KNOWLEDGESTREAM AT-A-GLANCE

The Future of Customer Engagement for Product Market Fit

ABSTRACT

I’d like to map trends and useful tools and techniques for developing and scaling a Customer Advisory Board and other community engagement models.

PARTICIPANTS

Mark Dildilian - MBA
SITEK Inc.
Mariana Gomes
Product Manager | Co-founder
Masarrat A Shah
Business Program Manager - SIAM Process Architect
Michael Elrod
Director of Product Management\Chief Imaging Consultant at Medical Consultants of America
Kim Moten-Bogan
Marketing Strategy & Operations; Branding
Vic C
Julius Golovatchev
Co-Founder & CDIO / COO
April Farris
Customer Advocate
Lenore Kantor
President & Chief Growth Officer
Amit Garg
Head of Analytics | Customer Experience
Travis Murdock
VP of Marketing at Xinova
Kenneth Salchow, Jr.
Sr. Manager Global Training and Certification
Jason Ward
Technology enthusiasts by profession; brand and team builder by nature.
Elizabeth (Kelly) Torp
Experienced Marketing Leader
Robert F. Yoder III
Director of Digital Marketing at Recovery Unplugged
View More >

OBJECTIVES

1. Gain Insight For Product Roadmap: Identify unmet needs in the market and relate that to our platfo

2. Community around our existing and potential cusotmer.: Not only engage panelists but followers interested in better customer engagement. Lead Gen.

3. Persona Development and Market Insight: Better understand the differences between the types of panelists. Identify the key stakeholders.

4. Consistent Flow of Content: Produce an array of content on a regular basis to provide out to the market to get signups to a webinar/demo.

100% Complete
Start Date: Feb 20, 2019
End Date: Jul 22, 2019
752

CONTRIBUTIONS

ACTIVITY

152 Days

9 Themes

33 Contributors

541 Posts

211 Comments

197 Followers

OUTPUTS

9 Slide Deck

1 Blog Post

7 Video

CALLS ATTENDED

2019-02-19 13:49:20 - Scoping Call & Talent Review

THEME #1

Why we do what we do, who for, and how to measure.

THEME SUMMARY

In this first Theme, we are really just trying to get some language going and some context around traditional customer engagement. No real AHHAAAs here but a starting place as we continue to add thought leaders to the panel.

  • Product fit is the number one reason why CABs are conducted today, but measuring success appears difficult
  • Other benefits appear possible, but potentially less intentional.

The key benefits aim better decisions of what to do and what not to do, to improve resource utilization and maximize revenue. For those directly involved, there are some relationship and branding.

Validate the entire offering package. Work with CAB to define product/service features, pricing, support and future roadmaps.

to innovate or otherwise to [take} action in a way you couldn't otherwise have.

Killing dead weight: clear understanding of market needs and what products/service will cease to be relevant based on the trends.

Besides product improvements, there were some thoughts around communications, relationships, and case studies.

Identify early customers and configure sales initiatives.

CABs are about communication so that a company can know its customers better and the customers know the company better.

feedback on messaging, sales pitching, product roadmap planning, partner program definitions, and a great opportunity to gather references and case study opportunities.

THEME #2

Alternatives To Customer Insights

THEME SUMMARY

From Theme one, we got to learn that the need to engage customers is real and needed to keep product and communications aligned with the market. I expected to hear in Theme 2 that there may be a killer app to doing so. I was surprised to hear how limited the responses varied.

  • Getting close to where the client interacts is key
  • Social listening tools may put new trends on your radar
  • Blending both online and offline techniques are going to be necessary to get a clear picture

Roll up the sleeves and get out there

get very close to the AM who manages the day to day relationship with the customer, they know (should know..) the customer challenges in great detail.

Social listening gives you access to what people are saying about your brand, industry, or competitors across social media and the web

Blend online and offline...."Engage your online community ....then Invite the most engaged to come to an offline session'

We are still reliant on very non-digital, expensive and non-scalable alternatives.

