Our client is a global leader in signal transmission and security solutions for vital applications across industrial and retail markets. Their broad portfolio of high-quality products and capabilities helps to ensure that their customers experience maximum uptime, seamless connectivity and can have confidence in the security of their network.
However, the reality of serving a very diverse customer base left their leadership lacking confidence in how effectively they were meeting existing customer needs and questioning if they were informed and prepared to make the best investment decisions for future growth.
To support their efforts, they engaged with Luminas — using our Customer Value Xcelerator Scan™ — to facilitate dialogue with multiple customers in order to discover which elements of their product, service and capability offerings were either contributing or detracting value in some of their most important customer relationships.
Together, we discovered that each customer connection presented significant opportunities for further investigation and consideration – examining the value proposition from the customers’ perspective highlighted both areas of opportunity and concern.
Deploying Customer Value Xcelerator Scan™ (CVX Scan™)
The first stage in helping our client to develop a foundation for sustainable, strategic growth was to identify their internal perspective regarding which of their products, services and capabilities were differential and positively impacting their existing customer relationships, and to confirm internal alignment on the perceived value those customers received.
Exploring Customer Perceptions
Since our client is a provider to a wide variety of markets, ranging from retail and entertainment to IT services, industrial manufacturing and more, their objective was to identify where there were distinct opportunities to improve customer centricity. In order to gain this understanding, it was essential to meet with a key representative from each customer — one that had direct knowledge and experience working with our client and was therefore capable of providing specific feedback. The Luminas team facilitated six of these unique customer value validation sessions, in which an open dialogue allowed each customer to react to the client’s internal perspective and share their own viewpoint of how our client was delivering value compared to other available alternatives, as well as what they could do to create even more value in the future.
The potential to partner with customers to identify key growth drivers that will ultimately lead to organic profitability, and winning in business together starts with confident decision-making. Learn more.
Observations & Considerations
CVX Scan enables leaders to quickly examine their assumptions on the value their company currently delivers to key accounts and notes potential prospects for future growth and agility.
In just weeks, a summary is generated — informed by customer experience and feedback —helping to clarify and empower the path to growth, including:
- What to continue – Existing products, services and capabilities that will maintain differential customer value.
- What to adjust – Existing products, services and capabilities that could erode customer value.
- What to add – New products, services and capabilities that will deliver added differential customer value.
By examining the feedback Luminas collected from each of the six customers included in the CVX Scan process, our client learned that although specific products and services valued by the various industries (and customers) differed, there were several common observations and considerations for management to explore, prioritize and implement, including:
- Ongoing technology upgrades and the ability to integrate with other best-in-class technologies are vitally important to align with customer priorities and generate measurable future value
- The need to validate the differential value delivered through expertise-based service offerings and identify how to capture the full benefit from these value-added services is critical.
- A reliable practice and method for receiving customer insight and collaboration is essential to inform and guide decision-making that leads to mutual growth for both parties.
These potential development opportunities — and their likely business implications — were distinct and therefore the client identified the need for further in-depth, data-driven customer exploration.
“Luminas has had a definite impact on the way our sales team thinks about how to sell value. We wouldn’t be where we are today if we hadn’t gone through the process with them and gained such meaningful insights.”
“The whole team was engaged in the work with Luminas, it was impressive. As a result, we discovered areas where we can grow, become more nimble and think strategically about our business. We are now better prepared to partner with our customers and manage through big changes.
“Our customers were very appreciative that we took the time to ask the right questions about what is important to their business. Luminas helped us to create a more customer centric organization and to focus on what they value.”
“We saw the Luminas team as our partners, they were humble and cared about our business. Our customers found immense value in having conversations with us; the process showed our customers that we were interested in their feedback and wanted to hear their insights.”