Does CX Value Realization Really Live Up to the Hype?
Customer acquisition is a major focus for many organizations, but customer retention is just as important to your bottom line–and your revenue growth. In fact, it costs 4-5x more, on average, to acquire a new client compared to retaining an existing client. It’s also easier to upsell and cross-sell within existing accounts than it is to close a deal with a brand new account.
Because of this, a customer experience (CX) strategy that builds lifetime customer loyalty is critical to your company’s success. Recently, there has been a significant amount of interest around value realization as the key to a winning CX strategy. Here are five reasons CX value realization lives up to that hype.
CX Value Realization: The MVP of Your Customer Retention Strategy
Value realization is one of the most powerful ways of ensuring customer success and satisfaction. That’s because value realization strengthens your customer relationships and fosters loyalty in several very important ways, including:
1. Value Realization Builds a Shared Definition of Success with Your Customers
With a value realization framework in place, you understand what results matter most to your customer from Day 1, so you can deliver against those expectations. A solid value realization framework starts with having a shared understanding of your customer’s goals and expectations on three interlocking levels: the company’s corporate or financial objectives, the stakeholders’ goals, and the intangible personal goals of the human behind it all (for example, their reputation in the company, career aspirations, etc.). Read more about The Value Trinity™ for a detailed explanation of these three aspects of value.
With a deep understanding of the customer’s needs and a clear vision for what success looks like, customer success teams have a blueprint to tailor value realization reporting to the customer’s unique priorities. This makes it easier for your customers to understand how your solution solves their most pressing challenges on all levels. Not only will this increase your customers’ loyalty to you as a partner, but opens up opportunities to expand your business with your existing accounts.
2. Value Realization Closes the Loop on CX by Demonstrating Value at Every Interaction
Value realization ensures a seamless and consistently positive experience throughout the customer journey. The handoff from sales to customer success is smooth, and–without skipping a beat–builds off of the rapport your sales team has already developed prior to closing the deal.
Think of it this way: your sales team has worked hard to gain your customer’s trust with quantified value aligned to their needs. A CX value realization strategy builds on that foundation of trust and solidifies the relationship further by continuing to demonstrate value at every touchpoint.
3. Value Realization Eliminates Surprises with Clear Customer Communication
Value realization provides a framework for clear communication with customers, which helps you keep a pulse on whether your solution’s results are meeting your customer’s expectations. With a CX value realization platform, you can easily provide your customers with full transparency and visibility into how the solution is performing with easy-to-understand KPI dashboards, so there are no surprises.
Plus, as the solution provider, this level of communication and transparency with customers makes it easier to see warning signs early when an account is at risk, allowing you to pivot and calibrate as needed. Being able to adapt quickly when a customer is dissatisfied can make all the difference for customer satisfaction and retention.
4. Value Realization Drives Continuous Improvement with Value Co-Creation
Value realization creates meaningful collaboration between you and your customer. When you shift the focus of customer success towards working together to create value, you truly learn how your customer thinks about their business–and you open a window into their biases and beliefs.
From there, you can leverage those deep insights into your customer to continuously improve and tailor value realization to the things the customer truly values most. Ultimately, co-creating value in this way leads to better outcomes for you and your customer alike.
5. Value Realization Empowers You to Win Over Customers – Again and Again
Finally, the beauty of value realization is that it’s truly an ongoing partnership with your customer. It’s a continuous and ongoing cycle of discovery and value creation that only gets deeper and richer with time. You’ll continuously discover more about what’s important to your customer, and you’ll be able to adapt your approach as the customer’s priorities evolve and build a trusted, long-lasting partnership.
Ready to Get Started with CX Value Realization?
For more information on how CX value realization can work for your organization, we invite you to schedule a demo or contact our team of experts. We are here, ready to help. Or for more information, watch our webinar recording on scalable value realization.