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Nov
30
In a previous post I mentioned what it meant to be a Trusted Advisor in your customers’ eyes. After sharing that, I started thinking about what a Trusted Advisor actually looks like.
Well, for me it looks like Butch. Butch is my auto mechanic. He is also one of my Trusted Advisors.
I have told countless people about Butch. Butch knows more about cars and trucks than anyone I know. He has a fully equipped backyard garage in which he routinely performs miracles.
Butch is knowledgeable, honest, and willing to help. I bring Butch my vehicle problems and he provides solutions. Sometimes his solutions involve work he no longer does. He no longer works on differentials or transmissions. In his words: “I leave that to the experts who specialize in that type of work and have the tools and equipment to do the job right.” The fact that Butch clearly tells me what he can and cannot do increases his credibility with me. He does not say “yes” when he really means “maybe.”
I tell everyone about Butch. I trust him. He has my best interests at heart, even when it means losing business. I trusted him with my daughter’s car when she was driving back and forth to college. I trust him with my wife’s vehicle. I pay him a fair price for the work he does. I know it is a fair price because he told me it was fair and I have no reason to doubt him.
Let’s summarize: I trust Butch, he solves my problems, he is knowledgeable about what he can and can’t do, he has my best interests at heart, and he is fair. That’s what it takes to be a Trusted Advisor.
Here are three questions: Who are your Trusted Advisors? Which of your customers think of you as their Trusted Advisor? How do your know?
Gary Gerds, Managing Partner
E.G. Insight
Nov
23
From “Schlubby” to Brilliant in Less Than Three Minutes
Filed Under Best Practices, Customer Feedback, Point of View | 1 Comment
Folk singer Judy Collins, recalling one of her early encounters with Bob Dylan, said: “I saw this schlubby-looking guy singing Woody Guthrie songs badly…I thought he was so pathetic. But then I heard Blowin’ in the Wind, and I couldn’t believe that this rumpled guy could have written such a breathtaking song…then I realized that this guy is brilliant and I became a passionate, passionate fan.”
What changed Collins’ perception from schlubby to brilliant? The power of hearing Dylan—in his own words.
Nothing is as powerful as hearing directly from our most valued customers. Do you want to find out what your company is doing well? Do you need to find out what you must improve? Do you need to know how your customer’s world is changing?
We all don’t speak in poetry, but we’ve all had our turn at being surprised by what our customers are telling us. That’s why it’s important to have structured conversations and let customers tell us what they think—in their own words.
Rhonda Sunnarborg, Senior Consultant
E.G. Insight
Nov
17
Gathering Business-to-Business Customer Feedback: Three Rules to Break
Filed Under Best Practices, Customer Feedback, Point of View | 1 Comment
I’m not saying sales and marketing leaders in the business-to-consumer (B2C) space have it easy. They don’t. But they often do have relatively easy access to meaningful data. Collecting information from customer transactions and investigating trends has been aided by scanner data and mountains of empirical results. Do you want to know about the latest trends in consumer preferences for salty snacks? No problem, there’s a study that will tell you.
For business-to-business (B2B) customers, the game is different. The complex relationships between firms result in multiple layers of influencers and decision makers. Mining the gold nuggets from these interactions can be difficult, but finding out what truly creates value has tremendous rewards.
Customer-focused organizations are discovering that different ways of gathering B2B customer feedback can unlock value, stimulate innovation, and drive loyalty. Savvy leaders are learning that bending – or breaking – the research rules can be their fastest, easiest, and most cost-effective route to success.
Rule to Break #1: You need a random sample to conduct valid research
If you’re doing a broad study of consumer preferences or trends, that’s true. If you want to get a deeper insight into what the key decision makers from your most important customer accounts are thinking, you don’t need a random sample. In fact, you need to gather data from a group that is anything but randomly selected.
Gathering feedback from strategically selected allies and adversaries at high levels will give you input that will help guide your business into the future. When listening to B2B customers, what’s more important than hearing from those people who are actually making the buying decisions?
Rule to Break #2: Keep your distance to avoid biasing results
As we’ve seen before, the method of gathering customer feedback is part of the message you’re sending to your customers. For B2B customers, trust is critical. And time and time again, trust is best built in a face-to-face setting. So, why not build trust while collecting feedback by sitting down with your customer and having a structured conversation about their needs?
Set the stage beforehand, ask the right questions, and probe when appropriate. Chances are you’ll get more valuable input than a more traditional survey approach.
Rule to Break #3: All customers and data points are created equal
B2C researchers will be the first to go down the path of segmenting results by critical demographics. Segmentation is key in the B2B space, too. But collecting detailed feedback from high-level B2B contacts can yield “aha” moments in other ways as well.
For example, if a high-level executive from an automaker tells me what it’s going to take to keep her account happy, I’m going to listen. A future product innovation, cross-sell opportunity, or details about an at-risk relationship could be in her next comment. It’s just one verbatim comment from one individual, but the implications could be huge.
Many traditional customer feedback methods can be applied to all types of customers, but keep in mind that bending – and yes, sometimes breaking – the research rules for B2B customers can often lead to more actionable and dynamic results.
Nick Wassenberg, Research Analyst
E.G. Insight
Nov
3
Do Your Customers Think of You as a Trusted Advisor?
Filed Under Best Practices, Point of View | Leave a Comment
There is no shortage of salespeople competing for their customers’ time and share of wallet. There is no shortage of noise and clutter in the system; everyone is vying for attention in a difficult economy. Some companies are succeeding; others are failing at an alarming rate.
Companies that are succeeding are doing so because they offer specialized products or services unique to the marketplace, or—and this is more likely—because of the kind of relationships they have with their most valuable customers. These companies meet a need for their customers. They do something no one else can do or they are perceived as being unique.
Trusted Advisors stand alone atop the Customer Relationship Hierarchy as shown here:
Trusted Advisors are often involved in helping their customers solve problems. Their customers ask them for advice. When a Trusted Advisor helps find a solution, their customers usually reward them with a sale.
Product Vendors are usually contacted by customers once a solution is found. Product Vendors are often asked to provide a price—not advice, not a solution, just a price. We all know that customers often “window shop” by getting several prices before making a decision. If you are not the low-cost provider, and you did not help in forming the solution, you will probably lose the sale; it’s often as simple as that.
Here is the question: How do your most valuable customers perceive you? Where would they place you on the Customer Relationship Hierarchy today? Where do they want you to be on the hierarchy tomorrow? What will it take for you to get there?
Gary Gerds, Managing Partner
E.G. Insight