What makes a knowledge manager tick?

This article is inspired by a conversation with a knowledge management expert, sharing their view of important dynamics in the information sector.

Knowledge managers are information professionals responsible for considering and purchasing solutions.

Some knowledge managers also have research teams acting as super users for the business.

The world of the Knowledge Manager

“No one wants to cut off an important source of information. But Information is like air, it’s everywhere. And like air, you don’t notice it’s absence until you are struggling. End users just assume they will get information, they probably don’t have any idea about the cost, and don’t take the time to give feedback.”

• Although perceived user value is an important measure, it is difficult to get user feedback about which solutions are truly valuable/essential.
• Knowledge managers often lack insight into how products are actually used
• Getting a handle on perceived value could inform product roadmaps and retention strategies
• Enterprise solutions can take up to 18 months from decision to buy to onboarding.
• Knowledge Managers may decide to keep subscriptions rather than run the risk of cancelling subscriptions or switching to new suppliers.
• It is no surprise then that inertia and change aversion make switching vendors difficult.
• Knowledge Managers need to stay aware of the market to maintain credibility as an expert resource.
• New entrants are offering to solve problems for business users, immediately. For low spend accessible on credit cards.

Building A Must Have Solution

Subscription companies are under pressure to grow revenues from existing customers. The customers of premium B2B subscriptions are organisations, not individuals.

This means there is no direct transaction between provider and subscriber. To work with this dynamic, it is necessary to segment revenue and sentiment data to understand drivers. And to refine and enhance solutions.

How must have is your solution?

To answer this question, the starting point is to get a handle on customer segments. Otherwise it is just noise. Or averages.

“Must have” requires understanding the specific needs and preferences of users. And mapping how needs change by type of account and user group.

Different user groups have differing needs.

Your senior level customers may be ok with the information they receive. But if the lion’s share of usage is from analysts and their view of your solution is deteriorating you need to know.

Take the regulatory and compliance sector. The customer’s job is to tune into any change in the landscape. And do something about it.

As a provider, you need to spot unmet need or frustration with content or coverage. And feed this into your roadmap. Then communicate with customers – so they know you know how important this is to them.

This process of analysing customer ideas should influence the development of product and experience. It works best when cross functional leads invest in the process. To join the dots.

See this post here for a RegTech checklist

Data as a Service: Meeting Customer Needs

Data as a Service (DaaS) is gaining traction among subscription companies making the shift from content to solution.

DaaS allows customer organisations to access solutions that are not tied to proprietary platforms. No more log ins and password resets…what will “customer success” do?! 😉

This provides the flexibility to address specific business challenges.

In theory, focusing on essential intelligence only, end users avoid the feature noise.

The Role of Perceived User Value in Subscription Decisions

Perceived user value (“must have score”) is a big factor in the criteria for buying solutions. It accounts for 50% of the buying criteria. This is a marker to understand customer expectations and requirements.

It isn’t perfect. And not all customer organisations have the time or capability to gather the information. When it is gathered, it focuses on existing needs.

There is an opportunity to find out future or unmet need for businesses. This is beneficial for both customer organisations and subscription providers. The integration of customer intelligence into product roadmaps is essential for developing solutions.

Insights inform immediate product improvements and tap into future needs and trends. This keeps services relevant and valuable (must have).

Challenges and Opportunities in Utilising Customer Insights

Subscription companies face several challenges in gathering and implementing customer insights.

Low response rates and analysing diverse feedback hinders the process.

But knowing it is important enough to get started, then getting better, will lead you to more sophisticated and customer-centric subscription models.

What next?

There is an opportunity to connect knowledge managers seeking new solutions with vendors trying to reach that audience.

Get in touch if you’d like to discuss.