Extend your outreach to others in the C Suite.

invite some highly appreciated customers to special forums or round tables.... in a private setting

Prospect crowd focus group....Focus on prospective customers....online focus group tool

THEME #3

Envisioning the Future State of Customer Engagement

THEME SUMMARY

"Tell me and I'll forget, Show me & I may remember, Involve me and I'll know." The future state of customer engagement ensures market fit with co-design (partnering with potential customers) & moving from a single encounter to creating an exceptional high impact customer experience w/metrics aligned

  • It is important to balance the customer experience/relationship to increase sales. You need to partner with customers and give them forums to engage like Lego Ideas, but keep an eye on privacy.
  • Provide Feedback/Rewards to those that took the time to answer. You want a community which has purpose and ideas which will help the Product to Evolve,
  • High Impact & High Touch to increase customer buzz and sales. The customer needs to feel engaged, empowered, & their inputs are highly respected. It is a fine line between engaging & being annoying.
  • Automating Multi-Channel Customer Insights & Piecing insights together with New tech like AI. You want to be there when the customer needs you & then provide the relevant & important info they want.

Attributes of Impact

Development of true IOT/AI mechanism’s

Having everyone aligned on the same metrics (e.g., funnel conversion) is refreshing and powerful.

Attributes of Always On

concise, actionable and of benefit. In short, the “feedback loop” must also be structured with the following: -Collect -Discover/Discovery -Apply

THEME #4

Describe the value of having an ongoing Customer Advisory Board

THEME SUMMARY

"By engaging with a consumer panel, they are able to "voice" their opinions and "communicate" to us their honest feedback." (Alexander Guizzotti). Panels should be small and diversified, the CAB format must fit the topic, & a careful balance between on- and offline tools and tactics are required.

  • vCAB's have a role in facilitating the conversation between company and customer. The Currnt Platform provides beneficial interactions and information; human interaction is the key to success.
  • Customers like having a say in the products/services that they procure since they are an important part of running their businesses. This impacts all divisions & can align them toward a common goal.
  • The challenge that can arise is finding the right set of knowledgeable users or influencers.
  • The greatest value is where there is the greatest risk & uncertainty. Value is created if you understand how it is done today before designing something new. CABs help build empathy with customers.

SURVEYS

people | 14
On a scale of 1-5, how valuable is continuous customer feedback to your team?
1. No Value
0.00% 0 votes
2. Minimal Value
0.00% 0 votes
3. Some Value
0.00% 0 votes
4. Valuable
42.86% 6 votes
5. Very Valuable
57.14% 8 votes
 

Product Development

Gathering customer feed back at multiple stages proves to be valuable in product development. The key is to keep open mind and truly listen to the customer feedback. Being open to feedback allows for uses or market expansion you may not have considered.

The CAB reduces greatly the chance of developing a product/service that misses the fit/acceptance of the market. Value measured in time and development costs.

In Product-Led organizations, product owns the P&L, sales, marketing and support are costs involved in delivering the product,. It is all about getting feedback on the next version of the product

CAB's Value in Other Areas

In Customer-Led organization, marketing or sales owns the customer and it is all about improving the customer experience and driving more revenue.

My favorite CABs and the ones that have been the most valuable to my previous companies in the technology space were multi-purpose. In other words, they was centered around best practices, product direction, customer feedback and networking.

Patient specific CABs allows us to gauge the level of satisfaction & where current marketed medical products currently stand. A small diversified panel ensures each consumer party is represented. Our community needs to feel inclusive & know how future tech & meds will affect their quality of life.

CAB Agenda

CABs have clear discussion topics with a small group of dedicated senior decision makers, leadership + facilitator Intended to understand customers, their objectives/main challenges with 80% listening to customers sharing best practices, experiences, challenges etc. CAB should be ongoing & not adhoc

For a virtual CAB to work you need: Technology that is accessible for company & partner/customer Be Prepared. Prior to the meeting share the agenda & high level findings so the audience can prepare in advance Followup with next steps as there is an ongoing discussion

The best CABs have a healthy mix of 10-12 knowledgeable users and influencers. that represent a mix of various characteristics, have been with your company from the early days, or are new. The CEO should invite them to ensure the customer takes the commitment seriously.

CAB Gains for a Company

you cannot deliver, test or optimize great marketing without continuous customer involvement.

The CAB becomes a mandatory component of effective marketing with increasingly more focus on customer centric versus product centric.

The panels that I have lead or participated in have been a combo of virtual + in person (hybrid). The purely virtual model lacks the human interaction & feeling of being a member of a team. The intro of some in person meetings bridges that gap..

vCAB

Virtual CABs are always effective when used as a follow-up to an in-person meeting & in general are effective. From my personal experience, the human element is so critical and often times the "golden nuggets" typically come from side conversations during breaks and meals.

