Are you acting strategically to nurture and grow your existing customer relationships? In today’s highly competitive business climate, satisfying and retaining customers is critical to business success. By monitoring your customers’ experiences, you can take action to protect existing customer relationships and potentially grow revenue within your customer base.
As you protect your own business, your competitors are doing the same. Simultaneously, they may be targeting your most valued customers and attempting to keep you from acquiring more.
CFI Group helps organizations understand how to manage and grow customer relationships through the science of the American Customer Satisfaction Index (ACSI). The same science can be applied to measure competitive performance and answer the following questions:
- How do the quality of your products or services compare to competitors?
- What competitive strengths can be leveraged in a customer acquisition campaign?
- What competitive weaknesses need to be addressed to prevent your customers from defecting?
- What best practices exist in the marketplace?
- How do customer needs and priorities differ among competitive firms?
- Why would potential new customers choose to do business with you—or with someone else?
CFI Group’s Benchmarking and Competitive Intelligence solution gives you the power to hear the voice of your competitors’ customers, understand where competitive strengths can be used to acquire new customers, and determine threats existing in your business.
Using an “apples-to-apples” comparison of scores, relative performance can be measured to provide direct benchmarks of performance quality. Through the ACSI impact analysis, you will know how customers’ needs and priorities differ and why certain types of customers might find you—or one of your competitors—more attractive. Further, open-ended questions will provide direct insight into customers’ perceptions of industry best practices.
This solution leverages CFI Group’s Customer Feedback Insights platform. It includes the CF Analyze suite which combines the ACSI modeling engine with ad-hoc analysis tools to deliver actionable insights regarding competitive performance. Specific recommendations for improvements are provided by highly trained consultants, including detailed SWOT (strengths/weaknesses/opportunities/threats) analysis findings.
Ultimately, the CFI Group Competitive Intelligence solution allows you to view the marketplace through the same lens with which you view your own customer experiences. As a result you can make tactical improvements that protect your own client relationships, while simultaneously making strategic decisions on how to grow market share profitably.
Give us a call, or contact us, so that we can begin exploring how Benchmarking can help you improve the customer experience in a way that impacts your organization’s bottom line.