Harnessing Voice of the Customer for Incremental Innovation

Transcription

1 A three-page excerpt from our 15-page Best Practice Guidebook: Harnessing Voice of the Customer for Incremental Innovation

2 1 Best Practice Guidebook Harnessing Voice of the Customer for Incremental Innovation Citrix INDUSTRY Information and Communications Technology REVENUE (2012) $2.59 billion USD Challenge Citrix needs to improve customer retention in an economically feasible way. Solution Citrix develops a comprehensive program to collect, prioritize, and embed the voice of the customer in the innovation process to drive meaningful product improvements and increase customer retention. Applicability to Executive Functions Solution Components Collect and Analyze Customer Voice» Embed Insights within Product Teams» Apply Insights to Innovation» R&D/ Innovation R&D/ Innovation Corporate Strategy Sales Leadership Marketing CEO Corporate Development Citrix s Key Lessons Learned Investors/ Finance Competitive Intelligence Market Market Research Establish the Customer Insights team as a service center, rather than as a mandate from above. This will increase buy-in, open up access to business units data, boost the use of Customer Insights work, and avoid territorial behavior by divisions with revenue targets. Ensure the Customer Insights team has access to companywide data. This allows the team to integrate crossbusiness insights, support decision-making at all levels of the business, and link customer feedback to measurable changes in customer behavior (such as increased revenue, retention, and loyalty). READ MORE» Note: Data are illustrative and do not represent actual data.

3 best practice guidebook 2 Contents Overview Page Customer Insights (CI) Department Collect and Analyze Customer Voice HEADQUARTERS Santa Clara, California, United States GEOGRAPHIC FOOTPRINT Global OWNERSHIP Public EMPLOYEES (2012) 8,212 Embed Insights within Product Teams Apply Insights to Innovation Business Results Key Lessons Learned Supporting Tools & Resources Design Matters Initiative 14 Customer Experience Survey 15 Net Promoter Score (NPS) 15 Business Results Approximately 45% of customer-driven business cases become new products or product features 30% reduction in cost-per-lead for some segments 100% adoption of VOC process by product teams Resources Required Dedicated centralized program manager or analyst Buy-in by key stakeholders to take action on primary insights Funding for tools, resources, and research: -- If an in-house effort a survey tool, method for sending the survey invitations, a text analytics tool to categorize open text comments, and a tool to aggregate and analyze the data (such as a spreadsheet tool) -- If an outsourced effort vendor will handle the survey tool and contact process Contact the Growth Team Membership (GTM) GTMresearch@frost.com twitter.com/frost_gtm Source: Citrix; Growth Team Membership research.

4 best practice guidebook 3 Citrix uses a three-part process to capture and translate customer feedback into insights for product teams From Customer Voice to Product Innovation Collect and Analyze Customer Voice Embed Insights within Product Teams Apply Insights to Innovation Capture the voice of the customer and translate it into usable insights Package and deliver customer data and insights to influence product development s decision making Apply insights to improve products features and performance Assign ownership of stakeholder needs by analysts specialization Develop qualitative and quantitative customer feedback mechanisms Assess and prioritize customer needs based on their frequency, value, and impact Develop customer personas to bring to life the needs and preferences of customers for stakeholders Illustrate the impact of customer perceptions and use of products Provide usable insights (needs and trends) for new products and/or features Collaborate with product teams to use customer insights for a new product business case Track and communicate the ROI (as measured by revenue, retention, and brand loyalty) of insights-based innovations Use Virtual Customer Advisory Boards to collaborate with customers on high-priority projects from voice of the customer to customer retention Voice of the Customer Insights Incremental Innovation Increased Customer Loyalty and Retention Customer engagement depends upon two-way communication: customers provide feedback to the company, and the company reports back to the customer on how the feedback was used. Voice of the Customer (VOC) is a key component of this engagement cycle because it enables companies to harness customer feedback to drive incremental innovation (existing product enhancements that maintain or increase competitive advantage), thereby contributing to customer satisfaction and retention. Source: Citrix; Growth Team Membership research.

5 Register for the Webinar Harnessing Voice of the Customer for Incremental Innovation Tuesday, September 24, am EST / 4 pm GMT Duration: 1 Hour Please contact us to learn how to access the full Best Practice Guidebook or for information on Growth Team Membership. Visit us online us GTMresearch@frost.com Follow us on Twitter GTM and Tabitha Dunn, Managing Director of Customer Insights at Citrix, will present this best practice where Tabitha will share her key lessons learned and participate in a Q&A.