For a virtual CAB to work you need: Technology that is accessible for company & partner/customer Be Prepared. Prior to the meeting share the agenda & high level findings so the audience can prepare in advance Followup with next steps as there is an ongoing discussion

Very simply, this format offers the opp for experts to offer their opinion. The forum participants don't face the same crucible of decision making as they do in a real world environment; it is effective if the topic fits the format As for use with clients and within companies I'm in, potentially.

THEME #5

Discuss how an ongoing virtual Customer Advisory Board would positively impact revenue

THEME SUMMARY

"Your customer is your most credible marketing asset, CABs are a great way to capture such content, stories & video. CABs play a big role in de-risking and accelerating product development ultimately, leading to new product and service revenue." (Michael Phelan)

  • CABs engage customers, help discover new needs and "pains" to solve, create customer loyalty (which could increase frequency, generate upselling, ROI etc.) & generate new revenue streams.
  • A central metric should be identified & agreed upon by all teams before a CAB starts to align its and the organization's goals & to ensure the results measured are beneficial to all.
  • CABs create content for lead generation and references to help close business or activate stalled deals.
  • Focus is definitely a critical aspect for CABs to generate as much value as possible.

Measuring CABs Impact on ROI

Effective measurement of customer loyalty include: -NPS score -Customer Retention Rate -Customer Churn Rate -Customer Lifetime Value -Upselling /cross selling Ratio -Participation in loyalty programs

Every time I've created a CAB, I went to the specific action of creating a baseline. I made a specific point of mapping trends post that including other actions taken by management. From that, you can tease out insights as to what may be happening.

If you're using a CAB for innovation and following a lean start-up model, you could easily track how many ideas were on the shelf and how many the CAB helped move to the next stage or kill. That leads to a speed to innovation metric. Ultimately, you've got cost, count and calendar.

Other Ways to Impact ROI

The open ended nature of this question leads you back to "what problem are you trying to solve with your CAB" and then what metrics that apply. How many new products pre/post CAB; success of market launches pre/post CAB; tracking consumer sentiment as a result of changes offered by the CAB.

Loyal customers generate more referrals., will continue buying from you, less susceptible to competitors’ marketing., more receptive to your other products/services, more understanding of issues & troubleshooting. more likely to provide feedback and reviews you can use to improve your retention

Engage finance and sales early and get their buy-in that this is how you'll measure it ... good and bad. If you wait until after it's done, colleagues will be skeptical on the results (e.g., did you cherry pick them)?

THEME #6

Internal Customer Advisory Boards

THEME SUMMARY

"It should go without saying, if the person who works at your company is 100 percent proud of the brand and you give them the tools to do a good job & they are treated well, they're going to be happy," Sir Richard Branson's. Essentially, happy employees, happy customers, happy shareholders.

  • Objectives, Resources, and who Champions the CAB Influences the Outcome. It is important to get diversity of thought and different perspectives.
  • The nice part about a CAB and Currnt's platform is it provides a framework to answer those questions with built in tools and processes to shorten the time frame and take that debate off the table.
  • It is quite common to have all kinds of data, but none of it what we really need- authentic, truthful data. An internal CAB can resolve this problem.
  • If a Sponsor does not drive the internal CAB it isn't very likely to succeed.. They must have clear goals and objectives. Their is no reason a CAB couldn't be part of a puzzle to reduce turnover.

Impact on recruiting/retention efforts.

An internal CAB can assess key causes of high turnover: -how smooth and effective is the recruitment/hiring process? Are 360 degree assessments included? -Identify key differentiators of the company from an employee point of view? - are we sure its the right fit, do they have the right DNA?

Internal CABs may not only reduce employee turnover, which will help save the associated recruiting/training costs, but are also a way of getting relevant insights for the Product Roadmap without spending so much on Research.

A view not yet taken is to use a CAB of prior employees to find out more about why they left. In this instance, anonymity would likely be important and a third party CAB might pickup even more value. What the value is to the exiting employee would be an interesting question.

Brand/culture education, identification, and consistency of messaging

We see Brand/culture education, identification, & messaging consistency (CIM), as putting our message out there & making it available to the masses. CABS could be an incredible place for EEs to define & learn from others. It should be an exploratory uncovering process for EEs.

