Voice of the Customer (VoC) programs have been emerging across the board in the last few years. But have they been thriving? Bob Thompson of CustomerThink doesn’t believe so.
In CustomerThink’s recent study on Customer Experience Success, they found that only one in four CX initiatives are “Winning,” which they define as “being able to connect the dots from the good work being done to benefits that sponsoring executives care about.”
Having a strong VoC program is essential to connecting the dots and proving the value of customer experience (CX). When you listen to your customers effectively, you can prioritize action items and showcase the impact customer feedback has on the bottom line.
However, as Forrester has noted in its recent report on the market, VoC is still at an “immature” point in its development. Many companies are still finding their footing when it comes to implementing technology and moving the needle with CX improvements.
To explore how the state of B2B VoC has been thus far, we dive into four trends defining VoC programs in 2019 and tell you what you need to know to compete with the best-in-class.
Surveys are only the foundational tool
Let’s play a word association game. If I say “Voice of the Customer” do you automatically think survey? Most people do because surveys are a great way to gather information from your customers.
They are easy to deploy and generally quick for customers to respond to. Surveys like Customer Satisfaction Score (CSAT), Customer Effort Score (CES) and Net Promoter Score (NPS) have become ubiquitous with listening to customers.
However, while 78% of brands are measuring customer loyalty via these three metrics, very few businesses believe they are gaining any real insight from the results. In fact, less than a quarter of brands feel that the surveys they are using (such as NPS, CSAT, and CES) are giving them actionable insights that will allow them to transform their customer experience.
B2B Businesses need to find a way to move beyond surveys—either through deeper analysis or by bringing more data sources into the mix. The problem with running surveys that aren’t driving the required results is two-fold.
Firstly, customers are getting tired of being bombarded with surveys. If companies don’t become more discerning with their survey programs, survey fatigue will start to mean fewer, less accurate responses.
Secondly, executive teams are tired of tracking the number of survey responses—they want to see how a VoC program impacts revenue. And collecting feedback alone will not prove that. It’s what you do with that data that makes all the difference.
Best in class VoC programs are using a mix of data sources beyond surveys and investing in tools that can pull out real actionable insights to drive the business forward.
More impact analysis is needed
While most companies can agree on the benefit of providing an exceptional customer experience, few know exactly what actions will result in what benefit to the bottom line.
As Bob Thompson from CustomerThink explains, “More work is needed on multi-channel impact analysis and …read more
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