Increasing growth and Customer Value
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The document discusses the challenges businesses face in understanding customer relationships and the importance of leveraging data for growth. It highlights how Vantedge's multi-dimensional customer diagnostic tool, the VRI, has helped a Fortune 500 company achieve significant revenue improvements and enhance customer experiences by identifying value drivers and optimizing relationships. Key findings indicate that a majority of companies struggle with customer intelligence, while VRI has provided actionable insights leading to targeted product innovations and a strategic business transformation.
Increasing growth and Customer Value
- 1. Businesses have real challenges that inhibit growth. Understanding customer relationships and the core drivers of value is an essential part of creating highly-effective organizations that are positioned to drive growth. This case study introduces the next level of multi-dimensional customer diagnostics and demonstrates how a prominent Fortune 500 company is using its output to increase revenue growth.
- 2. Most companies are data rich and intelligence poor. They lack the capabilities to generate, share and utilize meaningful insights that drive business performance. The opportunity – optimize growth, increase innovation, and strengthen customer relationships. Less than 20%are able to align customer-facing resources to specific, high-prioritycustomer needsOnly 18%have access to in-depth and accurate customer intelligenceOnly 18%can identify their customers' most important value driversOnly 12%measure the strength of their customer relationships across multiple touch pointsLess Than 10%use customer relationship metrics to link compensation to performance
- 3. Vantedge specializes in helping companies create actionable intelligence to drive new growth, customer value and business performance.
- 4. The Vantedge Relationship IndexTM is a multi-dimensional customer diagnostic that provides a new level of decision-making intelligence: Greater visibility Attitudinal & Behavioral Assessment Identification and prioritization of specific customer value drivers Holistic view of the customer relationship74VANTEDGERELATIONSHIPINDEXSM50-79Attitudinal Value Driver Assessment BehavioralPerformance Assessment 80+0-49
- 5. Vantedge Relationship IndexTM Scores are translated into a VRI Scorecard that provides the basis for prescriptive action planning. Value dimension strengths and weaknesses Customer and company alignment Prioritized opportunities for improvementVRI ScoreAttitudinal AssessmentDimensions Customer CompanyBrandProduct/ServicesTouch PointsCompetitiveLoyalty74VANTEDGERELATIONSHIPINDEXSM50-79Business Importance
- 8. Capabilities
- 9. Performance
- 10. Initial Sale
- 11. Set up/Install
- 12. Support/Upgrade
- 13. Market Position
- 14. Share of Wallet
- 15. Future Intent
- 16. Advocacy
- 18. Brand Attributes
- 20. Capabilities
- 21. Performance
- 22. Initial Sale
- 23. Set up/Install
- 24. Support/Upgrade
- 25. Market Position
- 26. Share of Wallet
- 27. Future Intent
- 28. Advocacy80+0-49Key OpportunitiesBehavioral AssessmentCustomer22% decline in salesChurn trending lowerAlignmentLow OptimalCompanyBrandProductsTouchPointsCompetitiveLoyaltyBelow averageIntelligence investment.Limited accessibility toPerformance insights.Underutilized CRM data.Misalignment on customerand product priorities.Low Optimal
- 29. C A S E S T U D YFor a Fortune 500 company, VRI produced: $23M improvement in revenue New product innovation Enhanced customer experienceFortune 500 Healthcare Enterprise Software ProviderVantedge Solution:VRI Baseline Assessment
- 31. Strategic Action planBusiness Result:$23.5M Revenue Improvement Enhanced Customer Experience Highly Targeted Product Innovation Strategic, Value-Added PartnerBusiness Problem: Significant quality issues around new product releases causing competitive exposure Product implementations halted, preventing $25M in new revenue being realized Significant deterioration of customer relationships and satisfaction Lack of visibility and understanding of customer relationship drivers
- 32. Step 1:Relationship Value Driver dimensions are assessedVRI benchmark dimension assessment included: Value driver priority and performance Loyalty Touch pointsC A S E S T U D YPriorities Across Value DriversService/Support: Dimension EvaluationLoyalty Evaluation% of Promoters(20%)% of Detractors(46%)NPS-26-=Touch Point Satisfaction
- 33. C A S E S T U D YStep 2Aggregate scores established with results segmented by individual customers and stakeholders producing visibility and higher accountability.Executive/InfluencerRelationship StrengthAverage (Baseline)62.86283.6Customer 1VANTEDGERELATIONSHIPINDEXSM80.9Customer 250-7981.8Customer 369.3Customer 468.9Customer 568.6Customer 662.1Customer 780+0-4961.0Customer 860.3Customer 956.2Customer 1054.8Customer 1154.0Customer 1253.5Customer 1353.5Customer 1450.8Customer 1545.1Customer 16
- 34. C A S E S T U D YStep 3The VRI Benchmark identified critical areas to improve relationship value. A Strategic Action Plan was then developed around 3 pillars to drive Customer Relationship Optimization.Strategic Pillars Product / Technology Optimization1 Service & Support Optimization2 Business Optimization Transformation to “Trusted Business Partner”3 Accelerated revenue growth Product innovation Enhanced customer experienceResults
- 35. Getting Started with VRIContact Vantedge today to learn how your company can optimize customer relationships and drive growth.info@vantedgegroup.com