Customer Experience Analysis Best Practices, Insights & Tips

We share customer experience analysis best practices, insights and tips in our Voice of the Buyer blog. By reading the following articles, you’ll gain perspective on customer experience analysis and how it will benefit your team. Find out how customer experience analysis will help you retain revenue at your organization – not to mention that customer experience has another  benefit: you’ll boost your career with those happy customers (and number increase).

By the way, if you’re new to customer experience analysis, start with this infographic or download this guide.

Customer-centric Organization

Sales Insights: The Key to Being a “Customer-Centric” Organization

An August 23, 2017 newswire summarized the findings of a survey done by Pegasystems with 250 global financial services companies. Some of the results:

  • 79% agree financial institutions will move from product-based selling to focus more on personal relationships in the next 5 years.
  • Only 31% deploy relationship-based sales models to any degree and only 1% fully leverage them.
  • 29% are mired in product-based selling.

As with changing the direction of a battleship going full steam ahead, getting your organization to migrate to relationship and buyer outcome selling is not something that can happen overnight.

Read more

Sales Teams Understand Buyer Needs

Why B2B Sales Professionals Must Understand Buyers’ Needs

Why is understanding business needs so critical to B2B buyers?

When buyers feel confident the sales rep understands their pain points, they’re also reassured that the rep will find the best solution to address those pain points and fill a need. In fact, solving business needs is a high priority for B2B buyers. Sales professionals who understand these needs will solve fundamental business problems for their buyers and have a greater success at closing deals than their counterparts who choose not to listen at all.

However, gaining a deep understanding of these buyers requires significant effort, patience, and good listening skills. It’s a journey that can take quite some time to perfect. When you’re a sales rep and you’re selling a product or service to a business buyer, understanding the other person is critical to your career success. Among other items, you must discover:

Read more

Selling to the B2B Market

3 Things You Must Know Before Selling to the B2B Market

In recent years, selling to the B2B market has presented new challenges for companies such as buyers’ growing tendency to vet vendors using online research and the interplay between the B2B and B2C buyer experience.

B2B buyers identifying and selecting their top tier of vendors for purchase evaluations—including the short list of contenders—often do so with very little or NO input from sales or company reps. Buyers also expect excellence from their vendors, based largely on their expectations from their experiences as consumers in B2C transactions.

So, what should companies selling to the B2B market know before they engage with their buyers?

Read more

Types of Customer Data to Collect to Improve Marketing Strategy

The Types of Customer Data to Collect to Improve Marketing Strategy

When some marketing professionals think about surveys, they generally think about close-ended feedback. Close-ended feedback, which is typically collected in online surveys, involves rating scales, “check boxes” of applicable categories, “yes/no” questions, and other data that is typically quantitative.

Close-ended feedback is usually efficient and straightforward for customers to answer, as well as straightforward for organizations to analyze. This type of customer feedback also provides the ability to easily compare different parts of the organization, different team member’s effectiveness, and overall customer experience from a quantitative, “temperature-taking” perspective.

In contrast, Read more

Rear view mirror

Three Questions to Predict if Your Customer Will Renew

Building a strong customer base is a game of inches, as the football analogy goes. To sell the deal, you have to find the right market, build the right product, and create a strong buying experience. But, as we all know, that’s only the first touchdown. You continue to sell and resell your product every day the customer uses it (or worse: doesn’t use it). You’re reaching for the next touchdown — a renewal, new engagement, or up-sell — with every customer interaction.

It’s the norm now for companies to track and measure the experience of their customers after the sale, and spending for customer retention programs is on the rise. A 2014 Harvard Business Review survey found 53% of executives saw customer experience management as a potential competitive advantage and 45% made it a strategic priority. And yet, how customer experience measurement is done widely varies.

Read more

Stop Measuring Customer Satisfaction

We recently worked with a company trying to fix their high customer attrition rate with annual customer satisfaction surveys. Their survey project was successful. Fixing the attrition rate was not.

But why?

The company measured satisfaction, and the numbers said customers were not satisfied. To raise the numbers, the company formulated and implemented action plans. Sounds like a solid plan, right?

The problem: the company was measuring how their customers felt, but not why they felt that way. They knew perception of their services was low, but couldn’t figure out why. Measuring satisfaction provides no predictive analytics that score the likelihood of renewal.

