Going back to basics – who are your customers?by
Keith Schorah discusses finding a practical and repeatable system for achieving more complete understanding of different interactions with customers.
Picture the scene: a global firm’s customer insight team walks into the boardroom and shares the analysis that one third of the company’s customer base is at risk of finding other suppliers. The directors might, in their worst imaginings, only have guessed that 10-15% of their customers might consider churning at some point.
However, the insight team’s new-found ability to capture data from customer purchasing trends to online and social media interactions has clearly helped it identify the likelihood of displacement by competitors, far earlier and more precisely than ever before. The information is out there: companies can now find a new way of looking over their shoulders at the competition as never before. But with such astounding long-range insight, where does that leave the firm’s standing with its dissatisfied customer base – and what should they do about it?
Keith Schorah is CEO of SynGro.