Customer Perceived Value (CPV)

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Deanna Hinde
Deanna Hinde Member Posts: 1 Navigator
Photogenic
edited October 2023 in Metrics & Analytics

Keen to hear if anyone is looking into measuring success using CPV rather than NPS and other customer pulse checks?

And if you are looking at CPV, how are you doing this?

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  • rdesmarais
    rdesmarais Member Posts: 14 Navigator
    First Comment 5 Insightfuls Photogenic
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    Hello Deanna, you may already be aware, but if not, you should check out TheySaid's CPV solution. You can learn more here: https://www.theysaid.io/product/customer-perceived-value

  • Steve Bernstein
    Steve Bernstein Member Posts: 133 Expert
    Name Dropper Photogenic First Anniversary First Comment
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    We espouse a system that integrates with Salesforce to automatically ask all of the "right" people (especially stakeholders) the "right" questions at the right time along the customer lifecycle/journey. For example, it doesn't make sense to ask about value perceptions right after onboarding, but it certainly makes sense to ask the question well in advance of renewal.

    We also have optimized a method where we get 80%+ response rates from those "right people." So as an example, if you have 5 people in the account that influence buying decisions then I feel confident we'll get at least 4 people participating. So not only do we know for certain that the "signal" (in this example, perceptions of value) are accurate at the account level, but also as we roll up data to cohorts we can be confident that it's Actionable, Representative, and Trustworthy (what we call, ARTful data).

    Not sure if this is enough info to address your question? Of course I'm happy to provide more.

    /Steve

  • NaomiAiken
    NaomiAiken Member Posts: 8 Navigator
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    Customer perceived value (CPV) is a key factor in determining whether or not customers will renew. Here are some ideas of what you can do to solidify value and guarantee renewal:

    • Document goals -- You won't be able to help a customer achieve their goals if you don't know what they are. Ask, ask often, and ask the right people (decision makers).
    • Quantify the benefits -- Don't just talk about your product's benefits in general terms. Quantify them whenever possible. For example, instead of saying "Our product will save you time," say "Our product saves users an average of 10 hours per week."
    • Understand your customer's full investment -- What are the costs that customers incur to acquire your product? These costs can be both monetary and non-monetary. For example, the monetary costs might include the annual subscription price. The non-monetary costs might include the time it takes to learn how to configure and use the product, or the effort it takes to get their users to adopt.
    • Minimize the costs -- This seems obvious but still worth saying. Those non-monetary costs mentioned above? They matter, a lot, to your customers. Make onboarding, user training, and adoption as easy as possible, and as easy to measure as possible, and you are on the right track.