Drive Revenue with a Voice of the Customer Program
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In 2019, organizations are still struggling to prove the value of their Customer Experience (CX) efforts. Learn how you can build an effective Voice of the Customer program and quantify the business impact.
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Drive Revenue with a Voice of the Customer Program
- 1. Drive Revenue with a Voice of the Customer Program Featuring GetFeedback and Forrester Research
- 2. Housekeeping ● This live webinar is being recorded and we will send you the slides afterwards. ● We encourage you to ask questions, please submit them in the Q&A section. ● Tweet along with us @GetFeedback using #ValueOfVoC. ● Make sure to fill out the brief survey at the end, we’ll be giving away Amazon e-gift cards to a few lucky winners!
- 3. About GetFeedback GetFeedback powers brands with the customer feedback solution they need to exceed customer expectations. Whether implemented through Salesforce or as a standalone application, GetFeedback provides brands with key metrics that help them spot trends and take action to deliver an exceptional customer experience.
- 4. About Our Speakers Faith Adams, Senior Analyst, Forrester Research Faith Adams is an analyst at Forrester Research, serving Customer Experience Professionals. Her research focus areas include customer experience measurement and customer-centric culture. Prior to joining the research team, Faith spent nine years working in customer and patient experience. Kimberly Powell, Director of CX and Support, GetFeedback Kimberly is currently the Director of Customer Experience and Support at GetFeedback. With a background in web design and product management, she’s most recently lived in the world of customer support, where she’s developed a passion for building strong customer connections and amazing experiences.
- 5. Agenda 1. Voice of the Customer A great customer experience starts with customer feedback. 2. How to Prove ROI Voice of the Customer grows and protects your revenue. 3. Q&A Get answers to your burning questions.
- 6. 1. Voice of the Customer A great customer experience starts with customer feedback.
- 7. CEOs think they deliver great experience. 80% Customers think they receive great experience. 8% Customer experience is not just a “nice-to-have” anymore. Focusing on the customer experience may be your single most important investment and a key differentiator in today’s competitive climate. Source: Forbes, Customer Experience Is The New Brand
- 8. To know whether a great customer experience has been provided requires an open dialogue. Voice of the Customer is the heartbeat of any customer experience program. A great experience means meeting or exceeding expectations.
- 9. Poll Question Do you currently have a Voice of the Customer program in place?
- 10. VoC must be embraced strategically to be effective. When executed correctly, it can yield powerful results: ✔ Improve CX ✔ Drive business results ✔ Change company culture A VoC program is a critical pillar for great CX. Source: How to Build Your Voice of the Customer Program, Forrester Report, 2017
- 11. A Voice of the Customer program is not without its challenges. Regardless of the benefits, there are a number of challenges that prevent CX efforts and VoC programs from reaching its full potential. ✗ Culture does not support action ✗ No budget allocated for CX ✗ No sense of urgency ✗ No buy-in from leadership ✗ Lack of understanding regarding ROI
- 12. Poll Question Of these pain points, which is most applicable to you? Choose as many as you see fit.
- 13. Know where to start1 Set clear goals and success metrics2 Ask the right questions on the right channels 3 Monitor feedback and trends4 Decide an action plan5 Whether you’re just getting started or you’re looking to refine your existing program, our framework is designed to help you succeed from the start. There are 5 key steps to a successful VoC program.
- 14. Prospect attends webinar Customer makes a purchase Customer is onboarded Customer chats with support Customer renews product Know where to start. Map out your customer journey so you can visualize where there are gaps or problems. Remember to start small because taking on too much, too fast can set you up for failure. 1
- 15. 2 Establishing goals helps you know exactly what you want to accomplish and how to measure success of your program. Choose metrics - like NPS, CSAT, or CES - to quantify customer feedback. Set clear goals and success metrics. Your customer support team is super quick and responsive! I had a terrible experience when I visited your Oakland store today.
- 16. 3 Ask the right questions on the right channels. The right questions ensure you’re capturing meaningful and relevant feedback. The right channels will yield higher response rates and higher quality data. Key Metric Drivers Preferences Open Text
- 17. 4 Monitor feedback and trends. Marry feedback data with customer data for a holistic customer view. Share insights with key stakeholders for full visibility
- 18. 5 1:1 Action 1:Many Action Decide an action plan. This is a critical component in fixing problems and delivering ROI. Coupling this framework with the right CX technology is fundamental for a successful VoC program.
