Aberdeen recently released a report which addresses how increasing customer touch points results in ever-growing volumes of feedback and operational data for business, and how this data is best put into action.
The Business Value of VoC Programs
Findings from Aberdeen’s ‘State of the CEM (Customer Experience Management) Market 2014’ study revealed that 99% of companies use two or more channels to listen to and engage their customers. This signals that adopting a multi-channel customer engagement strategy is no longer just an option for businesses. As enterprises deploy more touch points to capture customer feedback and interact with clients, this gives rise to rapid growth in the volume of structured and unstructured customer data – i.e. ‘big data’. Some of this data is related to customer sentiment and feedback regarding client experiences in engaging with the business, and can provide crucial insights for customer retention.
Companies use VoC programs to capture such feedback and sentiment data, and address them through personalised, timely interactions.
Establishing a VoC program to leverage customer feedback and sentiment data as part of customer experience management (CEM) activities helps companies excel in a number of areas.
It is however important to note that simply adopting a VoC program doesn’t drive the above-mentioned results overnight. Companies face a series of roadblocks that impact their ability to successfully execute on their VoC activities.
Challenges Hindering VoC Program Execution
Businesses are challenged with a series of pressures that impact their VoC activities. The top challenge VoC users need to address is this change in customer behaviour, where clients today are empowered to access a wealth of information available across various social media portals and user groups. The resulting insights gathered through this process ultimately impact the customer behaviour (purchase and loyalty decisions).
Pictures of Success in VoC: A Look at the Best-in-Class
Aberdeen used four key performance indicators (KPIs) to determine organisational success in utilising VoC programs effectively.
Key Activities to Achieve Success in VoC
Research shows that there are three main pillars that help Best-in-Class maximise their performance through VoC programs.
- Data management – Manage VoC data better
- VoC process execution – Putting data into action
- Customer-centricity – Making VoC work for your customers
Figure 2 shows the activities Best-in-Class firms employ to optimise how they capture and manage data.
Figure 3 below shows several additional activities by which Best-in-Class apply data as a strategic lever within their VoC programs.
Figure 4 illustrates the key activities Best-in-Class put in place to support the last building block of their VoC programs: customer-centricity.
Finally to ensure customers remain happy, Best-in-Class use VoC data to continuously improve the products and services being made to fulfil and exceed customer needs – both current and future.
In order to maximise the value of the interaction with customers, companies should follow the best practice outlined below:
- Encourage interaction with the customer
- Make sure customer feedback data is standardised, whether structured or unstructured
- Gain visibility into the customer as an individual, not just a dollar sign
- Learn from customer feedback and use this insight to innovate
Aberdeen Group has been an international research partner of Nebula since 2010. With thousands of research documents, growing daily, Aberdeen’s research library helps enterprises and service providers discover the priorities and strategies of best-in-class enterprises.
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