CRM - August 2008 - (Page BP7)

Sponsored Content August 2008 7 Do You Really Know Why Your Customers Buy? USE CUSTOMER FEEDBACK AND ATTITUDINAL DATA TO UNLOCK MASSIVE NEW GROWTH IN VERTICAL MARKETS Doing business in a vertical market is unique. That’s because vertical market customers are unique, and they should be treated that way. You can take advantage of this fact to beat out competitors and create higher levels of loyalty and engagement. Your success hinges on understanding the unique characteristics of your vertical customers, including what drives them to buy, what keeps them happy, and what they really need from you. Most businesses struggle to get this information, spending gobs of money and waste untold time. Here are the two things you can do to instantly know your vertical customer better, and then use that information to create a better relationship that supports more revenue – after all, that’s the key to success in any market. 1. COLLECT THE RIGHT FEEDBACK AT THE RIGHT TIME KEY ATTITUDES THAT DRIVE CUSTOMER ENGAGEMENT. DO YOUR CUSTOMERS FEEL LIKE THEY ARE… • RECEIVING HELPFUL SERVICE • FEELING CONFIDENT AND INFORMED • FEELING VALUED • FEELING PROTECTED KNOWING THESE DRIVERS HELPS YOU TO KNOW WHAT DRIVES YOUR CUSTOMERS TO BUY, WHAT KEEPS THEM HAPPY, AND WHAT THEY REALLY NEED FROM YOU! Vertical customers have specific attitudes about your business relationship that differ from other customers. You may find that they need more attention in certain areas, that they value elements of the relationship that your other customers do not, and that they have expectations that are new or unique. ADVICE THAT WORKS To see a real difference in your business, follow these 3 simple steps: ✓ • LISTEN TO YOUR CUSTOMERS • GET YOUR FRONT LINE WORKERS TO RESPOND AND SOLVE PROBLEMS IN REAL-TIME • MEASURE ENGAGEMENT AND ATTITUDINAL INFORMATION Surveying is great because it allows you to solicit necessary data and use it to make decisions. However, many companies survey too little or too much, and they often ask the wrong questions to the wrong people. A company might ask new customers about why they are loyal. That’s an example of a bad question. New customers are new, so they need some time to think of themselves as ‘loyal.’ A company might ask a customer that’s been in the business relationship for one year why they switched and came over as a new customer. This is another example of a bad question. That question should be asked right after that new customer comes onboard. Ask the right people the right questions at the right time and you will find a treasure of information. What about unsolicited feedback? That means any feedback that is provided by customers without being asked, such as concerns, comments, compliments and suggestions. These are often given over the web or to a customer service rep verbally, or in other ways. You should collect all of this feedback and centralize the data to make the best use of it. Enable front line workers to make decisions that will solve problems right there. Just do it – the cost will be less overall than trying to handcuff them to save money and solve problems in real-time. 2. USE ATTITUDINAL INFORMATION TO UNDERSTAND ‘WHY’ VERTICAL CUSTOMERS BUY FROM YOU What’s the reward? As you do these, you will beat the competition, become a leading company that is perceived as having ‘heart,’ and you will grow your revenues faster. Allegiance specializes in enterprise feedback management (EFM), and in helping companies grow engagement and loyalty in any market – including vertical industries. Most customer (CRM) information is transactional in nature; who, what, when, where, and how. The missing element is ‘why.’ To uncover the ‘why’ element of a business relationship, it is necessary to understand the basic principles driving any business relationship: Do your customers feel valued, protected, informed, and have they been provided good service? These attitudes are the key drivers of engagement and loyalty of customers, and have a definitive impact on business. You can collect attitudinal information through engagement-related surveys with questions that are designed to solicit this information. By asking these questions regularly (monthly or quarterly) to a subset of your customer base (no more need to wait for an annual or biannual survey), you will see trends and spot opportunities for growth in real-time. You will know quickly if you are not meeting the needs of customers, and get actionable data for decision making. Read case studies and get free white papers about customer retention and attitudinal data. DOWNLOAD FREE WHITEPAPER Visit www.allegiance.com/crm3 today. http://www.allegiance.com/crm3

Table of Contents Feed for the Digital Edition of CRM - August 2008

CRM - August 2008 Contents Front Office Feedback Reality Check Customer Centricity The Tipping Point Maximum Security A Code Win Doesn’t Blow Forming the Platform CRM on Twitter CRM Class Is in Session Making CRM Mandatory for University Administration Required Reading Cover Story: Calling it Quits Wouldja Look at That? 8 Enterprise Strategies That Stick CRM Searches for Search All Lines Are Not Busy UC: As Easy as A-B-C Even Contact Centers Have Room for Improvement Money Lying Around? Secret of My Success Re:Tooling Scouting Report Pint of View

CRM - August 2008

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