I have written blog posts about utilizing the Voice of the Customer (meaning using surveys, forums, social media, and focus groups) to gather and analyze data for the purpose of identifying revenue opportunities and increasing overall client satisfaction.
Customer-centric companies build emotional relationships with their customers and listen to them. They search for the pain points the customers are having by using their product or service. When they identify these pain points they are able to develop products, services, or solutions to eliminate them.
For example, say a cooking delivery service wants to differentiate itself from its competitors by taking a Know Your Customer approach and utilizing the Voice of the Customer to glean insights into critical customer pain points. In doing so, they realize that customers would pay for prepared healthy lunch meals that are similar to the to the meal options available to them near their workplace. By personalizing lunch meals based on local information, user preferences, and proper packaging for ease of travel the cooking delivery service was able to take advantage of an under-valued market opportunity and drive revenue.
In this example, the cooking delivery service decided to realize revenue opportunities by shifting its buyer focus. It decided to target non-customers that don’t really like to cook but want delicious prepared lunch meals that are similar to the ones they buy at work. Companies that continuously drive growth know the importance of understanding their current customers but also the customers that hate them and non-customers. They are driven by the pain points of these customers so that they can take advantage of first-to-market opportunities to develop solutions to these pain points.
The Know Your Customer approach is not something that can be outsourced. It is implored that you see and talk to customers yourself because that is the best way to truly understand how they are and are not using your product or service. It also offers the opportunity to realize new ways to offer value to your customers and non-customers.