Read more

Share B2B Customer Experience Insights with Employees

Six Tips for Sharing B2B Customer Experience Insights with Employees

At Primary Intelligence, broad access to customer experience (CX) information is viewed as a best practice since this gives employees, managers, and executives deeper insights into customer perceptions of the organization. Widespread access also allows individuals at every level to construct possible remedies to address customer concerns and gives impetus and support for new initiatives.

Research from the State of Customer Experience revealed the groups with greatest access to customer experience information are executive management (81 percent), sales management and leadership (79 percent), and marketing (74 percent). Interestingly, less than half (49 percent) of organizations provide access to customer experience information to their sales support and enablement teams. “Other” groups with access to customer experience data include support, human resources, legal, quality, engineering, and operations.

Share B2B Customer Experience Insights with Employees Chart

 

Even if the desire exists to share CX data, however, putting a mechanism in place to ensure customer feedback is available throughout the organization can be challenging. In fact, it’s a stumbling block that many companies encounter, especially when they’re large and geographically dispersed.

Read more

Salesperson making a Discovery session call

Three Tips for Communicating with B2B Customers

Communication is a key theme in customer experience, also known as CX.

Yet some organizations still believe it’s scary to communicate with their customers.

Confirming problems and issues means you actually have to do something about them, you have to fix them, to let customers know you heard them and are addressing their problems.

But communicating with customers drives trust and helps to ensure they realize your organization is serious about accepting and acting upon customer feedback.

For example, one financial services company sends out surveys to all new customers and existing customers with new service offerings requesting their immediate feedback. This helps to ensure that customers who are dissatisfied or who had a poor experience are identified in real time, with “red flags” mitigated quickly. An action plan is formulated by the account team for immediate follow up.

Here are three tips for communicating with B2B customers.

Read more

Unexpected Benefits of Customer Experience Programs

Four Unexpected Benefits of Customer Experience Programs

Win loss analysis is not the only form of buyer analysis. Another one occurs long after the sale. Customer experience interviews focus more on the product and solution than on the buying process and provide insights on key capabilities, missing capabilities, and ideal market profiles.

Customer experience touchpoints should occur immediately after the initial implementation of your solution and again periodically throughout the life of the solution’s use. A common practice is to engage with customers every six months to measure their satisfaction and identify areas for improvement in product, support, and training.

During its research, Primary Intelligence discovered four unexpected benefits from Customer Experience programs:

Read more

Prescription pills spilled on table

Customer Experience Insight Saves 1.5 Billion Dollar Renewal

In the dog eat dog world of pharmaceuticals, winning or losing your renewal contract has heavy ramifications. Knowing your customers’ experience and the key decision drivers that keep them coming back is critical when playing at this level, as the competition is fierce, and loyalty is in no way guaranteed.

Knowing your customers’ experience and the key decision drivers that keep them coming back is critical when playing at this level, as the competition is fierce, and loyalty is in no way guaranteed.

We helped a major pharmaceutical company that needed to win that fight come hell or high water. All suspense aside, you already know by the title of this post that they were successful in exploring the voice of their customer to win the deal.

By incorporating a customer experience program, our client successfully renewed a billion dollar contract. Here’s how we helped them do it.

Read more

B2B data analysis to understand the marketplace

Heard Enough About Big Data? Try Little Data Instead

Much has been written about Big Data, including the insights that can be gleaned from thousands or millions of data points, especially in the data-rich B2C market.

But what about Little Data? What can we learn from just a few data points? And when is Little Data appropriate in market, competitive, and buyer research?

We’ve often been asked how many data points are “good enough.” Clients who have worked in consumer marketing expect answers with phrases such as “confidence level” and “margin of error.”

Read more

Buyers sense of urgency - fire alarm

Do Your Buyers Have A Sense Of Urgency?

When trying to get to the end of sales cycles, sellers always seem to be in a hurry. In stark contrast, buyers frequently drag their feet before making decisions to spend money. Consider how often close dates slip for opportunities in the forecast. This discrepancy in decision time frames can cause sellers to close prematurely, offer discounts to accelerate decisions and pressure buyers. In extreme situations, deals can be lost. It often comes down to the seller’s or vendor’s agenda of needing to book orders at month, quarter or year-end.

