Leveraging the Voice of the Customer
By Bruce Wildes11/25/2016
Today’s customer has more influence over the success of your business than ever before. Listening more closely to your customers improves the customer experience and can lead to a wealth of benefits for your company.
Its not just listening, but also acting on what they said and showing them the impact of their feedback. How engaged are your customers with your brand? Whether positive or negative, they are sharing their experiences about you with their friends, family, online communities, and social networks. How you respond and whether you do or don’t, will also, on a broader level, be shared across their networks.
The impact of implementing a strong Voice of the Customer program that promotes customer engagement is profound. Fred Reichheld of Bain & Co and Net Promoters ScoreTM found that highly engaged, or loyal customers are consistently worth six times the business of satisfied or passive customers. They freely promote your business to others, they resist going to competitors, they are more forgiving, and they are easier to upsell. It is easier to create another loyal customer who has been referred by an existing loyal customer.
Voice of the customer not only is a view into individual customer behaviors and needs but also on a broader level through online communities, for example, the ability to see trends, benefits, and issues, much earlier within a product lifecycle.
Voice of the customer is much more than a one time online survey. It includes all forms of communication between your customer and your organization. It can transform the culture of an organization. It provides multiple channels for the customer to utilize communicating their feedback and comments with the ability for the provider to respond quickly, whether an individual or to a broad audience.
Voice Of The Customer can be one of the most powerful influencers on the success of an organization. A well managed voice of the customer program will dramatically elevate the customer experience, strengthen customer loyalty, and significantly improve profitability, while potentially transforming the culture within some organizations. The success is determined by a few key elements:
1. Supportive leadership. 2. Accountability. 3. Responsiveness. 4. Taking action.
If you would like to learn more about how to put a VOC program in place, please contact us today.