- 19. athenahealth uses GetFeedback to power its VoC programFeedback uncovered recurring issues and inefficiencies that created a frustrating customer experience. Used feedback to inform the product roadmap and important business decisions. Saw a 20-point increase in NPS scores after implementing a VoC program.
- 20. 2. How to Prove ROI Voice of the Customer grows and protects your revenue.
- 22. CX trends that help set the content
- 23. The six competencies of CX all relate to the VoC
- 25. Why socialize the value of CX and the VoC? ›Gives CX and VoC programs the recognition they deserve ›Maintains momentum ›Engages stakeholders ›Proves that this is not a “one and done” activity ›Contributes to better CX ongoing
- 26. Show that investing in CX is worth it
- 27. Use simple ROI calculations ›Increased customer retention ›Higher cross-sell and upsell potential ›Greater customer acquisition ›Decreased cost to serve
- 29. Leverage outside proof Source: Forrester report “How CX Drives Business Growth, 2018”
- 30. Show the impact of specific drivers on your industry Source: Forrester report “Read My Lips: Clear Communication Can Mean Billions In Revenue.”
- 31. Build on your capabilities and maturity
- 33. Coming out of today...
- 34. And don’t forget other critical steps for success
- 35. 3. Q&A Please submit your questions in the bottom right hand Q&A section.
- 36. As you log off the webinar you’ll be redirected to a brief survey. Please take a minute to fill it out. We’ll be giving away several Amazon e-gift cards, so don’t miss your chance to win! Thank you!
Notes de l'éditeur
- Hello everyone and welcome to our GetFeedback webinar, We’re going to give people a few minutes here to get logged on so put your feet up and get comfortable and we’ll get started shortly. Hello everyone, for those of you just tuning in, welcome to today’s webinar, Drive Revenue with a Voice of the Customer Program. My name is Kristina Koller, I’m on our marketing team herer at GetFeedback and I will be our moderator for today.
- Before we get started with our content for today, we have some quick housekeeping items to discuss. This webinar is being recorderd and we will email the slides out afterwards. Since this is a live webinar we encourage you to ask questions! Please submit them in the Q&A box on bottom of your screen. Feel free to tweet along with us using the handle @GetFeedback and the hashtag #valueofVoX And last but definitly not least, we will have a quick survey at the end of the webinar, this helps us better tailor our content to your interests so please fill that out and will have some gift cards for a few luck winners.
- For those of you that aren’t familiar with GetFeedback, we’re a customer survey solution used by the brands you see here and many more Whether implemented through Salesforce or used as a standalone application, GetFeedback provides brands with the key metrics they need to stay connected to customers and take immediate action.
- I’m really excited to share a quick overview of our speakers... Our first speaker today is Kimberly Powell, Director of Customer Experience and Support here at GetFeedback. She has a background in web design and product management and in her current life she’s become absolutely passionate about CX and loves building strong customer connections and experiences. Kimberly will be followed up by our guest speaker,Faith Adams, Senior Analyst at Forrester Research serving CX professionals. Her research focus areas include customer experience measurement and customer-centric culture.
- Getting into the agenda for today, Kimberly will start us off by sharing a simple framework for building out an effective and revenue driving voice of the customer program. Next, our guest speaker, Faith, will be sharing with you how you can tie back your VoC efforts to ROI. We’ll save the last 10 minutes for a LIVE Q&A with our speakers and do our very best to answer all of your questions. If we run out of time, we’ll make sure to follow up with you via email.
- So without any further adieu I’ll head the mic over to Kimberly. Kimberly we’re all very excited to hear your session today, please take it from here.
- Before we dive into talking about a Voice of the Customer program,, we need to look at why Customer Experience in general is more important than ever. Here’s some interesting data for you to think about when looking at your own Customer Experience.. While 80% of CEOs think their companies deliver a great customer experience, only 8% of their customers agree. This discrepancy can have a crippling impact on your revenue. Focusing on the customer experience may be the single most important investment a company can make in today’s competitive climate.
