How often have you seen expensive research gathering dust; wasted and ignore? Insights capable of helping a company become fitter, more popular and richer crowded out by today’s urgent demands?
In this multi-channel, fast moving and competitive world understanding customers better has never been more important.
Here are is the first of seven things we help companies do so they fully exploit the value locked in this rich resource. Some are simple, others require effort; all are worth striving toward.
1. Raise the bar
Too often metrics, like Customer Satisfaction (CSAT), are used to justify inaction rather than to inform change.
It is amazing how a small shift in perspective can create a huge shift in behaviour. CSAT scores are no exception. We regularly see reports where well over 90% of customers are said to be satisfied. ‘Satisfied customers’ being those who mark extremely, very and somewhat satisfied in a survey.
Faced with an overwhelmingly positive experience any change initiative can seem pointless, churlish even, after all ‘we’re doing really well’.
However it is easy to raise the bar and come to a very different conclusion. In these days of growing intolerance and increasing customer choice ‘somewhat satisfied’ just doesn’t make the grade. Seen another way it could be interpreted as a ‘bit satisfied’, or ‘underwhelmed’.
We recommend companies measure satisfaction only by those who are extremely or very satisfied. This typically reduces a score in the mid 90’s down to the mid 70’s. Suddenly a quarter of all customers are actively dissatisfied or unimpressed and you have a huge challenge and a huge opportunity on your hands.