Aligning Market Insights & Trends to Customer Strategies & Priorities
April 28, 2017 Leave a comment
Customer Strategy Best Practices, Tools, Techniques, Examples
Does Your Company Ever Grapple with how to answer the Following Questions related to the market you operate in and your customers?:
What is the size of the potential pool of new customers and which are the best customers to acquire?
Which customers are your most profitable and how do you get other customers to grow and become part of your top ( and most profitable) customer segment group?
What is your current customer share of wallet (SOW) as compared to your competitors and what does driving small incremental increases in your customer SOW do to your overall revenue?
What are the shifting attitudinal and behavior patterns of your customer market and how do you develop a strategy that ‘gets in front of’ these trends?
What are the shifting customer demographics of your marketplace as well as the underlying shift in spending habits
What are the changes in customer preferred marketing channels as well as trends that might impact customer loyalty strategy
The above charts illustrate why it is critically important to have clear and accurate insights into your new customer market potential/pool as well as the current customer base and their share of wallet.
The chart above (left side) details the trends for new customers by segment as compared to current customers.
The chart above (right side) illustrates which customers drive the current percentage of revenue in order to understand how customer priorities and strategy should be defined.
Market Spend Insights Can Be Transformational in term of goal setting
The above graphic illustrates how share of wallet changes drive bottom line revenue as well as converting customers into more loyal top customers.
Understanding your market & customer behavior insights is crucial to your company’s survival
The above graphic demonstrates a deep understanding in the shifting attitudinal and behavior patterns of the customer market
The above chart illustrates a company capability to understand shifting demographics as well as the underlining shift in spending habits per demographic group
The above chart illustrates a company capability to understand the changes in marketing channels as well as trends that might impact customer strategy
Once Customer and Market Insights are fully embraced, an Effective Customer Strategy can be developed that includes optimizing market channel selection, as well as contact and loyalty strategy program components
Blog Summary: In order to achieve the above insights, your company must develop and deploy the following strategic capabilities and delivery programs:
Market sizing & trend insights
Customer revenue and profitability insights analysis
Customer share of wallet and competitor spend insights delivery capability
Market trend & consumer attitudinal and behavior change longitudinal analysis
360° customer needs and preference cultivation that enables a personalized customer experience strategy and delivery (i.e. preference portal customer selection of preferred channels, content types, offer types, frequency of content delivery by content type.)
Below is a list of companies where I have helped develop these programs and are considered world-class in Customer Strategy practices:
Johnson & Johnson
Capital One
Amazon
American Express
Kelloggs
For Additional Information on This Topic
Organizations that successfully align market insights with customer strategies are often better positioned to anticipate changing customer needs, identify emerging opportunities, and develop more effective business strategies. Market trends, customer behaviors, competitive activities, and industry developments can provide valuable information for refining customer priorities and improving decision-making across the organization.
The most successful organizations continuously monitor their markets and use customer insights to guide strategic planning, product development, service delivery, and customer experience initiatives. By combining market intelligence with a deep understanding of customer expectations, organizations can create more relevant value propositions, strengthen customer relationships, and improve long-term business performance.
For additional information on market research, customer insights, and strategic decision-making, review these resources:
- What Is Market Research?
Qualtrics Market Research Guide - Market Research and Competitive Analysis
https://www.sba.gov/business-guide/plan-your-business/market-research-competitive-analysis
Organizations that consistently align market insights, customer priorities, and business strategies are often better equipped to improve customer satisfaction, strengthen competitive positioning, and achieve sustainable growth.
