At all times — especially in tough economic markets — it is important for companies to protect, develop and nurture client relationships. With economic downturns, companies across industries and geographies experience reductions in their customer bases which translate to revenue losses and weaker growth.
Growth Decisions was recently was approached by a client in the OEM automotive sector. The company has been operating for 40 years with facilities in 14 countries around the world. Moderately affected by the downturn, the company has continued to maintain success, enjoying relatively healthy growth rates. However, the client also knew it had critical blind spots when it came to their customer base. All functional areas (i.e. marketing, engineering, R&D, operations, logistics and sales) had multiple questions about key aspects about how their organization interacted with its customers. If answered, these questions could help inform their customer interactions so they could improve performance, shore up their market position, and continue growing the business.
This more strategic yet practical approach to managing customer insight is creating an engine the client is are using to power growth enhancements by to identifying opportunities for performance improvement and innovation on an ongoing basis.
Are you keeping pace, but feel like you have blind spots when it comes to your customers? Would you like to shore up these weak areas, and make sure you have alignment on strategy and growth expectations across your organization?
Based upon our experience with clients like you, let us take a detailed look at the key elements and practical steps that are required for creating and maintaining a successful customer insight program.
Benefits of a well-articulated customer insight approach
Companies benefit from having a sound and well-articulated system to allow them to truly understand and easily visualize how their operations and strategies affect their client relationships and perceptions of their products and services.
Customer insight is a process that begins with knowing and understanding what customers want and ends with factual evidence of their satisfaction with your company.