Magazine article CRM Magazine

Do You Really Know Why Your Customers Buy? Use Customer Feedback and Attitudinal Data to Unlock Massive New Growth in Vertical Markets

Magazine article CRM Magazine

Do You Really Know Why Your Customers Buy? Use Customer Feedback and Attitudinal Data to Unlock Massive New Growth in Vertical Markets

Article excerpt

Doing business in a vertical market is unique.

That's because vertical market customers are unique, and they should be treated that way. You can take advantage of this fact to beat out competitors and create higher levels of loyalty and engagement. Your success hinges on understanding the unique characteristics of your vertical customers, including what drives them to buy, what keeps them happy, and what they really need from you. Most businesses struggle to get this information, spending gobs of money and waste untold time. Here are the two things you can do to instantly know your vertical customer better, and then use that information to create a better relationship that supports more revenue--after all, that's the key to success in any market.

1. COLLECT THE RIGHT FEEDBACK AT THE RIGHT TIME

Surveying is great because it allows you to solicit necessary data and use it to make decisions. However, many companies survey too little or too much, and they often ask the wrong questions to the wrong people. A company might ask new customers about why they are loyal. That's an example of a bad question. New customers are new, so they need some time to think of themselves as 'loyal.' A company might ask a customer that's been in the business relationship for one year why they switched and came over as a new customer. This is another example of a bad question. That question should be asked right after that new customer comes onboard. Ask the right people the right questions at the right time and you will find a treasure of information.

What about unsolicited feedback? That means any feedback that is provided by customers without being asked, such as concerns, comments, compliments and suggestions. These are often given over the web or to a customer service rep verbally, or in other ways. You should collect all of this feedback and centralize the data to make the best use of it. Enable front line workers to make decisions that will solve problems right there. Just do it--the cost will be less overall than trying to handcuff them to save money and solve problems in real-time.

2. USE ATTITUDINAL INFORMATION TO UNDERSTAND 'WHY' VERTICAL CUSTOMERS BUY FROM YOU

Most customer (CRM) information is transactional in nature; who, what, when, where, and how. The missing element is why. …

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