CustomerImpact

Business Challenges

We at CustomerImpact know that ultimately, whether a public company or privately held, the goal is to deliver value to customers and all stakeholders. These two are inextricably linked; some say they are identical. If customers are not satisfied with their experiences, have negative perceptions of the brand, and do not feel they are receiving value, those thoughts and feelings will translate directly into behaviours that will significantly harm the organization. Customers will leave or spend less with their current vendor. Referrals will decline. These actions all are damaging to revenue growth, and they put pressure on productivity and profit margins. What business challenges must companies overcome if they are to achieve the business outcomes their stakeholders expect?

Retain Customers

Revenues are at risk when customer defections are neither understood nor controlled. Defections are a result of dissatisfaction with products, services, systems, or personnel interactions. You have an opportunity to right these real and/or perceived wrongs when you listen to what customers are telling you through survey feedback and other communications with the organization. It is critical to understand what is most important to customers, what the key drivers of satisfaction and loyalty are. CustomerImpact works with clients to assess the current state of customer relationships, analyze survey results, evaluate operational efficiencies, and put plans in place for improved performance management

Identify Business Opportunities and Prioritize Investments

Although there may be many opportunities for new and enhanced products and services, the key is to let customers drive those decisions rather than Engineering and to base those decisions on sound analysis rather than anecdotal evidence. We work with clients to help them listen to customers identify and prioritize what improvements they want and what value they assign to each. We help clients make these important investment decisions, taking into account other factors such as technical feasibility, corporate strategy, availability of appropriate resources, competitive environment, market trends, operational costs, highest expected returns, and time to achieve value.

Understand and Respond to Competition

How do you stack up against the competition? What are your strengths and weaknesses compared to their strengths and weaknesses? How does the marketplace in general, and your customers in particular, view the value (quality versus price) of what you deliver compared to competitors? Do they excel in areas that are considered important by customers and prospects? Through Win/Loss studies we help clients understand which factors were important in their decisions, which competitors they won against or lost against, and why. Through Customer Churn studies, we help clients understand why customers have left, what competitor they went to and why. Customer strategies can then be fine-tuned to optimize relationships with current clients and to maximize new sales.

Streamline Operational Processes and Reduce Costs

Executive and departmental dashboards monitor the health of the organization and demonstrate the relationship of key performance indicators (KPIs) to operational, financial and customer data. Operational problems can be identified and addressed before they cause too much damage. By targeting those areas that represent the key drivers of satisfaction and dissatisfaction, costs are reduced through streamlining of tasks and elimination of non-productive and unnecessary steps in the process. And, with performance improvements, customer satisfaction goes up, which is typically accompanied by lower cost of sales and support.

Leverage Loyal and Profitable Customers

While overall customer retention is a respectable goal, in truth, successful companies know how to segment customers by loyalty to the company, the depth of their commitment, profitability, and strategic value (potential for future profitability). They are thus in a position to manage and grow the relationships of their most valued accounts because they know how to listen to customers and to leverage the insights gained. In order to do this, customer data (attitudinal and behavioral) and costs must be immediately available and accessible to all with a need to know. With the insights gained, they are able to continue to serve their loyal and profitable customers with the care required to keep them happy. And by understanding the drivers of loyalty in the less satisfied but strategically important customers, these companies take actions that will turn around those less loyal customers.