Price or customer experience--which matters more?
I bookmarked today's MarketingProf's article entitled "Three tips for maintaining a solid voice-of-the-customer program". And, I recommend that you do the same.
For one, it's chock full of useful tools that companies can use to find out what matters most to customers-and why. For another, it provides a link to some great statistics captured by Right Now in their Customer Experience Impact Report 2010 that are a good reminder of the importance of great service.
It's easy to assume that all customers care about is price
So often, I hear company spokespeople say that all their customers care about is price. This research argues otherwise.
Nevertheless, I can hear the naysayers' skepticism. The report is anecdotal. It relies on customers' self-reports-rather than their behavior. How do we know what customers really did-as opposed to what they said they did?
Also, how do we know that customer behavior doesn't vary with the type of product or service? Isn't it possible that price trumps service in some instances, but not others?
Anything's possible, but check your assumptions
Sure, it's possible. That said Right Now's report should at least motivate everyone to check their assumptions.
What's your company doing to ensure that lack of customer enthusiasm isn't cutting in to your margins?
- Are you secret shopping your own products and services?
- Are you reviewing or sampling the conversations customers have with your service personnel?
If you aren't, these ideas may offer a good starting point. If you are, the MarketingProfs article offers more automated tools that you can use to take your research to the next level.
Customer insights drive sales
Then, use that information to your advantage. Mine it for new product ideas. Capture testimonials. Broadcast the fact that your service rocks.
Learning more about what matters to your customers just may be the differentiator that elevates your company's brand above that of the competition's. Our clients find that no matter how well they think they know their customers, there are always surprises.
Have great service? Modify your value proposition to let others know using our free do it yourself value proposition guide.
by Barbara Bix - In tough economic times, more and more clients are looking to their accountants to help them improve the bottom line. Often, the best way to do that is to start with the top line-since one can only decrease expenses so far. This blog discusses concrete actions you and your business-to-business clients can use to accelerate revenues.