- When we talk about providing a great experience for customers that goes beyond just your product or service. A great customer experience means meeting or exceeding the expectations of your customer during all interactions with your company. But to know whether this has actually been provided requires an open dialogue with your customers. When we talk about a voice of the customer program, we’re talking about giving that opportunity to your customers to have that open dialogue by collecting feedback from them so that they feel valued and heard. It is the heartbeat of any CX program. This also helps you internally keep a steady pulse on customer happiness to build loyalty, prevent churn, and increase revenue. It might be interesting to see what the current landscape looks like for those in this webinar right now, so we’re going to do a quick poll. How many of you currently have a Voice of the customer program in place? Optimize and
- We talked about collecting feedback to help deliver great customer experience, but a Voice of the Customer program is more than simply asking for customer feedback. It requires a systematic approach to collecting that feedback, mining that feedback for insights and using those insights to inform critical business decisions. When embraced, a VoC program can yield powerful results like: Improve CX (service recovery, higher customer satisfaction, systemic improvements, ensure customer needs are met, etc.) Drive business results (lower service costs, improve customer loyalty and retention, increase sales and referrals) Help change company culture (this could include moving towards a more customer centric culture, which improves employee satisfaction as well)
- That’s not to say that VoC program isn’t without its challenges, because Cx is hard and so is getting your VoC program up and running. I’ve outlined a few challenges here that you might run into when starting or refing your program: Lack of a customer-centric company culture can be a big one; meaning the company doesn’t put the customer first when making important decisions (they do not support action) No budget allocated for CX; meaning decision-makers don’t really see the value and don’t approve spend against a VoC initiative No sense of urgency; meaning stakeholders may understand the value but the program is not prioritized No buy-in from leadership; meaning leadership and decision-makers don’t understand the value and don’t wholly support the program Lack of understanding regarding ROI; meaning VoC efforts aren’t tied to business results or financial metrics
- We’re going to do another quick poll - Of these pain points, which is most applicable to you?
- Despite those challenges that you’re running into, you can still develop an effective VoC program. In the next few minutes we’ll go over how to implement your voice of the customer program and also prove your ROI. We’ve helped a lot of customers throughout my time at GetFeedback develop their own VoC and in fact, we’re actually internally revamping ours now. This framework that we use internally and with our customers can really help you get started with a VoC or help refine the program you have in place now. There are five key insights for a successful VoC program, which we’ll discuss in more depth on the following slides, but here is a quick rundown of what we’ll cover: Know where to start Set clear goals Ask the right questions Build reports and dashboards Decide an action plan
- Before jumping into your VoC program, you’ll want to first decide how to get started. While you may have hunches about potential problems in your CX we recommend you still take the time to map out your customer journey. When you do this exercise you’ll start to see gaps within your Cx. For example, maybe you notice your teams internally are working more in silos than you originally thought, which has the trickle down effect of hurting your Cx. Or behind the scenes employees are having to jump through a lot of hoops to accomplish a simple task, which is causing customer wait times to increase. Notice that these examples are behind the scenes issues, not just pain points directly in the customer journey. It’s important to also map out your ‘behind the scenes’ journey as well, as employee behavior or employee workflow issues can directly impact your customers. There may be many opportunities for improvement that you start to see appear by doing this, but it’s best to start small when trying to solve for these issues because taking on too much too fast can set you up for failure. It’s important to remember that great experiences can take months or years to build so patience with the process is key. Starting small also give you room for trial-and-error. If something isn’t working, you can step back and reassess your approach. Once you start to hit your stride, you can continue to build up your program.
- Using the insights from your customer journey mapping, you’ll next want to set clear business goals and success metrics for your VoC program. What is it that you want to accomplish? Do you want to get more insight into customer churn? Do you want to get a better understanding of high effort areas for your customer that might be causing attrition? Once you understand what you want to accomplish, you’ll then want to decide your KPIs, or key performance indicators. These are quantifiable measurements used to evaluate the success of your program. While qualitative data is extremely valuable, KPIs like NPS, CSAT, and CES provide hard metrics against your customer feedback. For example, we recently helped one of our customers discover why they were receiving such poor reviews online. It wasn’t just about asking an NPS or CES question for them, but trying to solve for the issue they were experiencing with their poor reviews. Once they started really gathering feedback on different touch points, they were able to discover where their issues were within their customer journey, but it all started out with trying to get to the bottom of their core issue. This took out the guesswork for them. Think about what your core issue is now, and how to start building your VoC from there.
