According to a recent survey of large companies 68% rate their Voice of the Customer programme (VoC) as successful, 6% unsuccessful and 12% think it is too early to tell. Knowing what your customers think and how they feel about you has become crucial to success, so how do you make sure you are one of the 68% and do you understand what success is?
VoC programmes are no longer just about collecting statistics. These days they are insightful and have a more strategic impact on the business. They have moved from obtaining simple scores to uncovering insights that improve capability, drive operational decisions and uncover what customers really want through deeper qualitative analysis. They open up new opportunities, expand portfolios and help keep away the competition. Most importantly, they help manage risk.
There is no doubt that companies with strong VoC programmes have significantly better overall business performance than competitors and recognise customer engagement as one of their main value drivers. Those organisations that have reached a level of maturity with their customer engagement regularly use customer insights to fuel continuous improvement programmes, respond quickly to severe problems and even anticipate them in some cases. Senior executives in these organisations typically review feedback and use VoC insights to help guide their own decisions.
Does your organisation behave this way and do you know how mature you are in this area?
Bsquared specialises in helping organisations get the maximum return from their investment in the Voice of the Customer. We have also produced a free benchmarking model against which you can assess and evaluate your organisation . The results of this will show you areas of strength in your organisation and guidance as to where to invest resource.
Understanding what your customers are saying is critical to running a business today. Is your customer management strategy working hard enough to deliver the insights needed to improve bottom line results?