Harnessing Voice of the Customer for Incremental ... - Frost & Sullivan

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A three-page excerpt from our 15-page Best Practice Guidebook:

Harnessing Voice of the Customer for Incremental Innovation

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Best Practice Guidebook

Harnessing Voice of the Customer for Incremental Innovation Citrix

Challenge

INDUSTRY

Information and Communications Technology

Citrix needs to improve customer retention in an economically feasible way.

REVENUE (2012)

$2.59 billion USD

Applicability to Executive Functions

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.

Solution Components Collect and Analyze Customer Voice »

Embed Insights within Product Teams »

Apply Insights to Innovation »

R&D/ R&D/ Innovation Innovation Sales Leadership

Corporate Strategy

Marketing

CEO

Corporate Development

Market Market Research Research

Investors/ Finance Competitive Intelligence

Citrix’s Key Lessons Learned • 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.



best practice guidebook

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Contents Overview Page . . . . . . . . 3 Customer Insights (CI) Department . . . . . . . . . 4 Collect and Analyze Customer Voice . . . . . . . 5 Embed Insights within Product Teams . . . . . . . . 6 Apply Insights to Innovation . . . . . . . . .10 Business Results . . . . . . .12 Key Lessons Learned . . . . .13 Supporting Tools & Resources . . . . . . . . .14

Santa Clara, California, United States GEOGRAPHIC FOOTPRINT Global OWNERSHIP Public EMPLOYEES (2012) 8,212 HEADQUARTERS

Business Results

Resources Required

• Approximately 45% of customer-driven business cases become new products or product features

• Dedicated centralized program manager or analyst

• 30% reduction in cost-per-lead for some segments

• Buy-in by key stakeholders to take action on primary insights

• 100% adoption of VOC process by product teams

• Funding for tools, resources, and research:

Customer Experience Survey . . . . . . . . . . 15

-- 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)

Net Promoter Score® (NPS) . . . . . . 15

-- If an outsourced effort—vendor will handle the survey tool and contact process

Design Matters Initiative . . . . . . . . . 14

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Source: Citrix; Growth Team Membership™ research.


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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

Objective

Objective

Objective

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

Activities

Activities

Activities

• 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

• Collaborate with product teams to use customer insights for a new product business case

• Illustrate the impact of customer perceptions and use of products

• Track and communicate the ROI (as measured by revenue, retention, and brand loyalty) of insights-based innovations

• Provide usable insights (needs and trends) for new products and/or features

• 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.


Register for the Webinar

Harnessing Voice of the Customer for Incremental Innovation Tuesday, September 24, 2013 11 am EST / 4 pm GMT Duration: 1 Hour 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.


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