In my last few posts I have been sharing the power of capturing the voice of your customers and voice of your markets. Understanding how your buyers buy today, the journey they take and the criteria they must have is the quickest way to increasing sales. Who should own the voice of the market and customer? The answer may surprise you: Not Sales! In this post I will share who should own the voice of the customer and share a short video on the impact this information will have.
Who owns the voice of the market, voice of the customer in your company?
Before we unpack this topic we need to understand the differences between the voice of the customer (VoC) and the voice of the market (VoM).
Voice of the Customer
“Voice of the Customer (VoC) is a marketing research technique that encompasses the collective insights of your customers’ needs, wants, perceptions, preferences and expectations.”
Voice of Market
“Voice of the Market (VOM) is different in that it incorporates input from the greater market. The market contains not only your customers, but also those who chose not to buy your solution – those who bought someone else’s product and those who just didn’t make a decision.”
Capturing the voice of your customer (VOC) is critical to providing your customers the best overall buying experience and growing sales profitably. I also use the voice of the customer to help me understand how customers describe the problems my clients solve in similar markets. The Voice of the market is even more powerful because it not only captures your customer, but it also captures prospects in your market you want to serve as well as customers you once sold. The voice of the Market ( VOM) helps you scale your solutions to unresolved market problems to new customers in the markets you serve.
Who owns the voice of the market and customer?
A few reasons I have experienced over the years:
First, you want sales selling. I don’t mean to sound trite but this is about focus. You want your sales resources selling and not conducting market research. You do not want them doing any behaviors that do not align with their specific objectives and hitting their sales numbers. They need to be driving to serve their customers and solve their unresolved problems.
“Diluted Sales focus causes diluted sales results.”
– Mark Allen Roberts
Second, you want unfiltered feedback from your customers and markets. What if the reason why buyers don’t buy is the most common reason: the buyer-felt sales did not adequately understand the problem to be solved so they did not trust their proposal to fix the problem. Will sales tell you that? Maybe but it would be a difficult thing to share. For example, what if “the why “your customers do not buy more is they were unaware of the new products you introduced over a year ago?
Third, your customers have a relationship with your salesperson. It would be very difficult and uncomfortable for them to share concerns directly with the salesperson that calls on them. However your customers will share feedback if asked correctly to give them a better overall buying experience.
Forth, your salespeople are trained to sell. Great right? Not when it comes to understanding your buyers and how they buy. Your sales people may hear something then start selling instead of actively listening and capturing the entire thought. The quickest way to shut down a good voice of customer, voice of market conversation is to try to sell through objections the buyers shares.
Marketing owns the voice of the market and voice of the customer.
If you are like a number of companies you may not have marketing team members experienced conducting interviews. If that is the case I highly recommend you hire a 3rd party to interview your customers and markets. This is by far the best method of gathering what your buyers need and how they buy today. The outside 3rd party will interview your customers, customers you lost, and prospects you always wanted to be customers. Another approach would be to have a senior member of the leadership team conduct these interviews. As VP of sales and marketing I would often conduct this research.
The only companies you should never interview are new companies who are currently at some stage of the sales process. You do not want anything to interrupt the flow of the sale through the funnel. I have seen companies inexperienced with this process call prospects they are quoting in an effort to help close the sale faster and lose the sale entirely.
Make sure when working with a 3rd party you are clear about the deliverables.
Possible market work deliverables include:
- Present raw data
- Map buying journey
- Identify buyer personas
- Prepare a summary report / Identify shifts and trends
- Prepare a summary report and recommendations based on the raw data
When I conduct customer and market voice research I present a summary report and recommendations for a specific project fee based on the number of people interviewed, the time to accomplish the project, and how the customers and markets are interviewed. Some clients ask I personally meet with 2-5 of their customers so the cost is higher than a phone interview due to travel expenses.
I feel I need to warn you at this point: In this capturing voice process you will hear a number of great things, things that will make you proud of your team. You will probably also hear things your customers believe to be true (their perceptions) that may or many not be true. Keep in mind your customer’s perception is their reality and that is what you must use in your strategic adjustments.
After the market work your team will be nervous. Sales, marketing, operations and even quality will be nervous about what your customers and markets share. As the leader in the organization you must set the stage for this exercise. When I work with teams I have four meetings:
- Project launch meeting with senior management team – I share what we will be doing, how we will do it, who we need to speak with and what some outcomes may be. I emphasize this is not a witch-hunt, but an opportunity to learn how to make strategic adjustments that insures we all hit our numbers. This meeting is about education and expectations
- CEO/President/VP of marketing/VP of sales – In this meeting I share my summary report and some specific customer interviews with raw data and recommendations, adjustments to sales process and needed new sales tools. This meeting is about understanding opportunities not finding a throat to choke. We decide what we will share with team and in what depth.
- Senior leadership team – present summary of finds and recommendations without specific customer interviews. I ask the CEO and other leaders to prioritize the action items and commit to investment if required in this meeting. This meeting is about gaining team understanding and commitment tied to outcomes and shaping a plan to meet what buyers need today.
- Sales VP, Marketing VP, sales and marketing teams– present findings and design a new sales process and list new sales tools needed. Conduct 3-4 sales trainings over 6-8 months and provide coaching as needed. This first meeting is about applying the work your team has committed to do and reinforcing new behaviors. This is a great team building exercise to tear down any silos that have developed over the years. Following trainings are to reinforce new behaviors and coach team members through any difficulties they are experiencing.
The number and severity of the adjustments needed will depend upon the market and customer feedback as well as the senior management team’s prioritization; most teams learn a few opportunities, misperceptions of customers and make 2-5 strategic adjustments and add new sales tools. It is not unusual teams create a project roadmap with phase gates to tackle findings. You can have a senior manager lead the project internally or I have been hired to hold team members accountable to their assigned deliverables.
Once your team understands the voice of your market and voice of your customers you have the foundation for a strong plan to hit your sales and profit numbers.
Does your team understand the voice of the customer?
Does your team clearly understand the voice of your market (s)?
Who owns the voice of the customer and market in your organization?
When was the last time you gathered this information?
Are you sure your brand is in sync with your customer expectations?
How often do you feel you need to gather this information?
Market leading organizations achieve their sales and profit goals on a consistent basis.
They accomplish this by spending time understanding how buyers buy, what they need to buy, and why they don’t buy.
They take current market data and adjust their plans to better serve their current buyers and markets.
Would your team like to realize a 10X sales increase over the next 6 -8 years, and or a $38 million sales increase in 18 months like the companies I have shared recently? If so, it involves capturing the voice of your customers and voice of your markets which is a key part of the no smoke and mirrors process.