Scott Mackenzie hosts Paula Courtney from the Verde Group on the Industrial Talk Podcast to discuss customer experience insights and their role in growing and protecting revenue. Paula emphasizes the importance of understanding customer pain points and avoiding vanity metrics like "how much do you love us" surveys. The Verde Group uses AI to analyze unstructured data quickly, helping clients like a large retailer gain $350 million in revenue. Paula highlights the need for effective change management and continuous monitoring to address customer issues and improve business performance. She also discusses the challenges of incentivizing customer participation in surveys and the impact of AI on market research.

Action Items

• [ ] Explore how the Verde Group's approach to voice of customer insights could benefit your organization in protecting and growing revenue.


• [ ] Reach out to Paula Courtney on LinkedIn or visit the Verde Group website to subscribe to their monthly newsletter.

Outline

Introduction and Welcome

• Scott MacKenzie introduces the Industrial Talk Podcast, emphasizing its focus on industry professionals and innovations.


• Scott welcomes listeners and highlights the importance of celebrating industry professionals who solve problems and innovate.


• Scott introduces Paula Courtney from the Verde Group, who specializes in eliminating strategic blind spots using customer experience insights.


• Scott emphasizes the importance of listening to customers and analyzing their feedback to grow and protect revenue.

Discussion on Customer Experience and Revenue Protection

• Scott and Paula discuss the importance of listening to customers and analyzing their feedback to protect and grow revenue.


• Scott shares his thoughts on the need to inspire the next generation of leaders in the industry.


• Scott emphasizes the importance of making industry messages more entertaining and engaging to attract younger audiences.


• Paula explains the Verde Group's approach to helping clients protect and grow revenue through voice of customer insights.

Paula's Background and Verde Group Overview

• Paula provides a brief background on herself and the Verde Group, a global market research consultancy.


• The Verde Group helps clients protect and grow revenue by identifying blind spots in customer experiences.


• Paula explains the broad range of industries the Verde Group works with, including financial services, agriculture, and retail.


• Scott and Paula discuss the importance of understanding customer needs and expectations to improve business performance.

Challenges in Customer Research and Data Analysis

• Paula explains the challenges of conducting customer research and the importance of asking the right questions.


• The Verde Group avoids vanity metrics like "how much do you love us" surveys and focuses on identifying real customer problems.


• Paula discusses the importance of using customer language in surveys to get accurate responses.


• Scott and Paula talk about the declining response rates to customer surveys and the need to incentivize participation.

Incentivizing Customer Participation and Data Collection

• Paula shares various techniques for incentivizing customer participation in surveys, such as financial incentives, donations to charity, and gift cards.


• The Verde Group emphasizes the importance of making surveys easy and convenient for customers to complete.


• Paula explains the process of collecting and analyzing survey data to identify key insights and areas for improvement.


• Scott and Paula discuss the importance of having a large and diverse sample size to ensure accurate results.

Change Management and Implementing Customer Insights

• Paula explains the change management process involved in implementing customer insights to improve business performance.


• The Verde Group helps clients develop action plans and roadmaps to address identified issues and recapture lost revenue.


• Paula emphasizes the importance of ongoing monitoring and communication to ensure successful implementation.


• Scott and Paula discuss the challenges of getting leadership teams to follow through on identified changes.

Examples of Successful Implementation and Challenges

• Paula shares an example of a large retail client that realized $350 million in revenue gains by addressing customer issues identified by the Verde Group.


• Scott and Paula discuss the importance of leadership buy-in and the potential risks of ignoring customer feedback.


• Paula explains the challenges of working with companies that are complacent and believe they already know everything about their customers.


• Scott and Paula emphasize the importance of continuous improvement and staying ahead of customer needs.

Impact of AI on Market Research and Data Analysis

• Paula discusses the significant impact of AI on the market research industry, particularly in analyzing unstructured data.


• The Verde Group has launched a new AI product called px IQ to analyze customer conversations and other unstructured data.


• Paula explains the challenges clients face in implementing AI, such as security concerns and data privacy issues.


• Scott and Paula discuss the potential of AI to revolutionize the way market research is conducted and analyzed.

Conclusion and Contact Information

• Scott thanks Paula for her insights and contributions to the Industrial Talk Podcast.


• Paula provides information on how listeners can connect with her and the Verde Group, including LinkedIn and the Verde Group website.


• Scott encourages listeners to reach out to Paula and the Verde Group to learn more about customer insights and revenue protection.


• The podcast concludes with a reminder of the importance of listening to customers and using their feedback to improve business performance.