Read more

State of CX 2016

New CX Research from Primary Intelligence Finds B2B Firms Are Getting Serious About Customer Feedback

In Primary Intelligence’s recently published 2016 State of Customer Experience research findings, we found some interesting data points to suggest that B2B firms are increasingly serious about collecting, analyzing, and responding to feedback from their customers. In this blog, we share three of the more interesting findings from our latest annual research on the Customer Experience (CX) market.

Read more

Phone Interviews w/Customers

Customer Phone Interviews: A Better Way to Gather Customer Experience Feedback [Infographic]

When collecting feedback from our customers, we know we need to get the sincerest input from them if we want to provide customers with the most valuable experience.

While NPS surveys, on-site visits, one-on-one interviews are effective ways to collect feedback, they don’t fully capture the golden nuggets we’re looking for.

Companies often neglect the most cost-effective and beneficial way to understanding customers and their specific needs.

Read more

Phone Discussion for Collecting Customer Insights

Why Phone Interviews are Our Favorite Method for Collecting Customer Insights

Primary Intelligence’s Research & Development division was tasked with developing new solutions that allow our clients to understand and act on the insights we gather through our Win Loss and Customer Experience programs. Plus, anything else we think sounds interesting.

To succeed, our lifeblood is customer insights. We want to hear how they spend their days, their problems, what they like most about our services, where they want us to improve, and everything in between. We also talk to plenty of non-customers (or, to use the marketing euphemism, “potential customers”) to identify new problems we might solve.

We’ve worked with plenty of sales leaders, and their need for customer insights was just as urgent. In fact, there are probably few jobs in an organization that wouldn’t benefit from customer insights. We all want to understand our customer better. So, how do you do it?

Read more

Customer Experience

New eBook Series: Your Guide to B2B Customer Experience

Customer Experience – also know as CX – is the collection of all experiences a customer has with your company. With the competition in today’s marketplace being tighter than ever, customer experience is more important than ever. The moment your customer doesn’t see the benefit of using your solution, they will jump ship. If that’s not enough to sway you, Read more

Expanding Revenue

Expanding Revenue Through Customer Experience Programs

All companies look for ways to grow revenue, and increasingly, employees in every department—not just sales and business development—are called upon to identify opportunities for revenue expansion. In these scenarios, department heads will often look to the organization’s existing customer base to upsell and cross-sell new products and services.

This, in turn, typically leads to questions of, “How satisfied are our customers?” and “Have our customers benefited from a good customer experience with our organization?” Having a Customer Experience (CX) Program in place helps to facilitate answers to these questions.

Read more

Win Loss Analysis means more money

Why Revenue Retention—Not Just Customer Retention—Is Important in CX Success

A Vice President of Marketing we once worked with had a saying that he would frequently use throughout his day: “Not that.”

His “Not that” saying was his way of staying focused on the most important tasks at hand and not getting sidetracked by extraneous events. “Not that” should come to mind as we juggle both professional and personal obligations. What’s most important – “that.” What can wait until later – “not that.”

As companies try to maximize revenue and profitability, they often try to determine which customers are most critical and must be retained (“that”), and which customers may not be as critical (“not that”) due to any number of reasons—misalignment between customer needs and solution capabilities, sky high support costs, or incompatibilities with future strategic direction.

Read more

Revenue Leakage Cartoon

How Well Are You Tracking Revenue Leakage?

Revenue leakage is a term gaining increased attention as companies try to shore up all potential sources of income. Revenue leakage is defined as customers spending less money with their providers than anticipated over the course of the contract. For example, if a provider signs a $1 million contract but can only invoice for 50% of the contract value by the end of the term, they’ve experience revenue leakage of $500,000.

Read more

Business Growth with B2B Buyer Loyalty

B2B Buyer Loyalty: Lights the Way to Business Growth [Infographic]

How certain are you that your organization will be asked to bid in future opportunities with a coveted account? How sure are you that customers will recommend your brand to colleagues and friends?

Primary Intelligence’s latest industry report found that 46% of all B2B buyers say they’ll consider evaluated vendors for future business opportunities with their organizations.

The report also revealed that just 40% of buyers gave high marks to vendors when asked their opinion about product quality. Even fewer buyers—just 39%—said they’d recommend the vendors they evaluated to other companies and friends.

One key takeaway: Stay in touch with buyers, even when a sales deal is lost.

Check out the infographic below Read more