The survival and growth of any business depends upon its ability to generate revenue and maintain profitability. Revenue generation is further dependent on customer satisfaction and loyalty. As a Microsoft CSP, to earn revenue, you need to understand the needs of your customers and how to market to them effectively. Customers are not only looking for high-quality products and services but, a high-quality customer experience as well. To provide a superior and personalized experience to the customers, you need to leverage customer data and customer insights. These are the tools that have the potential to drive business growth and lead to CSP success. Different types of customer data can be collected and analysed to gain valuable customer insights. These data can include:
- Basic data– such as the customer’s business name, contact details, industry type, etc. This data can be collected through forms on the website, customer signups, newsletter subscriptions, etc.
- Engagement data– also called interaction data, is the data that is collected across various points of contact between your CSP business and customers. This data can be gathered from both online as well as offline interactions. These could be website visits, engagement with ads and social media content, customer purchases, etc.
- Behavioural data– this is similar to engagement data, the difference between engagement and behavioural data is that the latter is based on the direct interaction of the customer with your business. These can be in the form of purchase history, subscription renewals, average order value, etc.
- Attitudinal data– this data provides information on a customer’s direct opinion of your CSP business. This data can be gathered from customer reviews, survey responses, customer feedback, interactions with customer support, etc.
By collecting and analysing the above customer information, you can obtain data-driven insights for your CSP business. Customer insights can help you assess what your customers are wanting from your business. Customers have a large number of CSPs to choose from making the Microsoft CSP business highly competitive. As a Microsoft CSP, you need to put in a lot of work to capture the attention of your target audience. Collecting and managing customer data efficiently eliminates the guesswork of predicting the future behaviour of the customers and help make better business decisions. According to Microsoft, “Organizations that leverage their customer behavior data to generate insights outperform peers by 85 percent in sales growth.”
The lack of customer data and insights can have a significant impact on a Microsoft CSP business.
Lower customer satisfaction
Without having access to customer data, you will be unable to understand the needs and preferences of your customer. You will be unable to provide personalized service to your customers or tailor your offerings to meet the unique needs of your customers. This will lead to poor customer experience and decreased customer loyalty. This can result in a loss of customers and a decline in revenue.
The lack of customer insights can result in the formulation of ineffective marketing strategies. Without access to customer data, you will struggle to identify your target audience and create marketing messaging and content that will resonate with your target customers. This will lead to ineffective marketing campaigns that may fail to reach the intended customers. Not only will these poorly crafted marketing strategies fail to drive engagement and revenue, but also lead to resource wastage.
When you fail to understand the needs of your customers you miss out on identifying gaps in the market and introducing new products and services. You also miss out on upselling and cross-selling opportunities which can be a source of added revenue for your CSP business. As a CSP, without customer insights, you may not be able to keep up with the customer demands which will be detrimental to business growth.
How can CSPs leverage customer data to drive business growth
As a Microsoft CSP, you are capable of collecting vast amounts of customer data via various touchpoints such as your website, social media, online reviews, customer self-service portals, customer interactions, etc. There are a variety of ways you can leverage the collected customer data and insights to drive business growth.
Discover new market opportunities
As a Microsoft CSP, you can track industry trends as well as identify market gaps using customer insights. By analysing customer data such as browsing history, purchase history, search history, etc, you can find what products and services are in high demand. If you find a significant number of customers searching for a particular solution that is unavailable, you can look into developing a product that fulfils the unmet need. This will provide you with new opportunities for growth and help you stay ahead of the competition.
Enhance the quality of your service offerings
Customer data such as transaction history, search history, feedback, complaints, etc can help you understand the needs and preferences of your customers. You can use these customer insights to improve the quality of the services offered. This gives you an opportunity to develop products or tailor your offerings that meet the needs of the customer. Customer feedback can help you detect issues in your services and identify areas where you can improve. Addressing the areas of concern proactively will lead to increased customer satisfaction and loyalty.
Identify opportunities to optimize the billing process
By collecting and analysing the billing and invoicing data of your customers, you can identify opportunities to improve and streamline your billing process. You can use the billing data to identify payment trends and issues. You can find out the cause of payment delays and address them in a timely manner. These can include delays in generating and sending the invoices to the customers, inaccuracies in billing resulting in payment disputes, payment failures due to incorrect payment information, cumbersome payment processes, customer delays, etc. These issues can be resolved by sending automatic payment reminders, offering customers secure and easy payment methods, setting up automatic payment retries in case of payment failures, and using a CSP billing automation tool to ensure accurate billing. Addressing the payment issues helps improve customer experience as well as improve the cash flow of your Microsoft CSP business. To learn more about handling payment issues, you can read our blog on “Improving customer payment experience to achieve business growth for Microsoft CSPs.”
Personalize customer experience
Providing your customers with a personalized experience helps build long-term customer loyalty. Using customer insights and data such as browsing behaviors, purchase histories, etc. of the customer, you can personalize customer communications as well as customize products and solutions as per the preferences of the customers. Personalized customer service will help your customer feel valued and understood. According to a Gartner Survey, “86% of B2B Customers Expect Companies to Be Well-Informed About Their Personal Information During Service Interactions.”
With access to customer data, you can anticipate the needs of your customers are offer them more personalized support. You can also read our detailed blog on “Delivering enhanced and personalized customer experience as a Cloud Solution Provider.”
Help customers reduce costs
By using customer insights and data you can help your customers reduce costs and build stronger relationships with them. You can track and monitor usage trends over a period of time. Doing so will help you identify whether your customers need to upgrade or downgrade their subscriptions. By analysing the usage patterns, you will be able to determine if the customers are underutilizing some licenses. Depending upon the needs of the customers you can adjust their subscriptions, which will make them more cost-effective and avoid costly downtime or service interruptions. Customer insights and data can be utilized to create product bundles of complementary Microsoft products and other third-party solutions to help increase efficiency and reduce costs for your customers.
Support sales and marketing teams
As a Microsoft CSP, you can leverage customer insights to improve your sales and marketing strategies. Your sales team can use the customer data such as purchase history to identify upselling and cross-selling opportunities. When your sales team has complete information on what products and services customers are using, they can suggest upgrades and add-ons that complement the existing solutions. These insights can help you identify your target customer and industry segments. This can further help your sales team in lead generation and qualification. You can use customer data to create effective marketing campaigns based on customer segmentation. By analysing the purchase history and industry trends you can find the most suitable channels and messages for your marketing campaigns.
Achieve CSP success and growth by leveraging customer insights with CSP Control Center
CSP Control Center or C3 can help you achieve growth for your Microsoft CSP business by utilizing customer insights. C3’s CSP billing and subscription management tool with self-service capabilities can help you capture and analyze a variety of customer data.
- Improve decision-making with extensive reporting and customer analytics available at the click of a button.
- Leverage the customer insights provided by C3 to personalize the journey of your customers.
- Identify upselling and cross-selling opportunities to increase Customer Lifetime Value.
- Create product bundles after assessing the customer’s business requirements.
- Capitalize on customer data to create effective sales and marketing campaigns.
Book a demo to learn how C3 can help you succeed as a Microsoft CSP.