As described in our eBook, 6 Steps for Launching CX Insights, an effective Customer Experience (CX) program can help you reduce churn, enhance complaint management, identify and resolve critical customer issues, and increase customer loyalty. And, of course, all of those in turn help lead to business success.
But did you know that CX insights might also give you ideas for new products or services? How about for repositioning your brand? You can leverage your CX insights in many other business decisions, and here are a few.
Identify ideas for new products and services
Developing products and services often begins with qualitative research (such as focus group discussions) to brainstorm and explore reactions to different concepts. However, customer comments from a CX program may also provide this information, as customers will often share what they believe are the gaps in what you currently provide.
The resulting concepts can then either be tested in qualitative research, or you may be able to move straight into development and testing. In either case, your CX insights just gave you a significant leg up on the process!
Understand the unique segments of customers/prospects
CX insights can be analyzed to identify and compare customer segments. Understanding different patterns in how customers use your products and services, who they are, their perceptions of your company/products, and what problems they are solving can lead to new and different ways to think about/examine your customer base. A formal, statistical segmentation may potentially not be necessary before implementing marketing programs to attract and motivate your target segments.
Increase awareness of the full range of products/services offered
CX insights may provide information about how your customers learned of your brand/products and how they’re used, illuminating gaps in your customers’ awareness and knowledge of your full range of products and services. Put together what they know and don’t know, along with where they are getting information, and you can more effectively advertise and promote your products.
Refine your brand position/value proposition
It can be beneficial to have an outside opinion of your perceived strengths, as the marketplace may view your brand differently than you would expect. CX insights can help you examine your customers’ perspective of what you do well and what they consider to make your brand/products unique. You might even uncover some selling points that you were not aware of or would not have previously considered! This information can then be leveraged to refine your unique value proposition and brand promise.
While your CX insights may not directly address all of these needs, it’s a great starting point. CX insights will at least give you some ideas and hypotheses to test, confirm, and refine with future research. The important point is to stay open and alert to new and emerging information – whether in CX or in other parts of your organization.