Surveys Tube

How to analyze customer data (Part 1)

Hello everyone! Welcome back to the
channel. Today we talk about how to learn from customers and how to transform their
feedback into improvements and change for your entire organization. We keep on
hearing managers saying that their company’s is customer centric. Why do
they say so? Because it’s proven that the only way to be successful today is being
customer-centric. I can tell you that it’s very hard to find companies that are really customer centric. But in any case, what does customer centric mean? It means that the company aims to maximize shareholders value through relationship
expertise and not through product expertise What does it mean specifically?
it means that the company wants to build and strengthen its relationship with its
customers. To make sure to buy more and more in the future. The only way to achieve this goal is to learn what customers want and conquer them along
the way. So, the big question here is: How can brands learn more from customers? Simple: they need to read what they say and hear what they would tell them. The sum of all these messages from customers is what we call customer feedback. Typical sources of customer feedback are product reviews, customer care records,
call logs from the cold center etc. Surveys, questionnaires and focus groups
are also customer feedback but for several reasons they are not as good as
the messages that are voluntarily generated. You can see why in another
video.You will find link in the description. So long story short, brands
want to be customer centric to stay alive and grow . In order to do so, they
need to understand what customers want and transform these learnings into
actions. At first glance, the process is straightforward: You go online, you get the data and the right conclusions. The reality is very different as this process is composed of many different parts, all very important. Which ones? I will tell you right now. There are four key steps that compose
this process which are strategy, data handling, data analysis and reporting. Talking about strategy this is by far the most underrated component of a
customer centric plan but at the same time it is the most important. By experience, I can tell you that 90% of companies fail at becoming customer
centric because they lack vision and support from the higher management.
C-level managers need to push the rest of the company to make use of customer
feedback and they also need to create performance KPIs based on this. Customer centricity needs to become a key metric and cannot be just an option. So how to get started with this strategy part? I recommend hiring an external
company or an experienced consultant to run an assessment, followed by a strategy workshop. Τhis workshop should be for the key decision-makers of the company. Potentially including the CEO, the CMO and so on. I always find it beneficial to
have the C-levels understand where the company stands now and consequently be aligned on where it should be tomorrow.