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Tuning In to the Voice of Your Customer

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Last week I read an interesting article in the Harvard Management Update: "The ultimate goal is to shift ever more customers into the high-profit, high-advocacy area. Eighty percent of companies believe they deliver a superior customer experience, but only 8 percent of their customers agree."

In the article they use 3 D’s of Customer Experiences:
* To design the right offers and experiences
* To deliver their propositions by focusing the entire company on the customer & cross-functional co-creation.
* To develop their capabilities to please customers again and again.

Large companies are often Big, Smart & Slow. The larger a company in size or marketshare, the greater the risk it will take its customers just for granted. The trap is when money starts floating in, not to start formalizing the proces, but to stay flexible to stay with the ever changing customer. They become internally focusses instead of market focuseed. Than again, they often see their strategy determined by the market they are in, but just maybe the big profits are beyond your current customers. Also look at the non-users in other markets.  (Book: Blue Ocen strategy)

The Harvard article quotes a recent Bain & Company survey which reveals just how commonly companies misread the market.  "Eighty percent of companies believe they deliver a superior customer experience, but only 8 percent of their customers agree."  Companies can become so focused on their own sector/ market/ data that they stop hearing the voices of their customers.

READ THE ARTICLE AT Harvard Management Update

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