Improve CX Using 80/20
A Focused Strategy Equals Better Results.
You may be familiar with the modus operandi of typical customer insight (CI) studies: interview hundreds of customers, ask hundreds of questions and deliver hundred-page reports. While this process may give you encyclopedic knowledge about your customers and make for an entertaining read, successful CX leaders choose a focused plan over a shotgun approach.
Our 80/20 team has proven time and time again that the top quartile of customers generates 89% of the revenue. If you cater to your top customers, everything else will fall into place. Accordingly, we started looking at customer insights through an 80/20 lens. We pivoted to interviewing a handful of decision-makers from top accounts — people who not only have a say in whether to award you more business but also have intimate knowledge of your performance. We shortened our interviews, focusing more on the holy grail trifecta of customer insight – pricing, competitive intelligence, and innovation – and we drilled down.
We Will Do More.
We will do more than determine how your prices rate on a satisfaction scale from 1-10. We will help you with pricing strategy. We will ask how you are priced compared to the competition and we will take it further. If you are priced higher, we will determine if you are priced fairly because of your superior quality, industry-leading technology, or devoted customer service reps. If you are priced lower than the competition, we will determine if a price hike is in order and how much of a hike your customers will tolerate.
We will also find out which customers prefer a competitor over you, in which instances, and why. Maybe your product quality is excellent, but your account reps are understaffed and slow to return calls. Maybe you overpromise on delivery dates and fail to notify customers of delays. Maybe tech support is hit or miss because several veteran engineers have retired. Whatever the reason, we will find out why customers are awarding business to competitors instead of you, and how you can win them back.
Then, we dive into innovation. Companies often do not have a good read on the innovation needs of their customers. Some cranked out amazing, state-of-the-art products decades ago and have been resting on their laurels ever since. In that case, the feedback is simply a call to action. Many companies continuously innovate but do so ineffectively. These types of companies rely solely on the ideas of their brain trust of engineers who develop products that are intriguing in theory, but useless to end-users. Other companies keep their ears to the ground and seek the opinions of end-users, but do not prioritize the ideas of their top customers. The innovation feedback we unearth will tell you which projects to tackle and the right sequence.
Making it Easy.
The result of our new 80/20 focus? You no longer need to identify your entire world of customers, wait months for them to be interviewed, then sift through a hundred-page report trying to figure out which findings are important. Now, you simply identify the decision-makers of your top 10 accounts. Their focused interviews will result in a streamlined, easy-to-digest, 20-page report that delivers eye-opening insight and a manageable action plan. Through our new 80/20 focus, you will get more value out of CI.