The 5 P’s Framework
I recently published a book about the evolution of Customer Intelligence: Goodbye Churn. Hello Growth!
In it, I introduced a framework I created to help me implement Customer Intelligence at a prior company: The 5 P’s.
This set of concepts is a way of aligning people, processes and technology, and I wanted to share with this community of leaders on the journey toward Customer Intelligence. I’d love to hear what frameworks others of you are using in your own programs!
What are the 5 P’s and how do they work together
The image above really sums up the 5 P’s structure and purpose. Each P is only meaningful in combination with and in support of the others.
Customer teams rely on Playbooks - repeatable activities that drive consistency and scale. These are typically crafted in categories: what to do in the case of an at-risk customer, what to do in the case of an upcoming renewal, etc. In the era of Customer Intelligence, we can craft our playbooks to be much more focused on individual customers’ unique needs and business goals. We can be better partners. How?
Personalization - the Why
What Customer Intelligence allows us to do is to get more individual in the building of playbooks. We can identify the specific challenges unique segments of customers face and appropriate actions to support their success. This is the Why of Customer Intelligence, right? The reason we pursue it in the first place is to be able to deliver the greatest possible value to our customers through customer-centricity.
Predictive - the What
What’s helping us achieve personalized playbooks? The power of predictive data. In the case of involve.ai, that’s fueled by artificial intelligence. But even without AI, you can make every possible effort to achieve a predictive outlook by reviewing historical data, and its impact on customer health. Understanding exactly what is likely to lead to churn and stopping it before it starts lets us guide our customers, and be the trusted advisors and heroes we all want to be!
Prescriptive - the How
Guiding your customers might be as complex as running a correlational analysis to uncover insights that let you rearrange the way they use your products and services to their benefit. Or might be as simple as noticing that support tickets are rising and starting a conversation with your customer on how to mitigate the issues. Providing best practice guidance based on each customer’s unique business and needs creates deeper value outcomes. The term “Trusted Advisor” comes from the ability to guide the customer in the right direction under any circumstances.
Proactive - the When
This is often the most impactful part of Customer Intelligence. No more waiting until a customer is on (metaphorical) fire to act - we can stop fires before they start. By addressing leading indicators of churn early, we are able to guide customers in the right direction before they even realize they needed guidance.
Talk about a WOW experience! Combined, the 5 P’s bring Customer Intelligence to life.
I dive into each of these components much more deeply in the book, along with a ton of other ideas about the evolution of Customer Intelligence, so register for a complimentary copy if you’d like to learn more! And I am always happy to talk (enthusiastically!) about it, so share your thoughts in the comments - are you incorporating any of these P’s in your own programming? Does this framework resonate with you?