On the other hand, happy employees with a clear and consistent vision of the company's next steps are also brand's advocates, being marketing channels on their own.

Brand/culture ed etc (must) come from the top not from a CAB. It needs to be consistently repeated & pushed from top level management to the janitor. The piece everyone misses is Brand/Culture (must be) bought into and lived. Most of the time this falls apart in middle management.

ROI

From an internal standpoint, ROI, is a dangerous phenomenon, the value should be quantified not just in dollars and sense, but also holistically. Utilize CABs for culture building, reframing it from CAB to discovery board, and you can drive value. ROI can be gauged by engagement & other metrics

Measuring (CAB) ROI should take a more holistic approach including overall employee satisfaction, adoption of diversity , successful deployment of giving-back programs and NGO relationships. These elements often identify different achievements, not necessarily all measured in US$.

We were able to go wider and deeper in existing accounts and did increase competitive account takeovers.

Internal CABs Considerations

Ideally an internal CAB includes HR, leadership and several business functions

Considerations for an internal CAB: *What is the objective? i.e. process improvement, internal brand effort, culture development *Who leads? is it self directed? *A path to implement ideas that are developed from the group-things go wrong internally when feedback is not utilized.

Any framework that brings together stakeholders across functions, world areas and business units has the potential to drive value for enterprise/organizations. They key element in a CAB being successful is Senior Leadership and key players agreeing on the tool, process and prioritization.

THEME #7

Epic Marketing: Battles: Face-to-Face vs virtual CAB's

THEME SUMMARY

"CABs are a way to deepen & secure longer term relationship with your key enterprise customers." (Michael Phelan) The choice of a Face to Face, Virtual, or combo CAB is based on the requirements, audience, objectives. & stakeholders. Our experts believe using F2F + vCab is generally the best option.

  • In terms of CAB’s (F2F or virtual) each has its own strengths and weaknesses. They can work well together given that a proper framework has been established..
  • “In 62% of companies surveyed, not everyone is aware of what customers do with the company’s product or service.” Keep Customers for Life. CABs can resolve that discrepancy.
  • The team, access to budget, target participants and their geographic location determines the type of CAB that is best.
  • There is an opportunity to establish "Vertical or Industry VABs" to meet such corporate needs at much lower costs.

SURVEYS

people | 9
Select the most effective CAB
vCABs
0.00% 0 votes
Face-to-Face CABs
44.44% 4 votes
vCABs combined with Face-to-Face CABs
55.56% 5 votes
 

Face-to-Face

F2F Cabs work better for enterprise CABs, where relationships are longer-term in nature and participants are more senior. This is especially true where their is a joint need to co-develop & validate product development road-maps & related mutual support directions.

F2F CAB makes sense because we need to see stakeholders connect, collaborate & gain from activities we perform. A great way to get members contributing and collaborating –& physically moving – is by conducting collaboration exercises or games focused on a shared industry challenges & solutions.

F2F meeting are well suited for brainstorming and relationship-building.

vCABs

Without clear agendas & clearly defined outcomes, all meetings suffer from distractions and inattention. This is far more of a risk in a virtual environment when participants cannot observe their colleagues. Nevertheless, travel is expensive & conference calls have filled the gap.

There is an opportunity to establish "Vertical or Industry VABs" to deep-dive into these verticals or customer sub-groups at much lower costs. These VCABs can each be stood up for say three month and can rotate through key verticals each year.

Depending on global or non-global I would switch which CAB I would be working with. For most other meetings I would prefer virtual.

Synergy of the Two

F2F CABs have a relevant role in discovery, the same way in-depth one-to-one interviews play an important role at the exploratory step of research. After getting insights from these F2F CABs, we should have enough info (options, hypothesis, & potential solutions) to scale the research to vCABS.

A combination can be both successful and cost effective. The CAB should have an initial F2F kickoff to outline objectives and to allow the group to set communication norms. When you move into the vCAB piece, keep the sessions short, have clear objectives & feedback loops.

Face to face CABs will have a stronger impact & better connect; Virtual CABs may have wider coverage. When we solicit feedback from Enterprise vs SMBs, they have different sets of issues/ preferences. It's critical to have a combination of F2F and vCAB to identify the right Next Best Action!

