenue. Accounts are shortlisted based on desired characteristics such as industry, line-of-business, size (revenue, employee), geographic location…generally, as best-fit targets.
Within these targets, the key is to understand where B2B prospects (as individuals…decision makers and influencers) reside in the evaluation and buying cycle as it relates to driving and sustaining revenue and profits.
Fundamental to effective ABM is Account Based Intelligence (ABI), where key contacts are identified and “mapped” across a specified set of accounts to assess relationship strength, business needs and revenue enhancement potential. This information is then ported into an Account Level Dashboard/Contact Database to direct where sales team top opportunities exist.
ABI typically addresses 25+ enterprise level prospects. Conversations with business influencers and decision makers are developed to provide account and individual contact specific intelligence: who the right people are, their opinion of your company, and their willingness to engage and expand their relationship with you.
The opportunity to understand your customer at such a deep level has often been something marketers have struggled with, mostly because the data hasn’t been there to support it. Though ABI techniques, specific individual data can be developed to support and drive high very levels of account management effectiveness.
ABI design and implementation can be provided as an adjunct/enhancement to existing customer feedback programs or established as a highly cost effective, revenue driving stand-alone process.
Customer Insight Managed Program Implementation
B2B customer expectations are greater than ever and will continue to rise at an exponential rate as more alternatives are available, switching is easier, and there is a continuous, rapid evolution of new competitors..
We have more sources of customer information than ever before, and yet it is ever more challenging to capitalize on it. The good news is that B2B Customer Relationships can be measured and monitored to produce a high ROI…if done right.
It’s a challenge to measure business relationships: many companies succumb to simply tracking the number of purchases made or patterns of buying behavior….and using a survey to ask a B2B customer whether they are ‘loyal’ or will “refer” seldom provides a valid measurement.
The key to B2B relationship measurement success is in understanding the attitudes as well as behaviors that are fundamental to relationship strength, such as the likelihood or potential, to:
- Continue purchasing products and services at the same level or greater
- Purchase other products and services offered
- Believe your products and services are superior
- Not actively seek alternative providers to replace you
- Provide opportunities to correct problems vs. using these for weakening the relationship
- Recommend your company as a trusted business partner, beyond just for products and service
An effective B2B customer measurement and management tracking mechanism can be designed and implemented at a fraction of the cost of just a few years ago, based on current technology and leveraging the most effective customer data mining and analytic techniques.
B2B customer feedback systems and related internal education and discipline can be created, implemented and producing performance improvement results in about 45 days…with an ROI typically ranging from 5-10:1 on the investment.
I can work with you to design and provide a B2B customer measurement program that will effectively serve the goals and results you wish to accomplish from accurate and reliable customer feedback.
A B2B Customer Alignment Methodology so powerful it deserves a page of its own: Here
B2B Survey, Analysis, Reporting and Case Management Software
There are a number of Software/SaaS /Cloud platforms available that put you in the business of executing surveys and managing the results. Achieving success with this software (aka ROI) can be difficult. Many vendors present their software as if they are providing consulting and advice in the field of customer insight or customer experience management, but in reality, few do so. Most are pure software plays with window dressing.
Worse, at this time virtually none of the current survey software providers are providing a system specific to, or capable of providing, genuine B2B relationship measurement.
I can advise you on how to move through the minefields of choosing a survey platform, particularly the risks these can incur in creating an undesired DIY situation in your company that can be costly, highly unproductive, and lead to activities that stray from the major goal of better B2B relationships.
As an Affiliate of the only specifically designed B2B Relationship Measurement and Management Portal, I can demonstrate what a “cutting edge” managed B2B customer feedback service can offer.
Methodology and Design Advice and Assistance
Relationship Modeling, Journey Mapping, Customer Segmentation, Net Promoter, Key Driver Analysis, Customer Blueprinting, Customer Defection-Early Warning Detection, Survey Response Management, Text Analysis, Internal Data Linkage….and more.
There are many methods and approaches to effective customer feedback design. Any one of them can produce valuable results or be a real dud, depending on the circumstances, the application, and the relevance to the goals, issues, and problems to be served.
Too often, a methodology becomes popular….a “design du jour” whether it is appropriate, effectively implemented, or has any chance of producing a reasonable ROI.
In the end game, we need to remember that advanced analytics, no matter how sophisticated and seductive, need to serve as an enhancement, not a diversion, in driving business growth:
- Improving customer retention: Targeting customers most at-risk and/or with greatest sales potential
- Increasing wallet share: Identifying customers most likely to upgrade or increase purchases
- Growing revenue: Accurately seeking customers in need of new products or services
- Optimizing productivity: Pinpointing customer service demands and trends
- Locking out the competition: Fully understanding and anticipating customer needs expectations for products and services
An assessment of the best B2B measurement approach coupled with design and implementation expertise can provide assurance of a more successful application and ROI from such advanced analytic methodologies.
Vendor Selection Assistance
Choosing the right third party to assist, mentor, or manage your customer feedback efforts can be challenging. Preparation of RFP’s can be burdensome, and if not properly accomplished, can produce an incredible time consuming, laborious evaluation effort. My experience with most of the major vendors coupled with my learning as a research manager in selecting and managing vendors can help you through the process. For a window into this experience, click here: More about John
B2B Executive Interviews, Decision Maker Roundtables, Account Based Information Reviews, In-depth Interviews (IDI’s) Root Cause Investigation, B2B Customer Forensics, Customer Forums.
If you agree that B2B customer relationships need to be managed “from top to top” in each company, then you have a myriad of powerful one-on-one conversational methods that can be employed to effectively expand, intensify, and accelerate knowledge, understanding and empathy to develop and cement lasting, sustainable and profitable customer relationships.
My experience at the highest levels of management with small, emerging and large global businesses can be leveraged to quickly enhance your understanding and management of the landscape between you and your most important business customers.