Beyond Innovation – How Technology Companies Can Use ‘Insight’ to Improve Customer Experiences, Product and Business Development
The key to success is about more than designing, deploying and being first to market with innovative technologies. Technology companies may be some of the biggest game changers on the planet, but they are not immune from changing buyer behaviours and rapidly evolving expectations from increasingly informed end users. Nor are they immune from the constant challenge to remain relevant and differentiate their service in a market that takes no prisoners –there’s always a new start-up waiting to take market share from the bigger players.
The leading companies are not only bringing new ideas to their clients before anyone else, but are also putting as much time and effort into differentiating themselves through customer experience. Experiences that go beyond hygiene factors such as service level agreements, help desk response times and application security standards.
Those with insight deliver the best service.
Harnessing and analysing market and user data and insight into customer behaviours, their preferences and expectations, their individual pain points, and the market challenges and opportunities impacting their business, have profound benefits for technology providers. It can drive significant improvements in how they connect and engage with customers, inform product development and guide business decision making.
Many service providers now have a team of customer success managers, whose role it is to create and improve customer lifetime value. They need to always have their finger on the pulse of what the customer is doing now, and where they need to go next. To do this they must possess a deep understanding of both the customer’s business and have an in-depth knowledge of their market.
As the glue that binds the customer to their company, customer success managers are often the front-line of customer communication. This requires them to be contextually aware, empathetic and personalised in their approach. They must be constantly looking for opportunities to connect in meaningful ways and primed to capitalise on any opportunity to innovate in terms of service and delivery of superior outcomes. To do this they need an intimate understanding of the customer.
For the customer success manager, customer and market data and insight delivers a truly holistic 360° view of the customer ecosystem and how their service fits in to it, which in turn enables a deeper understanding of how best to help the customer achieve success.
Building an innovative and sustainable product roadmap requires an in-depth understanding of what customers and the market want now and in the future. It’s vital to know what they are talking about and what challenges await them.
Harnessing market data, customer insight and end user sentiment ensures that technology companies prioritise ideas based on demand, accurately predict needs and understand what functionality will make a real difference. Done in the right way, this will enable service providers to spot opportunities for innovation based on patterns and trends that others have not noticed, whilst learning from feedback on previous versions and competitor solutions. All vital stuff that can be fed back into the research and development process, to ensure that not only are better products delivered to market faster, but that those products truly achieve better commercial outcomes.
The ability to analyse and act on data and insight is also increasingly important for technology companies when it comes to their own business development. The sheer pace of change can mean they fall behind if they are not able to react quickly to market changes or jump on opportunities for business growth as soon as they arise.
It’s vital to provide decision-makers with the intelligence they need to make informed and insightful decisions, for instance which new technologies they should invest in and which are simply hype with little real substance. Or where productivity improvements can be found, or which customer segments they should target. Decisions that can boost performance, steal a march on competitors and new entrants, attract investment, and avoid failures.
Artesian is delivering transformational results for technology companies
The business intelligence, customer insight and engagement solution of choice for enterprise technology brands and innovative IT service providers such as Qlik, Questback, Century Link, NetApp, IBM, Hewlett Packard, Sage and Cisco, to name but a few. Artesian delivers on average 12 million insights on over 700,000 companies every month to its users. Contextual, relevant and commercially valuable intelligence that is helping them get to know their markets and customers better. The result is improved engagement, rapid responsiveness to opportunities and risks, increased credibility, competitive advantage, and importantly, customer satisfaction, retention and revenue growth.