How to Unleash the Hidden Value of a Best Practices Voice of the Customer Program
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The document discusses strategies for improving customer success through the voice of the customer, emphasizing the importance of engaging customers and building advocacy to drive predictable outcomes and sustainable growth. Key points include the necessity of collecting and acting on customer feedback, optimizing customer engagement, and managing customer experiences effectively. It outlines specific methods for gathering insights from customers and integrating those insights into business strategies for better retention and growth.
How to Unleash the Hidden Value of a Best Practices Voice of the Customer Program
- 1. DRIVE CUSTOMER SUCCESS WITH VOICE OF THE CUSTOMER
- 2. Ganesh Subramanian Director, Product Marketing Steve Bernstein Founder and Principal Consultant Nicole Hunter Hart Sr. Manager, Partner Success Insert Photo Insert Photo Insert Photo Introductions
- 3. Customer Success is at the intersection of…
- 4. Our Mission Partner with you to deliver predictable outcomes and experiences for your customers and sustainable growth for your business Our Impact +5%Net Retention & Growth Source: Bessemer Venture Partners Public Cloud Index
- 7. Agenda •The Role of VoC for Modern Businesses •Key Ingredients for Success •The Continuum Story
- 8. Retention Correlates with Experience Happiness % “Top Box” Experience Outcomes %“TopBox”Success Focus on Experience Engage! Expand! Focus on KPIs
- 9. The Business Objective: Accelerate (Profitable) Growth 1. Build the Advocate Army • Create as many Advocates as is feasible • Ensure we’re not creating Detractors 2. Capture all learning, and translate that into action Insanity is doing the same thing over and over again and expecting different results
- 10. Some “Customer Success” Fundamentals 1. Engaged customers are more likely to be retained than disengaged customers 2. CSM is the customer advocate 3. Since we can’t do everything, it’s critical for the CSMs to understand and align to the strategy 4. We must align customer expectations with our segmentation strategy 5. There is no point in gathering information if there is no plan to decide how to act on it 6. 1:1 enables 1:Many
- 11. The Problem: How to Optimize Customer Engagement? 1:1 1. Which accounts are most likely to churn and how much revenue is at risk? 2. How do we expand our footprint in “Account X?” 3. How much revenue are we leaving on the table? 4. On which areas should an account team/CSM focus with an Account? 5. How are buying decisions really made at “Account X?” 6. Which CSMs are appropriately engaging their accounts? 1:Many: 1. What is the difference in value between a “happy” customer and an “unhappy” customer? 2. What initiatives will drive the biggest bang for the buck? 3. Which account managers/CSMs are appropriately engaging the account? 4. Where are our best testimonial, reference and referral opportunities?
- 12. Manage Expectations on Segmentation AND Readiness Fix Poor Customer Journeys Improve Customer Experiences Drive Mutual Success Requires: Impact: -- $ $ $ $ $
- 13. Seek Coverage At All Levels More Contacts Strategic Accounts “Growth” Accounts Small Accounts • Deep relationships with all members of the buying committee(s) • Focus on mutual success • Strengthen relationships with “champions” • Enable their “journey” • Smooth experiences for all “transactors” • Smooth experiences for all “transactors” More Accounts
- 14. The Growth Reality: Engage Customers Through Effective Dialogs Via Feedback 1. Surveys will not deliver growth on their own. 2. Need to get feedback from the right people to drive dialogs that create growth.
- 15. Truly listening is hearing the needs of the customer, understanding those needs and making sure the company recognizes the opportunities they present. – Frank Eliason, Global Director of Client Experience at Citi “
- 16. Continuum Pillars of Voice of the Customer Customer Relationship Surveys Transactional Surveys Advisory Councils Voice of the Employee
- 17. VoC – Survey Program Surveying Tips: • Send 2x per year • Keep it short and sweet • Gainsight to the rescue! • Email Template • Survey • Outreaches • Power Lists • Reminder Email • Follow Up CTAs • State of the Customer • Use in Health Score Customer Relationship Surveys Make Changes in Biggest Opportunity Areas Look for Patterns & Prioritize Tag Responses w/Category Descriptors
- 18. VoC – Health Score Scorecard Breakdown: • Business Health • Sentiment • NPS Average • CSM Sentiment • Product Usage • Multi products Resulting Actions Taken - • Referral Program Outreach • Calls To Action • Product Risk • Manager Outreach • Success Plans • Risk Program
- 19. VoC – Plans for the Future • Incorporate additional lifecycle surveys • Integrate our LMS with Gainsight for survey and touchpoint management • Leverage Co-Pilot for targeted communications based on Survey question responses other than NPS • Build out Data Spaces to fully automate survey result analysis
- 20. Q&A Ganesh Subramanian Director, Product Marketing gsubramanian@gainsight.com Steve Bernstein Founder and Principal Consultant steveb@waypointgroup.org Nicole Hunter Hart Sr. Manager, Partner Success nicole.hart@continuum.net Insert Photo Insert Photo Insert Photo @sbernste