If you regularly read our blog, you know how important Customer Value is for every business. It is the one metric that drives consumer behavior and loyalty. Is the product/service worth it? This is not a mere financial calculation, but rather one that takes into consideration many tangible and intangible drivers, along with other alternatives available in the market for the consumer to compare and decide. Tangible experiences include the product, location, price, communication or promotion, and the people customers interact with, while intangible drivers include social proof (would my friends and family like to purchase this product/brand?) and brand identification (If the brand was a person, how would I describe it?).
Understanding your customers’ views on your value is essential in keeping your product and brand relevant as markets and society constantly change. So how can you track it? How can you separate complaints made on the internet in comment sections from what is pushing your customers to work with you? That’s where the Customer Value Alignment (CVA) Cycle comes in. The cycle is a three-step process that continuously tracks your value and allows you to make data-driven decisions. You can have your entire company onboard with this cycle and metrics.
Step 1: Track Value
Our conversational AI continuously tracks Customer Value through short (2-minute) but in-depth one-on-one conversations at scale (through SMS, Whatsapp, QR codes or email). Then, it classifies and ranks the most relevant topics according to its impact on your business. This step can be triggered at a specific point or multiple points of the customer journey. For example, at purchase, renewal, or cancellation of your product or service. This allows you to compare the results and draw conclusions based on your customer’s perception of value throughout time and experiences.
Step 2: Find Actionability
Worthix automatically looks for correlations between the conversation themes and your respondents’ metadata (i.e. amount spent, age, location, product purchased) and highlights business opportunities, customer profiles, and relevant segments so you can precisely act where you are the most likely to have success.
Step 3: Co-create Innovation
Use this opportunity to find the best solutions to the concerns respondents have which are negatively affecting their perception of value, by joining the conversation. LUCI (Worthix’s AI) can ask additional questions when specific themes arise. Allow your customers to tell you how they would have wanted their concerns met and resolved. This allows you to understand the best way to spend your money and resources.
After implementing changes, track your initiatives to see if they are creating the expected value.
And then, repeat!
Keep your finger on the pulse and run controlled tests with the Customer Value Alignment Cycle. You can monitor how your initiatives are doing and how they are being received after you implement changes.
We help companies bridge the gap between what they offer and what their customers value. We use AI technology to hold in-depth conversations at scale with our client’s customers. These insights translate into a C-suit-level dashboard designed as a 3-step cycle.
Worthix tracks what value means to customers, then combines it with metadata to find actionable opportunities, and finally, invites them to co-create solutions.
Founded by Guilherme Cerqueira in 2015, Worthix is a SaaS company headquartered in Atlanta. It is now present in the USA, Mexico, and Brazil, with dozens of leading companies as clients in 6 countries.