How Accurate is Your Organization’s Crystal Ball?

How Accurate is Your Organization’s Crystal Ball?

Have you noticed that your customers have changed? Their expectations have increased over 33% in the last 12 months! They have raised the bar on how they view customer experience. They are looking for service providers who consistently deliver service experiences that drive loyalty! Service providers focused on delivering GREAT service! The kind of service that takes the customers’ breath away!

If we can consistently deliver this kind of experience, the payback is huge. Xerox found that customer loyalists were 6 times more likely to repurchase than satisfied customers. Verizon found that the top 15% of customers who responded to their satisfaction survey were worth 10 times as much in lifetime profits as the bottom 15% — 10 times! That’s a bunch!

Customers today expect treatment that telegraphs they are special and unique, not just one of the masses. tweet this

They expect you to know what they want even before they know it. To achieve this in-depth level of understanding requires a very robust customer intelligence process. Notice we said customer intelligence NOT market intelligence. It’s important to understand how customer intelligence is different from market intelligence.

Market intelligence teaches us about a segment or group and discerns how they are similar. Customer intelligence informs us about the individuals who make those buying decisions in that market.

As one peruses car counts, per capita statistics, and economic projections, it is helpful to remember the words attributed to Neiman Marcus founder Stanley Marcus:

A market never bought a thing in my store, but a lot of customers came in and made me a rich man!

Knowing what customers are really like starts with the recognition that reviewing the results from customer interviews, surveys, and focus groups is at best like looking in a rear view mirror. Today’s customers change too rapidly to rely solely on what data reports. Instead, it is important to anticipate where your customers are going.

What processes and systems have you put in place that provide you the information required to have a high powered and very accurate “crystal ball” that helps anticipate your customers’ future expectations?


Image credit: kaboompics