- Now that you’ve built your foundation, it’s time to start collecting feedback. Asking the right questions is critical because it will ensure you’re capturing meaningful and relevant data from your customers. It’s also recommended these questions ladder up to your KPIs so you can quantify the results. We suggest starting with this four-question framework: Start by choosing a KPI metric that matters, like NPS, CSAT, or CES. Then, align your team and your business around taking action to improve it. Asking a KPI metric alone is too broad to be actionable. You’ll also want to include a multiple choice question that asks for more clarity around the provided score. This not only helps narrow down issues, but when it comes to reporting it’ll make your life much easier. Use the next question as an opportunity to ask more questions about tastes and preferences. This helps you build their customer profile and customize their experiences with your brand. Lastly, an open text form gives your customers an opportunity to speak freely about their experience. Remember: if they bother to type something that information is invaluable. In addition to asking the right questions, you’ll also want leverage the appropriate channels. Asking for feedback in context and on the channels that make sense for your customers will yield higher response rates and higher quality data. Let’s illustrate this point with an example. Let’s say you suspect your support agents are under performing. You could trigger a post-chat CSAT survey to measure customer satisfaction immediately after a case is closed. This instantly closes the feedback loop and garners top-of-mind feedback from your customer.
- Once you’ve started to collect feedback, you’ll want to closely monitor the results and trends. For maximum impact, we also recommend integrating your feedback data into your CRM, or system of record. By marrying your feedback data with your customer data you can build a more holistic view of your customer to better understand their experiences across the entire journey with your brand. Plus, you can personalize the customer experience to show you’re listening and you care. Don’t forget to also grant key stakeholders full access to the results. This allows for clear visibility so they can better understand the value of your VoC program.
- Perhaps most important, but often overlooked, is an action plan. All of your hard work means nothing if you’re not taking action on your customer feedback. Consider your 1:1 strategy. Make sure each customer receives a response and their feedback is acknowledged as valuable to your business. We do that here internally at GetFeedback by triggering tasks in Salesforce for our success managers to follow up on detractors as they come in. Also consider your 1:many strategy. How will you share your findings with stakeholders? How will your program resolve the problems you identified at the start and drive positive change for your business? Taking action on the data you’ve collected is perhaps the most important component of delivering ROI on your VoC program. Coupling this framework with the right CX technology will help manage your VoC program across business units. Your customer data will be aggregated under a single platform and your teams will be equipped with the tools necessary to take action.
- athenahealth is a GetFeedback customer who recently implemented this framework to uncover critical business issues and improve internal process. The company identified a major business problem, which was high volumes of repetitive support tickets. As you could imagine, this was a frustrating experience for customers and a strain on their internal resources. They started collecting customer feedback to better understand pain points and customer engagement with their product. The feedback they received was then used to inform business decisions and the product roadmap. Rather than reactively responding to a problem, athenahealth was now able to be more proactive in improving the customer experience. Additionally, the company sent out NPS surveys to measure customer loyalty. Since implementing a VoC program and making notable internal changes, athenahealth saw their NPS score increase by 20 points. I’ll now kick it over to Faith to explain how a VoC program like this one translates into an increase in ROI.
- Kimberly thank you so much for sharing with us how to build a simple and effective voice of the customer program. Now I know many of you on this webinar have a program in place or perhaps want to, but aren’t sure how to tie that back to a return on investment. Luckily Faith Adams brings over a decade of experience in this field and is here today to share some insights around this hot topic. Faith I’ll let you take it from here.
- Before we go too far on proving the ROI of VoC, I do want to bring up a big point here as some food for thought… Unfortunately… what we are seeing is that CX still is not great and it really is not improving. 0% of brands are excellent - and for the third year in a row. Also… there is a struggle for brands to achieve a state-of-the-art VoC. This only validates the criticality of really assessing where your opportunities lie - and how you can improve.
- I say this because when we look at a few CX trends - it is easy to understand the performance that I was just talking about. Customer expectations are on the rise - and it seems like it is getting harder and harder for brands to keep up. And the VoC allows you to understand how you are measuring up against your customer expectations. Insufficient CX management - what I mean here is that according to us at Forrester, CX is about six key competencies…. (DISCUSS)
- Now we can talk about the value piece….
