For managers and CX professionals, it’s a constant challenge to find the right aspects to focus on that would affect change in a meaningful way, will drive growth and ROI. This is the main reason many CX initiatives fail to bring results.
The main problem is their approach to the research and analysis of the customers’ experience and unmet needs:
- First, there is a big difference between what customers say they want and what truly drives their behavior and brings value to the organization. We have found this empirically working with many organizations (B2B, B2B2C and B2C). Many just go by what customers say they want without analyzing whether that would actually bring any benefits and without taking into account in their analysis the subconscious and emotional aspects that are hard to verbalize by customers and thus you’d rarely hear about them.
- Secondly, many organizations do analysis by simple correlation or regression. Correlation assumes that you chose the right variable and that is the perfect measure of the construct of interest while regression on the other side doesn’t get to causation.
- Third, the statistical analysis doesn’t take include emotions into the mix. Emotions are proven to be an integral part of the process of decision making and affect the attitude and behavior of customers. If your customer research does not include emotions than it’s not a representation of the real world.
.
Key questions
- Which aspects of the experience should we focus on to get maximum return?
- What are the unmet customer needs in the market that are prime candidates for innovation?
- What emotions do customers feel when they interact with us the most and what emotions would bring the most value?
- What do customers desire the most and would that drive for the organization?
- What are the subconscious aspects of the experience that drive or destroy value?
Through quantitative research developed alongside your organization, which uses the most advanced methods for statistical analysis, we can find the answers to these key questions for developing a sound strategy and plan for action. This will help you to:
- Develop an evidence and data-based strategy that would lead you to higher customer loyalty, growth, and ROI. The research will quantify the biggest drivers of value and opportunities, we can then estimate what it would cost in time, efforts, and money to affect change and decide on the most lucrative form of action.
- Avoid wasting resources and time focusing on what customers say they want, which often turns to be a deception.
- Create a measurement scheme for the key aspects of the experience proven to affect the KPIs
- Find the unmet and potentially hidden customer needs in the market, that present opportunities for innovation and market differentiation.
In the research we will look at the following dimensions:
- how important is that aspect to customers
- how is the organization currently performing on that aspect
- to how much value does that aspect drive / destroy
- to what extent does this aspect represent an unmet need for customers
What makes this methodology a cutting edge?
- It finds not just what customers want but what would drive the most value for the organization.
- It includes emotions in the data analysis and can also uncover subconscious drivers of value.
- It uses an advanced form of statistical analysis such as structural equation modeling.