Customer Experience dynamics in Agriculture are changing rapidly. Digital solutions are evolving, new interaction and purchase channels are emerging, and Farmers increasingly expect more from manufacturers and retailers alike.
In order to unlock market share in this new world, adding value to Grower operations by creating high-impact customer interactions that improve loyalty is paramount. By providing an in-depth understanding of what your customers need and expect, The Verde Group can help you avoid loyalty erosion and stay ahead of your ever-evolving environment.
Our Client – a leading manufacturer of agricultural products and services in North America – partnered with The Verde Group to conduct annual CX performance and loyalty tracking of Farmer end-customers, comparing key metrics and trends with those of its primary competitor. The purpose of this tracking study was to identify areas of strength and opportunity over time and to trigger necessary investments to mitigate risks as shifts in market dynamics occur.
In 2017 our Client enjoyed a material advantage in both loyalty and quality of CX as measured by Farmer problem frequency. But in 2018 these advantages began to weaken, and by 2019 our Client found itself at competitive parity with regards to loyalty, and appreciably under-performing the competition with respect to CX quality. This data trend triggered executive action and CX improvement initiatives.
To provide our Client the data and insights necessary to develop an action plan to reverse these trends, The Verde Group conducted a deep dive on the tracking data to determine the specific drivers of the loyalty erosion and what investment action would protect Farmer customer spend and share-of-seed behaviors.
Because the research tracker was purposefully designed to support Revenue@Risk®, The Verde Group had the data necessary to zero in on the specific friction points in the Client’s go-to-market approach driving their loyalty erosion.
Revenue@Risk® analysis is a unique, proprietary analytic methodology that quantifies the financial impact of customer problems to answer these key business questions:
Through the Revenue@Risk® analysis, The Verde Group assessed both the changing problem profiles of the Client and their primary competitor relative to Farmer customers’ loyalty dynamics and future spend intentions. This analysis delivered a clear and prescriptive action map for reversing the loyalty erosion of the past three years.
With these insights from The Verde Group Revenue@Risk® analysis in hand, our Client undertook two specific courses of action.
An internal review of marketing materials revealed that the perception of bias had less to do with the materials and more to do with how performance data was presented to both Farmers and Dealers.
Recognizing the seriousness of this dissatisfier, the Client piloted a new Farmer Reward & Recognition program for high-value customers. This program recognized customer spend behaviors with a blend of financial and non-financial rewards.