The Case Round’s Post

And the results are in... 70% of respondents shared that the biggest benefit of conducting customer insight interviews is understanding customer needs. But did you know that confirming assumptions is just as important, if not more? Many businesses charge forward without confirming if their assumptions are valid, leading to wasted resources and time. That's why I encourage you to consider joining the next cohort of The Customer Compass. We'll get you ready and taking action to conduct these all-important interviews for your business. In addition to understanding customer needs and identifying opportunities, conducting interviews also helps build relationships, confirm assessments, clarify buying behavior, and most importantly... ...builds your comfort level (dare I say confidence) in having conversations with customers. Don't be afraid to ask questions and have conversations with potential clients. Let The Customer Compass guide you towards success. Head down to the comments for more details. #thepricinglady #customerengagement #coaches

Just a quick reminder and a resource to walk you through the project planning process if it makes sense to DIY customer research this year. 😉 The importance of connecting with your current and past customers is obvious, but with the many priorities we juggle as leaders, it can be so easy to put it on the back burner. By making the time to continue learning from your current and past customers you'll be able to keep a pulse on changing market dynamics, identify new industry trends or pain points, and potentially find new opportunities to add value. 💡

You’re leaving money on the table if you’re not talking to your customers. In fact, according to a survey by Invesp, the success rate of selling to a customer you already have is 60-70% versus a rate of 5-20% when selling to a new customer. So what does this tell us? 🤔 Investing in getting to know your customers on a deeper level is a powerful way to drive sustainable business growth. It’s so powerful, that we invest in customer interviews every year. Last year we hired a consultant to help with this process, giving us a different perspective and helping us to identify the right questions to ask to get actionable insights. This year, it makes most sense for us to conduct our own research. While getting an outside perspective is valuable, there are times when a more DIY approach works best. 💡 Wondering how you can execute customer interviews on your own that will give you the insight you need? From crafting the right questions to ensuring your interviews will give you actionable insights, our latest blog post gives you the steps you need to follow to get through this process efficiently. You can find the link to the blog post in the comments below 👇🏼 Looking for expert guidance? Let’s connect! Reach out to explore how customer interviews can revolutionize your strategy and how we can help facilitate this pivotal process. #MarketingStrategy #BusinessStrategy #CustomerResearch

Depth Interviews Depth interviews are more commonly used in business to business markets, where the customers are other organizations so we will describe the depth interview process mainly in that context. Due to the qualitative nature of exploratory research and to the relatively low variance in customers’ requirements, sample sizes do not need to be large. Around twelve depth interviews are typically adequate for CSM exploratory research in a B2B market. A very small customer base might need fewer. A large and complex customer base would need more interviews to ensure a good mix of different types of customers such as: ·      High value and lower value customers. ·      Customers from different business sectors. ·      Customers from different channels such as manufacturers and distributors. ·      Different geographical locations. ·      A range of people from the DMU (decision making unit). Connect with us. Follow the sweet spot and share the #experience. We’d love to get a conversation going — here and on other #socialmedia platforms, of course. ConvergeRE #management #innovation #marketing

Do you know what your customers really want? 🤔 You might think you do, but you're probably missing something. Something deeper, something more meaningful. Something that drives their decisions and actions. You want to get at the very evocative things people are feeling inside. You want to get to know four things about them: Their 𝐇𝐎𝐏𝐄𝐒, 𝐏𝐀𝐈𝐍 𝐏𝐎𝐈𝐍𝐓𝐒, 𝐅𝐄𝐀𝐑𝐒 and 𝐃𝐑𝐄𝐀𝐌𝐒. The best part is, THEY WANT TO TELL YOU. They want to get this IF you're willing to listen. That's why: "If you know your customers better than your competition You'll have a gigantic competitive advantage." - Forrester Research Comment or DM "advantage" to get a free bonus: A customer interview guide with my 5 most powerful questions. 5 questions I always ask customers. 🚀 I've run almost 5000 customer interviews. Trust me, it will be worth it. #customerinsights #customerresearch #customerexperience #productmanagement #salesresearch

