Diane Tibbles

In our latest blog post relating to Intelligent CX, Curzon Analyst Milla Bradstock explores how to build capabilities for customer centric decision-making using Time to Value.

Time to Value, as a metric, initially rose to fame among software companies and its insights now drive improvements in a range of business contexts. In a customer context, it is described as the length of time between a customer purchasing a product or service and seeing the value of that action. Yet to untap the metric’s full potential, businesses must take a longer-term view of its application that goes beyond resolving customers’ immediate needs.

As T2V requires organisations to understand the value of their product or service from a customer’s perspective, it entrenches customer-centricity into the way businesses think about their services. At a time of rapidly shifting customer priorities, organisations that take this approach will be well placed to remain aligned to the needs of their customers.

Measuring Time to Customer Value

Tracking T2V builds a picture of your present customer journey, which will inform solutions to better fulfil customer needs. However, you can only track T2V if you know what ‘value’ is in the eyes of your customer. The definition of value will, of course, differ amongst your customers, but we can start to break down this metric into two sub metrics:

• Time to Basic Value – The time it takes for a customer to see the minimum amount of value from your product or service. Delivering on this metric doesn’t lead to customer loyalty necessarily, but will increase conversion. 

• Time to Exceeded Value – The time it takes for a customer to see enough value to exceed their expectations over a longer period of time. Delivering on this metric reduces churn, builds loyalty and increases customer lifetime value. 

For example: A travel app with an easy to use interface and intuitive search results will deliver on the Time to Basic Value metric. However, its Exceeded Value will be realised only when it helps a customer have a good holiday i.e. booking a place to stay using the platform.  

T2V helps businesses identify obstacles to customer satisfaction, which inform solutions for long-term value creation in the eyes of their customer. For SaaS businesses, onboarding is essential to their customers seeing value from their purchase, which creates the challenge of motivating customers to complete the process.

Focusing on accelerating T2V at this point in the customer journey can therefore decrease customer churn and improve satisfaction. Automated onboarding can be an effective tool, delivering frictionless setup and easy deployment through product tours, in-app messages and onboarding checklists. In tune with customer demands for instant service and ultimate convenience, this tool enables customers to seamlessly see the value of their purchase for themselves.

Implications for organisations

• Move the narrative from Customer Needs to Customer Value
• Focus on Customer Engagement beyond the initial purchase
• Measure and monitor customer engagement throughout the Customer Lifecycle 
• And, of course, ensure the engagement delights the customer every time

How we can help

T2V is just one of the tools that we employ to help our clients improve customer value. Businesses that invest now in strengthening their capabilities for meaningful customer engagement will build the resilience necessary for long-term success.

Get in touch to explore how we can help your organisation create lasting value for your customers.

In his latest blog post relating to Future of Work, Curzon’s Managing Consultant Rodrigo Quezada Dighero focuses on the transformation of healthcare medical sales reps.

Exploring how the pandemic has disrupted the face-to-face salesforce, and the unique opportunity this presents to adapt the operating model for future success.

One year into the pandemic and face-to-face sales look very different from 12 months ago.  Medical Reps are facing exceptional challenges in reaching their sales targets, as restrictions on in-person meetings with HCPs continue.   

The gravity of the situation is reflected in the 16 new drugs launched during COVID-19 lockdowns, that are at risk of sales failures, according to one pharma consulting group.

However, the lifting of lockdowns is unlikely to return the industry back to ‘normal’.  In fact, the evidence shows a stark reality for in-person sales.

• About 60% of surgeons believe that restrictions on in-person sales are likely to remain even after a Covid-19 vaccine is available and lockdown restrictions abate. 

Percentage who believe restrictions on face-to-face visits are likely to continue after Covid-19

Moreover, the changing landscape is not just a result of the pandemic; it’s expedited the necessary changes, but fundamentally, companies have been very slow to adapt their operating models to address the needs and wants of their customers and workforce.  

• Of the 75% of physicians who preferred in-person visits from Medtech representatives prior to Covid-19, 47% would now opt for a virtual exchange or less-frequent visits. 

• Many physicians once sceptical of any virtual interaction with sales reps now report these exchanges are high quality and offer a much better experience. 

Healthcare providers are demanding more from pharma, as they seek greater value from their interactions with Med Reps.

• 69% of doctors now want digital patient education 

• 67% want more education on remote patient care 

• 65% need specific information on conditions relative to COVID-19

• 65% require information to help patients access labs, tests and imaging

It’s clear as medical professionals endure the uncertainty caused by COVID-19, changes are here to stay, and adaptation is crucial to success.

Digitalisation has accelerated the Next Normal requiring pharma operating models to adapt, or in some cases, completely transform to help them to thrive or even survive.

In this context, the need to provide refined, enriched collateral to healthcare providers and doctors demands an evolution from face-to-face meetings and conferences into a hybrid exchange of virtual and in-person meetings, steered by medical reps.

Percentages of doctors who prefer in-person sales visits

However, in order for this to be fully realised, pharma companies need to adjust and develop their salesforce capabilities.  In another study, research shows that only 26% of pharma reps get coaching personalised to their needs. A focus on sales coaching, through integrated, personalised and value-driven interactions will support med reps to identify target prospects and align the products to the needs of the HPC, through their preferred communication channel.

Moreover, managers and leaders need to align sales & marketing, to ensure a collaborative approach to fully understand the customers and the local market they operate in. Communication and insight must flow both ways to drive communication strategies, content creation and support product development.

Our approach to New Ways of Working accelerates the adaptation to the digital business model, focusing on the delivery of required capabilities and the evolution towards a hybrid model. 

For this specific transformation, we focus on four of the five key areas

• Organisation

• Collaboration and Hybrid Solutions

• Smartworking Processes

• People & Leadership

• Develop strategies that assist medical reps throughout the sales process, tailored to every customer touchpoint.
• Establish hybrid teams that can develop relevant, channel-specific, timely content to empower the med reps.
• Foster internal engagement and alignment by creating a purpose-based organisation with a relentless focus on value-add customer service. 
• Entrench company culture to sustain new ways of working and improve business agility – always listening… constantly evolving.

The virtual nature of teams and work communities spearheads the need to adopt solutions that enhance and facilitate effective remote interactions.

• Optimise team relationships, roles & interactions to enhance hybrid ways of working.
• Design and implement collaboration solutions applied to the business and team leadership.
• Adopt collaborative tools, enabling sales & marketing teams to share opportunities that improve the quality of exchanges, content creation and value-based interactions regardless of location.

Achieving process transformation through re-engineering & automation to create a generation of agile, flexible, efficient and collaborative working dynamics.

• Redesign smartworking processes, harnessing automation and flexibility to accelerate change and bring the hybrid model alive.
• Employ digital tools to evolve sales, HCP engagement and bring the customer experience to the forefront of every interaction.
• Remove silos to cultivate employee engagement and shared knowledge/opportunities.

Evolution of culture and people is the foundation of Digital Transformation enabling leaders of pharma companies to steer a change in behaviour and actions.

• Adapt the hybrid model and embed culture based on learning and sharing.
• Develop salesforce capabilities with a focus on digital skills, converging efforts to support sales requirements through content creation and content sharing.
• Embed a coaching culture that fosters learning and sharing.
• Deploy cultural change that embraces and cements the New Normal.

We work with pharma businesses to deliver New Ways of Working that accelerate the adaptation to the digital business model.  Ultimately our work helps businesses to grow, improve customer retention and discover new opportunities.

Ask us how we can help your organisation to transition into the New Ways of Working putting your salesforce ahead of the curve.