Customer insights have so much more potential to shape everything in your enterprise. Every growth effort and every efficiency effort can be greatly improved by customer insights guidance. This goes well beyond ratings and scores. It’s the comments and patterns that are pure gold. Data mining technologies abound, and this should be your top interest in CX tech investment. If not, you’re leaving a LOT of money on the table! Your customers, employees, partners, and investors will thank you for collecting and championing customer insights to shape your firm’s growth curve in both revenue and profit.
Did you know growth is up to 8X higher when it’s inspired by customer insights? How much of your growth is internally inspired versus externally inspired?
What kinds of customer insights are you sharing with managers who are planning new markets, business models, products, mergers and acquisitions, existing and new customers for existing products and markets, and strategies for efficiency and effectiveness?
CMOs and CCOs are in a powerful position to shape growth, customer-centricity, and enduring differentiation. You are collectors of customer insights. How you ask, analyze, and advocate CX insights is pivotal to your enterprise growth curve.
First, make full use of Almost-Free VoC (voice of the customer). This is unsolicited feedback and internal sources of customer insights. There is a wealth of inspiration waiting to be mined from all sources of complaints and inquiries, digital behaviors and recordings, customer-facing people, and so on. This is especially powerful, because customers say: “I was trying to do X, but then Y happened, and now Z is my consequence.” Wow! You’ll rarely get that from surveys. It abounds in almost-free VoC. Unless this is harvested, your big data is lacking rich, vital insights. Most importantly, short-sighted decisions are made strategically and tactically across your enterprise unless you are collecting and sharing almost-free VoC.
Analyze for Absorption:
Second, discover patterns in the data: when X happens, Y is twice as likely to occur, and so on. Combine various sources of data. Make full use of multivariate analyses. This is CX Intelligence. It’s far more inspiring than raw VoC. Put as much energy into CX intelligence as you put into almost-free VoC and surveys.
Advocate for Adoption:
Third, share CX intelligence with everyone working on processes, policies, strategies, reviews, approvals, efficiency, and effectiveness. In fact, every nook and cranny of your enterprise can and should use CX insights as their performance standards and growth inspiration. Put as much energy (or more) into CX insights adoption, application, accounting, and applauding as you put into asking and analyzing.
Apply, Account & Applaud:
For specific recommendations, see my presentation from the 2023 United States Customer Experience Awards’ CX Trend Talks (video below). You’ll hear how to guide brand essence and unserved, underserved, and overserved customer growth. You’ll discover new ideas for CX insights shaping far more growth than usual in your business models, ideal customer profiles, market expansion, new product development, mergers and acquisitions, customer lifetime value, and strategic planning enterprise-wide. Would you like to increase your growth by up to 8 times higher than your historical growth?
This is a summary of author Lynn Hunsaker‘s keynote at the CX Trend Talks of the 2023 US Customer Experience Awards provided by Awards International. She participated as an Ambassador and Judge in the 2022 and 2023 US Customer Experience Awards and the 2023 International Customer Experience Awards.
- Enter your progress in any of 18 categories in:
- CONGRATULATIONS to US CXA’23 participants, finalists, and winners!
- Overall Winner: Dow
- Best CX Strategy: Samsung
- Best B2B CX: Univar Gold, Dow Silver, Benco Dental Bronze
- Best Use of Insight & Feedback: Dow Gold, Univar Silver, Shell Bronze
- Best Measurement in CX: Dow
- Best Business Change & Transformation: American Medical Association Gold, Univar Silver, Shell Bronze
- Best Use of Technology: American Medical Association
- Best Digital Transformation: Dow Gold, Prudential Silver, LexMundi Bronze
- Best Digital Customer Experience: Samsung
- Best Innovation in CX: Shell Gold, Univar Silver, The Clearing Bronze
- Best CX in Health Services: Cardinal Health
- Best Customer Service: Univar Solutions
- Best CX in Financial Services: Prudential
- Customer-Centric Culture: Providence Gold, Viracopos Silver
- Employees at the Heart of Everything: Cisco Gold, Shell Silver
- Customers at the Heart of Everything: Blue Cross & Blue Shield of Kansas City Gold, Sage Silver, Prudential Bronze
- CX Team of the Year: Prudential
- CX Leader of the Year: Gratia Carver
This article is a glimpse into what you gain from ClearAction Experience Leadership Mastery.
What You Can Do
- Get a sounding board for work you have underway.
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- Enroll your senior leadership team and board in our 2-hour C-Suite Guide to CX Growth working session.
- Enrich your experts’ wisdom in this direction via Experience Leadership for Experts and Executives.
- Redirect your experience strategy to this sensible approach by encouraging all experience managers (customer, employee, partner experience) to learn the full spectrum of skills needed: Foundational, Intermediate, Ongoing.
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