Why is conducting customer interviews crucial for your business? Customer interviews provide direct insights from your target audience, allowing you to validate assumptions, uncover unmet needs, and refine your business strategies. These interviews go beyond quantitative data to capture the nuances of customer experiences and expectations. For instance, a customer might reveal a specific frustration with a competitor's product, presenting an opportunity for you to innovate and address this pain point. Conducting regular customer interviews ensures that your business stays responsive to customer needs and aligned with market demands. Do you want to know more? Discover how to create your customer personas for your business with our worksheets: https://lnkd.in/eGbJfHGd

At the end of each year and the beginning of each year we are especially busy assisting clients with Strategic Planning. Strategic Planning is determining where the company wants to go and then determining how to get there while taking into consideration the company’s strengths, weaknesses, opportunities and threats. That’s called a SWOT Analysis. We begin the strategic planning process with a strategic assessment by interviewing a representative number of management and staff employees. We are able to get very candid input in our one-on-one interviews and most often discover information the employees don’t share with management. This is where the company’s strengths and weaknesses are identified. That’s the first part of the SWOT Analysis. The second part of the SWOT Analysis is determining the opportunities available to the company and the threats facing the company. Make sure your company conducts an annual SWOT Analysis to be prepared for the future. Richard Voreis 214-361-2130 [email protected] #bestbusinesspractices#bestpractices#companygoals#employeeobjectives #accountability#strategicplanning#SWOT#StrategicPlan

🔍 Mastering Profitability and Cost Reduction Problem Statements in Case Interviews! Tackling profitability cases is crucial in case interviews. These challenges test your ability to analyze financial issues and propose effective solutions. Here's your roadmap to success: 1️⃣ Dive Deep into Financials: Analyze revenue streams and cost structures meticulously. 2️⃣ Identify Cost Drivers: Pinpoint key factors inflating expenses across operations. 3️⃣ Benchmark Against Industry: Compare performance metrics with competitors to spot inefficiencies. 4️⃣ Propose Actionable Solutions: Develop targeted cost reduction and revenue enhancement strategies. 🌟 Cracking profitability cases demands sharp analytical skills, strategic thinking, and a knack for spotting optimization opportunities. Master this, and you'll shine in any case interview! 🌟 If you'd like access to more such practice resources on guesstimates and case interviews or missed the post where I shared sample PPTs for case competitions, comment your email ID, and I will share them directly to your inbox. #ProductManagement #Guesstimate #CaseInterview #SuccessInBusiness #ProblemSolving #WinningMindset #Data #Communication

If you're in the customer discovery phase of your business: 1. Create a poll/survey and share amongst prospective customers 2. Conduct 1:2:1 interviews and use questions beginning with Who, What, Where, When and How 3. Research your competitors - what makes your business more efficient/different from what they offer? 4. Create your typical customer(s) profile - give them a name and write down as many of their characteristics as you can 5. No business is for EVERYONE. Understanding your customer and where to find them is your key to success. :) Customer discovery is not just about conducting surveys, it's about truly understanding your target audience in order to provide them with the best possible solution. What skills are you focusing on during this phase? #CustomerDiscovery #BusinessStrategy

**The One Question Most Sales Leaders Overlook** It's surprising how much effort sales teams put into learning "How to sell" without considering "Why do people buy." Yet, knowing "Why they buy" is all that matters. In our interviews, we often receive unclear answers to this question. #Specific and #significant insights are rare. Here’s a simple exercise to uncover "Why do #your customers buy?": 1️⃣ Call your top 5 customers. 2️⃣ Invite them to a workshop focused on growing THEIR business. 3️⃣ Provide great food and drinks. 4️⃣ Include a 15-minute segment for your questions. 5️⃣ Prepare 3 questions about how you meet their needs and what they seek in a partner. 6️⃣ Ask why they chose you. You'll likely find new directions for your go-to-market strategy.