If we could read the minds of our customers, life would be filled with easy days at the office and worry-free weekends. Alas, I’m unaware of any one person or company possessing such a superpower, leaving entire industries clouded in an environment of somewhat or untested assumptions concerning their customers. Often times, when decisions spur from these assumptions, the only indicator of these inaccuracies is a company’s declining bottom line.
Perhaps you’ve crunched the product data, sales data, P/L data, open/closed accounts data, or whichever metric(s) your company bases its success around and ran all the reports. How does this help you decide what your company should focus on to ultimately retain quality customers and growing profits in the next 6-12 months? Does historical data give you warm fuzzies about which strategies to develop or implement for improved customer satisfaction in the near- and long-term future, which seems to be coming faster by the minute? Does it even give you a hint?
Cue the over-the-top proclamation of, “BUT WAIT, THERE HAS TO BE A BETTER WAY!”
Because there is.
Discovering what customers’ intrinsically value from their service-providers, like their bank, utility provider, etc., and understanding which of those values significantly fuel their decision-making is vital to creating a customer journey that is enjoyable and repeatable. These are what we at the MSR Group call a customer’s Key Drivers.
Key driver analysis uses customer feedback to reveal the order and magnitude of the impact of specific company-related attributes and offerings on customer satisfaction and loyalty.
Cue the over-the-top proclamation of, “BUT WAIT, THERE’S MORE!”
Key Drivers vary by industry, customer base, and by points in time. Meaning what drives customers satisfaction and loyalty this quarter or year may vary significantly in the following quarters or years. Suffice it to say, key drivers are not a one-size-fits-all product. It’s important to ask the right questions in the right way to uncover key drivers.
For example, analysis of survey feedback from a bank’s customers will tell the bank which parts of the customer experience are most important or valuable. Additionally, it will reveal a comparative level of importance between drivers. Do your customers value branch locations, branch staff, online banking capabilities, the feeling of being a valued customer, or all the above? But what is the most important, and by how much? Insights like these allow businesses to strategically focus on creating superior environments and experiences for its customers by tailoring employee training, implementing changes to ease customer frustrations, and showing its customers they truly care about and listen to them.
Key Driver insights have allowed MSR Group clients to deliberately focus their business strategies on enriching customer interactions and elevating the overall customer journey while strengthening their brands and positions in the marketplace.
Understanding what drives customer decision-making will improve your company’s ability to create exceptional customer experiences. We know it because your customers told us so.