THEME #8

Write your Perfect Sales Pitch for obtaining the Voice of the Market

THEME SUMMARY

"The pure application of customer-centric marketing concepts is only the first step in the direction of real customer orientation. If the organization and the underlying governance do not support this concept,they are not be able to deepen customer relationships." (Julius Golovatchev)

  • Writing the Perfect Sales Pitch for a CAB is dependent upon understanding your audience, their challenges, and framing how a CAB can resolve those challenges.
  • VCab Pitches focused on cost effectiveness, ability to gather key info faster then traditional consulting services, access to global experts,
  • F2F Pitches focused on the importance of collaboration and connection to benefit stakeholders, customers and the organization as a whole.
  • Synergy Pitches focused on blending the benefits of direct customer engagement with using a virtual platform.

SURVEYS

people | 2
Vote for the Best Pitch
Carola van der Linden
0.00% 0 votes
Mark Dildilian
50.00% 1 vote
Masarrat A Shah
50.00% 1 vote
Julius Golovatchev
0.00% 0 votes
Kim Moten-Bogan
0.00% 0 votes
Michael Elrod
0.00% 0 votes
Michael Phelan
0.00% 0 votes
Vic Clesceri
0.00% 0 votes
 

Face to Face Pitch

I believe in Collaboration and Connection which benefits all: our stakeholders, customers and most important our Organization. So, I am sure you will consider my proposal of more Face to Face CAB meetings and less Virtual meetings.

vCAB Pitch

VCABs are a cost a fraction of an annual CAB. I am not in any way suggesting that you replace F2f Cabs, but more along the lines of extending & supporting you overall customer engagement program.

Your challenge is that vendors like KPMG takes a relatively long time from start to finish to report, they are expensive, & your budgets are constrained. The Currnt platform can significantly reduce final reporting time, it is easy to use & allows direct engagement with global knowledge leaders.

CAB Invite: Discover how to quickly and easily learn what your customers, leads and employees are really saying about your company & brand allowing your organization to respond in real-time to needs and potentially diffuse a situation before it damages your brand's reputation. 

Synergy of the two

I am finding that our customers don't feel heard or engaged by us. This is actually leaking out at the trade shows as potential prospects are mentioning our lack of customer engagement in the development process. To that end I would like to recommend forming a Customer Advisory Board.

THEME #9

REDEFINING our approach to Brand, Product, and Marketing Strategy

THEME SUMMARY

"Organizations should form & test hypotheses, challenge paradigms & ultimately develop strategy with prescriptive analytics. Here you are "reframing" paradigms for leading measures. The customer insight categories may be the same but the data collected, questions asked, data approach etc may differ.

  • The tractor, the rut & why you are stuck in it.: Humans are very, very good at getting focused on one thing & then running around in circles to find solutions or that one thing. Can't see forest tree
  • "Change is the only constant in life" - Heraclitus and this leads us to redefine our thinking
  • We must first look at the Strategy we are trying to deploy. I argue the stages are DEFINE - REFINE - REDEFINE, If you truly know basic market fundamentals, you will redefine not refine your strategy.
  • It is not the tool set, but the intention that separates "Refine" from "Redefine". The existing solutions can be used to redefine thinking if they are approached with the right minds set.

Refine your Thinking

Refine - Customer Insights represents tweaks to already existing paradigms. These tweaks might only be 1-2 standard deviations from current conventional Thinking.

Refine your Business by thinking outside of the box about what makes you different? 1. Test Your Idea by using surveys, polls & focus groups. to get to know your customer & understand their business needs & expectations. 2. Size Up the Competition by becoming a customer of the competition

Solutions refine your thinking only if you are trying to solve one problem. In my mind a solution is a group of products that solve many problems for an organization or company/customer. This solution could turn into an ecosystem of products solving multi-tiered problems across various levels.

Redefine your Thinking

Redefine Market Intelligence-I'm looking at "what are the new markets". to innovate products, packaging solutions & processes in a "blue ocean" or "white space" instead of evaluating them in an existing market (a red ocean).This can still be labeled redefine but I prefer "reimagine".

Redefine your Business through Innovation in digital technology to redefine & recreate business models leading to new value propositions for existing customers & pontentially change the customer set. However, Digitization will need to be supported by the due diligence,contracts & financial flows.

If you are not redefining your thinking about your brand, marketing, or products, you soon won't be in business. . Companies that reach the zenith of the mountain, strap on wings, & start flying will continue to penetrate new markets & challenge their own products with newer better ones,