July 14, 2017
Capturing the Voice of the Customer (VOC) is essential to any organization that wants to enhance the customer experience, increase revenue, and maximize growth. However, deploying a haphazardly designed survey annually or biannually in order to check it off the never-ending to-do list will not have the impact on revenue, retention and new customer acquisitions that CSM typically sees with customers. In fact, our customers have experienced on average a 15% increase in revenue from a 5% increase in Customer Satisfaction.
So how do you capture the VOC? A true VOC program is not just collecting customer experience data. It is a research-rich program with a set of tools that fosters improvement from actionable data. CSM’s VOC approach has four main components that enables you to listen, act, and influence how your customers receive and perceive your value delivery.
Capturing Customer Feedback.
CSM collaboratively develops a brief, highly focused survey to obtain insightful and meaningful responses from your customers using both quant and qual questions. CSM balances research objectives and how a customer is structured in order to recommend the best mode in deploying the surveys either via telephone, online, mobile, etc. With over 25 years of experience in business-to-business research, CSM has developed effective processes and employs tools to ensure a high contact rate and gets your customers talking about issues that are most critical to them. For telephonic surveys, our business-trained interviewers probe into responses to get complete and actionable information. For electronic surveys, CSM has developed ways to maximize the response rate and uses a platform that can probe into open-text responses based on criteria you select.
Interpreting the Data.
CSM is analysis agnostic. We have several key analytical tools to assess your true VOC and how that drives revenue and sales. Some of our key analysis includes Overall Satisfaction, Price/Value Gap, Net Promoter Score, Customer Intimacy, Future Business Expectations and predicting whether a customer will defect, is loyal, on the edge, or if there are pricing opportunities. Our business statistics analysts employ the latest tools to analyze quant customer data by using
predictive modeling, correlation analysis, regression, CHAID analysis and others. However, we take it one step further, in that we don’t just focus on the number, we delve into the narrative.
From the rich qual data, the customer prioritizes what needs to be improved and how you can deliver more value. All these analyses are provided in a device-responsive, online report and dashboarding tool. Our dashboards are highly customizable and feature a pulse on the Customer Experience and Net Promoter Score, even on a weekly basis. The Summary Report of Findings will include analysis and interpretation of all the survey data and will:
- Provide insight and clarity of the results
- Expand understanding of findings to assist in the development of improvementinitiatives
- Include full cross-tab analysis and data mining of different customer types, segments, products, etc.
CSM has developed a Close-the-Loop Solution that positively impacts all stakeholders and
customers. Our solution:
- Alerts Account Managers of potential problem accounts after the completion of the survey
- Enables and encourages a deeper dive into accounts to understand if issues are enterprise wide, a process problem, or customer-specific problem in order to isolate and develop improvement initiatives
- Allows leadership to track progress and the impact on the customer
- Enables the customer to receive a clear articulation of what was heard, visibility intoaction plans to address their concerns, and the execution of the plans
React and Monitor.
By capturing insightful customer feedback, reviewing highly sophisticated analysis of that feedback, and closing the loop with problem accounts, our customers are armed with all the necessary tools to react and monitor the voice of their customers. These tools enable you to enhance the customer experience by responding and isolating issues and ensuring customer expectations are in line with the internal strategy. The result of a VOC program is multifaceted, in that you will be able to differentiate your value to the customer leading to higher retention, more referrals, and new accounts. This activity increases employee enthusiasm resulting in exceptional profitability and cash flow.
Author Bethany Gripp, M.S. in Research, Six Sigma Green Belt and Net Promoter Certified Associate Vice President of Research at CSM Research, Inc.
For more information on Customer Experience Research, CSM Case Summaries and references, contact: Frank Sanders, President and CEO of CSM Research, Inc. Direct: 770.250.1611 Mobile: 404.713.3044 firstname.lastname@example.org