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

Winging Sales Calls

“Winging It” Yields Poor Results

The recent CCS® Index showed that 53% of sellers are guilty of “winging” sales calls. Most everyone had been guilty of not doing their due diligence before going to make a sales call.

Activities that should be done as part of pre-call planning would be:

  • Visit to the prospect’s website to get a sense for what type of company it is.
  • If calling on an executive, check his or her bio on the website to understand their background and areas of responsibility.
  • Check social media channels to learn more about the buyer.

When calling on a prospect for the first time,  Read more

Win Loss Analysis Definition

What is Win Loss Analysis?

At the most basic level, win loss analysis helps sales, marketing, and product leaders understand the reasons for their organizational wins and losses so that they can increase their win rates and capture more business in the future.

Win loss programs are important at all levels of the organization because it helps explain why buyers choose specific solutions and why they do not choose others.

At a higher level, win loss programs help transform organizations as they make fundamental changes to what are often systemic problems. When managers see patterns in buyer feedback that consistently show outstanding—or sub-par—performance, they can replicate best practices throughout their organizations and avoid root cause behaviors that hinder long-term success. In this way, win loss analysis is sometimes compared to Kaizen, the Japanese practice of continuous improvement.

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Honest Customer Feedback

Honest Customer Feedback is the Cure for Insanity

Insanity is doing the same thing over and over again and expecting different results. ~ Unknown

This is obviously a cultural rather than a medical definition, but if you sell for a living, and you cannot figure out what you’re doing that’s causing you to lose deals you were sure you were going to win, you might start to feel like you’re losing your mind.

When you get some honest feedback, and start doing different things, the outcomes change, and the insanity goes away. Suddenly the world makes a lot more sense, and you’re closing a lot more deals.

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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.

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What is sales intelligence

What is Sales Intelligence?

Sometimes, it is interesting to try to classify different areas of research and intelligence to see how certain specialties have originated, evolved and grown into their own species, so to speak. This study of sales intelligence can provide intelligence practitioners with the ability to see how their efforts might support or interrelate with other disciplines.
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The Magic in a 0-to-10 Rating Scale

Sometimes you need a definitive measurement. While we ask buyers and customers a range of qualitative and probing questions, we also love to ask them to quantify their perceptions. With that information, we can provide a host of metrics which precisely pinpoint the areas in need of focus to win more business and retain more customers.

A basic output in our TruVoice software would look something like this:

 

When asking these types of questions, we favor a 0-to-10 rating scale. Why? In 18 years of experience, we’ve found Read more

Successful Tactical Recommendations for Win Loss Programs

Win Loss Analysis Best Practice Series: 4 Successful Tactical Recommendations for Win Loss Programs

As competition increases for most companies, understanding why companies win and lose sales is increasingly critical.

Since the State of Win Loss study reported more competitive activity this year than previously, gathering data about buyers and the buying process presents a clear advantage.

Successfully starting and running a win loss analysis program takes skill, patience, and tenacity. Here are four tactical recommendations to help ensure your company’s win/loss efforts are effective.

 

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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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B2B Business Intelligence Strategy with Quant and Qual Data

Why Combining Qualitative and Quantitative Data is a Long-term Strategy [eBook]

Can you imagine going into a strategy session not knowing the growth projections for your market, your product or your industry?

Can you conceive of not knowing your share of the market compared to the market share of your competitors?

Arming yourself with this strategic quantitative data is critical to understanding how to grow your market presence, how to sell more products and services and how to win more customers.

But equally important Read more

Our New Competitive Advantage Score: How we’re benchmarking your interviews against our repository of data

Over the years, Primary Intelligence has collected oodles of data across numerous industries. To give you a sense, we typically analyze thousands of deals annually, and we’ve been doing this a while. We love data. But one thing we love more than data is turning that data into something meaningful for you. This is why we’ve updated our Competitive Advantage Score.

Let me back up and recap. Read more

What a Survey Can’t Tell You

Check out the reference guide at the end of this post!

This is a true story.

A large IT services company sold a complex suite of products in a highly competitive market. It was losing customers at an alarming rate, so an internal research team was tasked with finding out why. The team set to work designing a fairly standard customer satisfaction web survey to be emailed to current customers.

Response rates were respectable – their customers wanted to give feedback.

Concise and comparable customer satisfaction numbers were generated.

The problem was defined: attrition was due to poor product performance and low confidence in the company’s future.

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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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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.

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Winning Feedback Inc. Cartoon

Yes, You Can Improve Your Win Rate With Win Loss Analysis

A client asked me to compare its performance in fiscal year (FY) 2015 to fiscal year 2014. As I looked at the data, I quickly realized that the data showed a significant increase in their win rate.

  • We evaluated 102 deals for this particular client in FY 2014.
    • 33 of those evaluated deals were wins, which represents a 32.3% win rate.
  • In FY 2015, we have evaluated over 113 deals.
    • 48 of those have been wins, which represents a 42.3% win rate.
  • This means that our client has seen a 10% increase just in the wins we have evaluated!

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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?

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Win Loss Analysis Business meeting

Want to Dig Deeper on Competitors? Consider Win Loss.

When I first began my career, there was no Internet, no cell phones, no world wide web. Intelligence was captured the old fashioned way—by spies and sleuthing. We were lucky to get tidbits of competitive intelligence when interviewing buyers about markets, products, and growth trends the old fashioned way—over the telephone.

Today, all of that has changed. Information about competitors is easier than ever to find, usually with just a few clicks of a mouse and strokes of a keyboard. But one source of competitive intelligence isn’t used nearly as much as it should be—Win Loss Analysis.

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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.

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Customer Retention example

Customer Retention: Lessons Learned from my Auto Mechanic

When my car needed to be repaired recently, I asked friends and neighbors for their recommendations. Their responses were uniform: John at Island Center Auto.

I wasn’t surprised. We had used John for car repairs in the past. It didn’t matter that we had different makes and models of cars. It didn’t matter that we didn’t know John’s last name (he’s known in the community simply as “John”).

It didn’t matter that John never answers his phone and prefers to communicate by fax. (Fax!) It didn’t matter that John doesn’t have email. Or a website. Or a cell phone.

All that was important was John’s reputation as the go-to guy for car repair.

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Three-Step Successful Win Loss Analysis Process

The Three-Step Process to Successful Buyer Feedback

After attending a SCIP conference, a market and competitive intelligence manager came away with, “We can do a lot better with the program” and “[need] to improve our interview process as well as our interview template.

At the time, the software company’s attempt to gain valuable buyer feedback using win loss analysis was built solely on telephone interviews with their prospects. Product managers were given this additional responsibility and comprised the company’s win loss team. This team was turning out 100 individual win loss assessments per year.

Their team worked with a standard list of 15 to 20 questions and feverishly wrote notes while conducting phone interviews. Since the calls were not being recorded, interviewers had to be careful to not get distracted while taking notes. These notes would later be the sole source to build their win loss report. “We found from the results and feedback we were getting that we weren’t probing enough. We identified the information we were gathering was not rich enough. We had to beef up our skills,” the manager said.

As such, enhancing the win loss program became their key initiative.

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