No CEO on the planet would turn their nose up at the opportunity to better understand how their business is performing, yet few share the willingness to act upon those opportunities.
Knowing where your company stands when it comes to addressing customer needs and understanding how you measure up against the wider market of competitors sounds simple, but in practice those insights can be elusive. Some executives have chased that kind of data relentlessly for decades, others have taken shortcuts, and a few continue to bury their heads in the sand. Regardless, most of them come up short.
This is because they have failed to leverage their most powerful asset: the customers themselves.
Millions have been spent (or wasted) on quick-fixes and suboptimal data points, none of which provide vital context about your industry’s shape in the present or key contributors to your customers’ overall feelings. This despite the clear importance of keeping customers happy and its unwavering link to revenue growth.
It would seem that companies would rather bypass intuitive customer feedback in favour of generic satisfaction surveys and the Net Promoter Score. This is perhaps because lowering the bar does a far better job of restoring egos and vague talking points keep middle management busy in search of a remedy. Some, though, are starting to realise that these measures lack any discernible depth.
If the Customer Experience is going substantially improve as it so desperately needs to, it will be solely reliant on a shift of focus from Customer Satisfaction to Customer Expectations.
Customer Expectations as a measure provides actionable insight; shedding light on the things that are most important to your customers and moving beyond the unintuitive data mining of yesteryear. Only then can you highlight specific deficiencies in your Customer Experience, guided by the perception of your customer base.
Using customers as the focal point of your research underpins and aligns your data. It ensures relevance where once there was none. And above all, it benefits executive teams immensely as they jockey for market position in the new era of customer power.
If you wish to discover how Promising Outcomes can help you implement a more successful CX strategy, contact us below for more information.