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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.

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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.

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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.

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Outcomes 2017 for Win Loss and Customer Experience Pros

Focus Forward: Revisiting Primary Intelligence 2nd Annual Outcomes 2017 Conference

Primary Intelligence celebrated its 2nd Outcomes 2017 conference and the following is a summary of the of the three-day event, which was held September 13-15 at the Grand Summit in Park City, Utah. Outcomes 2017 is the only conference dedicated to win loss and customer experience professionals.

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.

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Outcomes 2017 Speaker Spotlight: Debbi Tillman

Outcomes 2017 conference focuses forward in this year’s collaborative presentations and workshops.

Our conference is bringing together seasoned experts in sales, marketing, and product management to discuss current issues facing business professionals.

This year’s program features presentations from executives who will offer their unique perspectives and approaches to win loss and customer experience analysis.

Speaker Spotlight:

Debbi Tillman

Director of Program Management for Mitchell International

Implementing an Effective Customer Success Strategy session

Outcomes 2017 Debbi Tillman Director of Program ManagementDebbi has built a career around passion for the customer experience and began using the Customer Experience Survey in 2017.

Her concentration on the customer began over a decade ago leading insights and internal operational metrics programs for Starbucks Coffee Company.

She is especially interested in building holistic programs that marry insights with brand, culture, operational excellence programs and innovation.

Debbi is looking forward to collaborating with other conference attendees and experts at this year’s Outcomes conference.

She shared, “Our program has pushed us as an organization to deepen our customer relationships and focus.

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Outcomes 2017 Speaker Spotlight: Bob Acosta

Outcomes 2017 conference focuses forward in this year’s collaborative presentations and workshops.

Our conference is bringing together seasoned experts in sales, marketing, and product management to discuss current issues facing business professionals.

This year’s program features presentations from executives who will offer their unique perspectives and approaches to win loss and customer experience analysis.

Speaker Spotlight:

Bob Acosta

Senior Vice President, Casualty Sales for Mitchell International

Be A Support Tool for Sales & Account Representatives session

Outcomes 2017 Bob Acosta Senior Vice President Casualty Sales

Bob is committed to continuous improvement and development of each member of his national sales team. He is a passionate supporter of the win loss analysis program, which he credits for influencing the modification in his organization’s messaging and sales approach.

Using lessons learned from interviews and recommendations from Primary Intelligence has been a large part of his team’s improved win/loss ratio resulting in increased confidence among team members.

This is Bob’s first year to join the Outcomes conference and he is looking forward to learning from peers and presenters alike.

Bob shared, “I’m excited to connect with others driving change through client and prospect feedback within their organizations.

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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:

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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.

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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.”

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Outcomes 2017 for Win Loss and Customer Experience Pros

You’re Invited to Outcomes 2017 Conference! Unlock the Secrets to Successful Win Loss and Customer Experience Programs

Chances are, you’ve been invited to attend many conferences this year. And with good reason. Conferences are an extraordinary tool, with numerous benefits for attendees.

See, amazing things tend to happen when like-minded individuals come together to focus on something of importance. It’s why you can find countless gatherings, dedicated to just about anything.

So, with all the conference options available, why is Primary Intelligence Outcomes 2017 the one you should attend?

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Why Predictive Analytics Matters

Imagine that you are a professional poker player. As you look at your cards, you realize you have no concept of what to bet. You stare at your hand, but even though you know you’ve won pots before, you cant use that knowledge to predict your odds of winning again. If only you could use predictive analytics to increase your odds of winning.

Poker is a game of leveraging odds: pitting the chance that you hold the best hand against those of the other players. Without an understanding of those odds, a player will lose a lot of money very fast. Professional poker players are experts at understanding the odds before them and how to bet appropriately to maximize their winnings while hedging against losses.

If you are in marketing, sales, market research, or an executive, much of your job revolves around weighing the odds of strategic decisions. If you don’t have some understanding of the ramifications of each move, you can lose a lot of money very fast for both you and the company.

Predictive Analytics from Primary Intelligence filters out the unnecessary data that can distort your understanding of the odds. By developing impact scores based on statistical modeling, Primary Intelligence can point out the areas of your business that will bring you the best ROI with the least dollars invested. In this way, you can act as the professional poker player: positioning yourself for greater returns while hedging against unnecessary losses.

For more information about predictive analytics, give us a call at 800-400-2174 or email us at [email protected]

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.

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Outcomes 2016 Conference

They’ll Be Here! Will You? Meet our Experts at Outcomes 2016!

Access some of the best sales and marketing experts at Outcomes 2016! Primary Intelligence’s conference is the place to connect with our program consultants and partners, sharpen your skills, and explore new best practices.

What happens when experienced, highly-skilled experts get together? Ideas get shared, challenges are discussed, new strategies are explored, and outcomes become real. And that’s what our conference is all about.

Join us at Outcomes 2016 to find the expertise that can help solve your most complex challenges and discover new proven solutions for your business needs.

We’re thrilled to have five of our partners who will be sharing their sales and marketing wisdom at Outcomes 2016:

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Outcomes 2016 Conference

Don’t Miss Hearing From Your Peers at Outcomes 2016!

Are you getting ready to elevate your outcomes? Outcomes 2016 is just a few weeks away.

Primary Intelligence is excited to have three of our clients – your peers – as our special guests at Outcomes 2016. They will be sharing best practices and insights on how they use Win Loss and Customer Experience to close more deals, grow revenue, and improve customer success.

The following special guests will be co-presenting with our Program Consultants at Outcomes 2016:

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Outcomes 2016 Conference

Join the Conversation! Share Your Business Stories at Outcomes 2016!

Do you love sharing your stories and knowledge about your Win Loss and Customer Experience programs? Are you interested in hearing successes and struggles with improving sales and revenue? All in a casual setting?

Why not join us for roundtable discussions at our Outcomes 2016 conference in Park City, Utah this October?

A roundtable discussion is the perfect place to meet your peers and learn from their expertise and experience. Roundtable participants enjoy the informality that a panel presentation can’t supply and appreciate the candor from colleagues.

Primary Intelligence will host four roundtable discussions at Outcomes 2016:

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Outcomes 2016 Conference

Outcomes 101: Turning Data into Revenue

As with everything in life, having goals is important. Without a destination in mind, you could wander aimlessly for months or even years without really accomplishing anything. The same holds true for strategic Win Loss and Customer Experience programs.

Data may be interesting but if it’s not actionable, then it’s ultimately useless. At Primary Intelligence, our mantra for Win Loss and Customer Experience programs is to deliver outcomes – not just data.

Think of data as your roadmap to revenue through organizational change.

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Outcomes 2016 Conference

Elevate Your Win Loss and Customer Experience Programs

You made the wise choice to implement a Win Loss or Customer Experience program. Now you’re ready to take it to the next level. You want to see outcomes – real goals reached from the findings gathered. But how?

Primary Intelligence has helped your peers with the same struggles elevate their outcomes with amazing results.

Elevate Your Programs

We’re sure you are interested in replicating success experienced by those who have achieved outcomes. Attending Elevate Your Programs at our Outcomes 2016 conference will guide you through the ins and outs of a successful and elevated program. You’ll walk away inspired and ready to put it all into action.

Here’s a preview of what to expect:

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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.

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