Is Your Customer Experience Program Delivering Metrics or Revenue?

Several years ago I had the opportunity to visit the Great Wall outside of Beijing. I was with a large group and we all climbed the first segment of the wall up to a lookout point, about 400 meters up. The steps were very narrow and steep, so most people, including me, turned around after that segment. There were a few ambitious people in the group who decided to keep going and trekked an impressive distance. Apparently, there was a lookout point further up that was breathtaking.

The group I descended with decided we needed something to commemorate the visit. My friend Troy came across a plastic medal in one of the souvenir stands. He wore it proudly and posed for a picture as we laughed about how superficial the award was. He said he was going to take it home proudly and tell everyone about the great feat he accomplished in China, leaving out the small detail about only climbing 400 meters.

Troy didn’t really care about reaching the summit, but if he had, the medal would have been exactly what it was: a plastic, meaningless metric used to approximate success while not actually representing success.

I thought about this story when recently speaking with a client about Customer Experience Analysis. The client was trying to Read more

7 Steps to Identifying and Validating Market Problems

Market ProblemsThis week, we kick off our series of blog posts focused on showing how win loss analysis can help you become an expert on your market and gain a deeper understanding of the problems inherent in your target markets. Pragmatic Marketing teaches that the Market Problems activity is the cornerstone of their framework, defining this activity as discovering problems in the market by interviewing customers, recent evaluators, and untapped potential customers, as well as validating the problems identified to show their pervasiveness and impact on your market.

New product failure rates are high. Studies indicate that we can see new product failure rates of nearly 90 percent. A study done in the food industry showed that the failure rate for new products was between 70 and 80 percent, but that the U.S. Top 20 food companies were enjoying a success rate of 76 percent for their new product introductions, while the other 20,000 food companies had only an 11.6 percent success rate for their new products. The biggest difference between the top 20 and the bottom 20,000? The lack of market research.
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