Have you seen the key findings from the new Voice of the Customer (VoC) study conducted by Vovici, Peppers & Rogers and 1to1 Media? If you’re spearheading or are involved in any type of customer experience initiative, you’ll want to check this out.
The study, “Don’t Be in the 4%: New Research Reveals that 96% of Companies are Leveraging the VoC to Improve Business Performance,” was conducted to gauge the current state of VoC initiatives. It found that companies of all sizes across a wide array of industries are seeing the value of VoC. It also shows that in order to fully understand the customer experience and address challenges a multichannel, metrics-driven approach is needed.
To save you a few clicks and a lot of reading, we’ve summarized the top survey findings here:
- 95% of companies surveyed say their VoC Initiatives are generating positive value for their organizations. It’s clear that respondents are finding value in their VoC efforts; however, they also report that linking VoC feedback to bottom-line results is a challenge. Synching VoC data with a company’s customer understanding activities/tools is critical, and it’s one of the things we write a lot about. Touchpoint Dashboard is specifically designed to do just that so you can determine the ROI of your efforts. Defining specific metrics at the start of each initiative will help companies remain focused and help them gain greater value from their efforts, as well.
- Ability to mine data is the highest priority. Budget is one of the least concerns. Data-related challenges were reported by half of survey respondents, including collecting the right data, pulling info from departmental silos, analyzing and acting on data, and leveraging data across the organization. 31% noted that assigning ownership and involving others in VoC efforts (specifically getting buy-in from senior leaders and front-liners) was a top priority, and 15% said determining the success metrics and connecting results to ROI. Only 5% of respondents reported budget to be a priority.
- 25% say marketing owns VoC initiatives, but the need for a dedicated team is growing. The most interesting thing here is that 42.8% of respondents said that VoC initiative have been assigned to a specific customer experience or VoC department, a cross-functional team of leaders from across the organization or a C-level exec. Where does VoC “live” in your company?
- Leveraging customer data and being quicker to implement changes is critical. When survey participants responded to questions pertaining to recommendations for building a VoC strategy, “prepare for change” was a recurrent theme. Leveraging customer data and being able to quickly adapt to changes in customer needs and demands and market circumstances is key.
Wrapping things up…
In its conclusion, the study stated, “As long as companies aim to enhance their customers’ experiences, improve customer loyalty, and increase profitability, there will always be a demand for VoC programs and supporting tools.”
Nancy Porte, Vovici’s vice president of customer experience, wrapped things up stating, “People are amazing at collecting data, but they’re often less skilled at creating insights out of it and spreading them throughout the whole organization. Data is great, but it rarely means anything unless you’ve figured out exactly what that data is saying and what you’re going to do about it.”
It’s like she took the words out of our mouth! That’s exactly what Touchpoint Dashboard can help your company do — leverage your VoC data across your entire organization, connect it to your key performance metrics and quickly identify improvement areas. We believe we have one the best tools on the market to support your VoC initiatives. But don’t take our word for it. Try it out for yourself. Contact us today.