Building capabilities for customer centric decision-making using time to value

29th March 2021

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.

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UK’s Leading Management Consultants 2021

18th February 20211 Minutes

Ranked in the Top 20 of the UK’s consulting firms, we are delighted to have been recognised for the third consecutive year as one of the ‘UK’s Leading Management Consultants 2021’ by the Financial Times.   

Recommended in seven categories compiled with data company Statista, the annual rating is based on endorsements by clients and peers and demonstrates our steady consistent year on year sector & service line growth.

Consulting companies are awarded Bronze (recommended), Silver (frequently recommended) or Gold (very frequently recommended).

Sectoral expertise

  • Construction & Infrastructure – Silver
  • Financial Services – Bronze
  • Healthcare – Bronze
  • Public & Social Sector – Bronze

Consulting services

  • Digital Transformation – Bronze
  • Operations & Supply Chain – Bronze
  • Strategy – Silver

Managing Partner Andrew Morgan said

We are thrilled to see the continued progression of the firm, competing alongside some major consulting brands.  I am really proud of the team and this reinforces their dedication to deliver tangible results for our clients in a range of markets through strategic, operational and transformational delivery.

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Future of work: healthcare med reps transformation

16th February 2021

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.

The effectiveness of a disrupted salesforce

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.

Identifying the opportunity - a new way of working

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

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

Organisation

  • 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.

Collaboration & Hybrid Solutions

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.

Smartworking Processes

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.

People & Leadership

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.

The time to act is now

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.

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Diane Tibbles

Marketing Manager

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+44 (0)1653 628596

Diane is a highly motivated and driven CIM qualified senior marketeer with over 20 years’ experience, she has built her career in a variety of industries in both stand-alone, managerial, and consultative positions. 

She is confident, tenacious, and adaptable with a proven track record of delivering first-class marketing management and stakeholder satisfaction. With skills and experience that cover all areas of marketing, she has a solid reputation as a visionary problem-solver and creative tactician to deliver marketing strategies and positively implement direction and change.  An excellent communicator and leader recognised for building, leading, and training high performing teams.

“I love to read; I am a hoarder of information, which feeds my thirst for learning, ensuring that if I don’t know the immediate answer, I will make it my mission to find it.”

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Lean value chain analysis and design for global precision engineering products leader in aerospace industry

The issue

  • A complex multi-stage casting, machining and coating operation manufacturing precision components for the aerospace industry
  • Underperforming organisation and low levels of ownership for improvement
  • Extremely low velocity through the process, with poor yields and excessive scrap
  • High inventories of work in progress and finished goods
  • Production measures encouraging over-production
  • Silo mentality in operations exacerbating the WIP situation
  • Disaffected workforce with little interest in driving continuous improvement and no effective performance management in place

Solution

  • Analyse the current situation to articulate the operational improvement potential (yield uplift and inventory reduction)
  • Create the business case for change (P&L and cash impact)
  • Design a pilot to create an integrated supply chain for the largest volume product including suppliers and JV partners
  • Detail design of a pull model and elimination of WIP stages along the entire supply chain
  • Re-design of the layout and organisation to separate ‘dirty’ and ‘clean’ operations to reduce rework
  • Launch of a continuous improvement approach within the shop floor to tackle scrap, rework and productivity issues
  • Design and introduction of a cascaded performance management framework

The results

  • 40% reduction in inventory identified through WIP elimination
  • The feasibility of a 50% reduction in production lead time confirmed
  • 10 percentage-point improvement in yield performance from closer process control
  • Plan to deliver £5m savings in-year agreed
  • Changes to ways of working implemented in pilot cells with Lean work-flow approach trialled
  • Programme of Lean training and continuous improvement projects implemented
  • New KPIs are being used to drive the performance of the value chain in place of traditional cost absorption metrics

An award-winning team

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Operating model refinement and commercial focus to deliver a step change in business performance

The issue

  • A subsidiary of a global defence company, providing technology-based R&D solutions and advisory services to government and defence organisations and private sector companies at the cutting edge of secure communications and cyber warfare
  • Despite repeated calls by Group to improve, the business continuously failed to meet performance expectations on revenue growth, profit margin and free cash flow
  • The business was suffering from an overly-layered and siloed organisation structure, with burdensome management processes and lacking commercial focus
  • The underlying issues were structural and an absence of effective performance management, wrongly being justified because business discipline would stifle creativity and innovation

Solution

  • Undertook a business-wide design and business case development stage to anchor the current performance failings and the required changes
  • Implemented over a 12-month period working alongside the business unit leadership with a structured plan;
    • A new leadership team established, with stronger governance processes,  metrics, and proactive staff engagement
    • Simplified the operating model and aligned capabilities to market needs
    • Re-framed value propositions and initiated the move into critical national infrastructure
    • Implemented resource management to drive productivity uplift
    • Implemented new mentoring and HR processes to underpin talent management
  • Supported post-implementation by refreshing the plan

The results

  • 29% revenue uplift (versus budget target)
  • 18% Return on Sales achieved versus a 15% target for the financial year
  • 90% improvement in business cash flow
  • 10% points increase in Engineer productivity, with a continued increase to 74% utilisation in year 2, and climbing
  • Transformed the operating model and business culture to be customer and commercially focused
    • Established performance management at the business and individual level
    • Underpinned changes with disciplines, governance, reward structures and visibility
  • The Project won the Management Consultancy Association’s award for “Performance Improvement in the Private Sector” with full sponsorship of the client

An award-winning team

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