What Should A Revenue Intelligence System Provide?

Published on:

January 3, 2014

A glass jar on its side with money coming out.

Customer research & feedback requires systems that can both acquire the necessary intelligence as well as provide meaningful analysis of the data.

What should a revenue intelligence system offer?

To make full use of your customer research and other business intelligence, a few great tools should be put in place:

  • Website performance analysis
  • Marketing campaign analysis
  • Response process analysis
  • Revenue intelligence
  • Staff performance review and feedback

Does your customer research skip over the most important part of what you need to know though? Fast Company think it could, in their recent blog.

“People fib on surveys. Focus groups take customers out of their element. So how do you do better research?”

Fibbing? Surely not. We’re sure it’s not a conscious effort to mislead in any case – it could just be that surveys are completed with information that the respondent thinks you want to hear, or with a slant based on what they think they should be doing versus what they actually are doing. How do you combat this?

Bridging the gap between departments

To give the best Customer Satisfaction, there needs to be an effort to identify any gaps that may exist within the company structure or culture –  dots need to be joined between departments – sales, marketing and customer service especially. A common problem is that not enough companies do this. The client should be in the centre of the whole customer experience. This can be achieved through successful monitoring of what goes on and integration across all departments. Easier said than done?

Key to business growth for CEOs

“…if your aim is to get a complete picture of what your customers really need–and to discover opportunities for meeting those needs in differentiated ways–you’ve got to supplement surveys and focus groups with additional customer research methods.”

As a CEO, are you looking for the key to business growth? Business should not necessarily be about yet another initiative but about creating a system of continuous improvement that is self-perpetuating, correcting and improving. Do you have a system in place that makes this possible?

Business systems that work

The Fast Company article describes how E.ON, a gas and electricity provider serving twenty European countries, benefited from this approach.

“Business analytics showed that the churn rate for new customers–those who had been with E.ON for a year or less–was much too high. And when surveyed about the experience of switching to E.ON from another energy provider, customer expressed sentiments ranging from neutral to negative.

By giving in-depth tools to both staff and customers, E.On improved their offering.”

Every CEO and MD knows that customer experience matters and is aware of the proliferation of the social sites, and what that’s done for the power of the consumer. However, most companies just don’t approach their interaction with customers in a way that bridges the gap between all the relevant departments and teams within their business. To succeed in this respect, it takes more than lip service and a casual  mention in the business plan – it has to be about how you define, implement, and manage the customer experience as your customers are touched by each of those departments within your company

What could you put in place to make this work for your business? Would Awardaroo help you improve your business growth and bottom line? Get in touch to find out.

About Paul Freudenberg

Paul Freudenberg is a business productivity coach and consultant with a focus on operational excellence delivering improved profitability and business performance, and Founder of Awardaroo in 2005. Paul has set the mission of Awardaroo to help raise UK Business Productivity from one of the lowest in the G7 to one of the highest by 2030. Connect on LinkedIn

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