| Given the number of marketing promotions your customers receive every day, how much do they value your communications and offers? Do they stand out from the competition? |
| We recently completed Voice of Customer Relationship Research (VOC) for a respected corporation which wanted to understand how they could improve response rates and customer Lifetime Value. Their products are good and they have a strong reputation, yet response rates are not where they should be. |
| Per results of the VOC research, their products and offers are viewed as good. However, they were not viewed as “good enough” to stand out from the competition. As a result, customers view them as “adequate providers of commodity services”. |
| In the course of the VOC research, customers stated that the products provided by the company are fine, but they want extra value. This was defined as including: |
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Advice regarding how they could use these products more effectively in their companies. |
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Value added offers which are relevant to their individual needs. |
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Communications which are targeted per their specific requirements. |
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Connections with peers who have similar business challenges. |
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| These customer insights have enabled the company to prioritize their marketing action plans for 2010 with a focus on delivering value as defined by their individual customers. |
| Based on the VOC learnings from this marketer, I hope you will take a moment this week to ask yourself: “How do our customers define value?” Inherent to this question are two other questions: “Are we offering more than the “basics”? and “Do our offers and communications stand out, in the minds of our customers and prospects, from our competition?” |
| If you are not sure of the answers, you should engage your customers and prospects in VOC research to inform you as to how they evaluate your value, offers and communications and how they want you to stand out from competition. Those insights will kick-off your New Year with a bang. |
| If we can answer any questions or help with your VOC research, please let us know. |
| With best wishes, |
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