List the steps involved in conducting a customer value analysis

I talked earlier about 20 different types of marketing research studies. And second, what research process are you going to follow in order to complete your project? In this post, I will show you the steps of conducting a marketing research project.

List the steps involved in conducting a customer value analysis

Stagnant sales growth and profitability among those complaining about the lack of qualified business leads are often experiencing a high churn among existing customers, or poor customer value development from that existing base. Fixing the back end means identifying and improving the customer experience, ensuring that new customers are satisfied, that satisfied customers are loyal, and that loyal customers voluntarily and actively advocate for the business.

Steps to conducting a customer experience audit. Most make assumptions based on feedback gleaned from a social media post, customer review, or comments from the sales team. Our experience has proven that a customer experience audit reveals truths that often shock management.

But how do you conduct such audits? While there are common sets of lifecycle stages, which can be loosely broken down into two groups: Pre-Sale Awareness — Nurturing -Decision ; and Post-Sale Satisfaction — Loyalty — Advocacyeach business will experience different stages based on their unique product, geography, competition, etc.

Identify Customer Touch Points Across the Lifecycle Further to the stages that a customer passes through from initial brand awareness to becoming a customer advocate, there are hundreds of potential customer brand-customer touchpoints that influence how if the customer moves from one stage to the next.

The next steps require a very detailed documentation of all the touchpoints your business has with clients. This includes social media, email, direct mail, trade shows, trial offers or products, etc. Each experience results in a determination of the value of doing business with you, and a perception of the difficulty or worth of maintaining that relationship.

Cross Reference Customer Satisfaction Ratings with Customer Value Ratings A customer may love the engagement they have with your sales team in person or online, but what influence does that engagement have on their decision to buy or not buy?

List the steps involved in conducting a customer value analysis

A proper audit will cross-reference customer satisfaction of each touchpoint with the influence that touch point has a decision to spend the same, less, or more money with your business.

Or advocate for your business beyond merely continuing to buy it. A proper customer experience audit can unveil a plethora of breakdowns or opportunities; however, without a formal scoring and benchmarking mechanism, judging improvement becomes a fuzzy-science, which is fraught with future risk.

Your audit should benchmark experiences at each stage by customer and customer group that indicates satisfaction, as well as the effect on the customer lifecycle. When aggregated, these scores become a benchmark that your business can measure customer experience management success.

Further, the components provide insight into the mechanics that can take advantage of opportunities identified or fix roadblocks found in moving customers along their journey from prospect to customer, and from customer to advocate.

When customers step along this journey efficiently, advocates will emerge that will result in more organically generated qualified leads that convert faster and drive even more significant lifetime value. Interested a Customer Experience Audit?

By identifying, measuring, and benchmarking the touchpoints outlined within this article, Sensei can detect blockages in the customer journey — from lead generation to customer advocacy — that positively or negatively affect customer lifetime value and business profitability.

These learnings allow us to provide strategic recommendations, based on empirical data that will improve customer engagement, customer value, and overall customer satisfaction. The report is structured to answer the following five questions:Most can whiteboard a list of pros and cons when it comes to their clients’ customer experiences; however, few can list factual factors that drive customer value up or down.

Most make assumptions based on feedback gleaned from a social media post, customer review, or .

List the steps involved in conducting a customer value analysis

This is the most critical step in the data value chain—even with the best analysis, junk data will generate wrong results and mislead the business. More than one company has been surprised to discover that a large percentage of customers live in Schenectady, NY, a rather small town with population of less than 70, people.

Performing value analysis or producing the FAST model and analyzing functions with the value analysis matrix are only the first steps in the process.

The real work begins with brainstorming, developing and analyzing potential improvements in the product. These teams typically use large-scale data analysis platforms like Hadoop to automate the data collection and analysis and run the entire process as a product. Optimize and repeat: The data value chain is a repeatable process and leads to continuous improvements, both to the business and to .

5 Steps to Write a Customer Value Proposition | Journey of a Serial Entrepreneur

List the steps involved in conducting a customer value analysis. The path to improved customer value starts with data. Customer value analysis develops a quantitative picture of the markets in which you compete. Steps of the research process This is an excerpt from Applied Research and Evaluation Methods in Recreation By Diane C.

Blankenship. Scientific research involves a systematic process that focuses on being objective and gathering a multitude of information .

Steps of the Research Process - Excerpt