- In fact, in “The Top 10 Trends Among VoC Leaders, 2019” the demonstrated ROI of CX was identified as something that the best in VoC do, but yet many struggle with it. VoC leaders focus on proving value. Because CX improvements can come from — and affect — many different parts of the business, today's leading VoC programs keep a pulse on the results that they drive. - Socializing these outcomes helps VoC programs get the recognition they deserve — while also helping to maintain momentum. For example: one financial services firm had three key areas of focus, one of which was compliance due to its critical nature. Through the VoC, the firm was able to identify thousands of customer calls that were out of compliance. Given that each of these instances was worth between $1,000 and $2,500, the firm was able to quantify the value of listening to the voice of the customer, while also remedying the situation to avoid exposure to additional risk.
- The opportunities that a company is missing out on by not engaging and driving action and showing the value…. 1)This came from comparing companies in the same industries with statistically significant differences in their CX index scores 2)This came from our consumer data – and we’ve seen this play out in many industries as well, even price driven ones like airlines. For example, two large airlines have both managed to maintain price premiums in recent years, thanks to their superior experiences. 3)From Towers Watson – a comparison of companies with more and less engaged workforces and their operating margins. 4)1-800 contacts improved NPS by 13 points, and saw a 12% bump in customer retention. As expected, as predicted, but always nice to see the before and after translation… 5)Southwest consistently profitable in an industry that is anything but… and for over 40 years 6)This came to us from Nuance communications after Delta installed their software to improve call routing/handling in the call-center (further demonstrating that an investment in a better experience is worth it)
- You can embrace a simple ROI formula and focus on key opps like: Increased customer retention. CX laggards hemorrhage customers (compared to CX leaders). Improving CX can reverse that dynamic and reduce customer churn. On average, customers who have a high-quality experience are 2.7 times more likely to keep doing business with a brand than customers who have a low-quality experience. Higher cross-sell and upsell potential. Customers who have a better experience spend more with a company. On average, customers who have a high-quality experience are 3.6 times more likely to buy additional products and services from a brand. More new customers. Recommendations bring in new customers without marketing-related acquisition costs. An increase in positive word of mouth from happier customers accounts for about 3% of total CX-fueled revenue potential in most industries and up to 30% for credit card companies. Decreased cost to serve customers. Higher quality experiences mean fewer customer issues to resolve. That translates into fewer calls to customer care and a subsequent reduction in call center costs. One wireless company focused on fixing the problems that caused customers to reach out to its contact centers and managed to save a staggering $1.7 billion per year. Who wouldn’t want an outcome like that?
- Faster closed loop - customers feel like their voice matters (hard to quantify) but if you track broadly can see if these customers do or do not churn/if they buy more/etc. Improved emp engagement and retention - investing in CX means improving policies and procedures that sometimes get in the way (many of which also impact EX) – One large telco listened to both the VOE and VOC - and as a result saw their eNPS go up 60 points in one location (NPS went up double digits too as a result) Better CX from staff training – helping the staff become more customer-centric – like one financial services firm who retrained call center reps to better handle conv. about loan repayment plans… this resulted in an 80% rise in loan repayment rates - which more than offset the training costs.
- A one-point improvement in CX Index™ can result in anywhere from $5 to $873 million in revenue You can share insights like this which came from the Forrester CX Index – where we modeled the revenue impact by industry. This shows companies in a variety of industries can yield anywhere from $5 - $873 million in revenue.
- We also modeled the impact of clear communication (being that communication is a driver of CX for a number of industries) – we knew clear communication was important, but we were actually even shocked to find out just how paramount it was. This is because communication is synonymous with trust, shapes perception, may make a customer more likely to forgive, and permeates the entire customer lifecycle.
- No matter what level maturity you are at, proving the ROI must become embedded…. -Foundational: “Use basic analysis and reporting to find low-hanging fruit” - it is more about the "find and fix" opportunities — relatively easy-to-solve problems. This approach also lays the groundwork for larger-scale CX transformation by proving the value of the insights coming from the VoC program. -Advanced: make a clear case for the business results that they produce, like reduced costs associated with CX improvements. These are easily quantified business impacts by demonstrating cost savings from a reduction in calls, use of chat sessions, or emails to the contact center. -Taking this approach, a financial services firm (in this case Lloyds Banking Group) built a model showing that digital improvements for customers making payments will result in the reduction of 65,000 calls annually. -One utility identified a problem in its interactive voice response system — an unclear confirmation message at the end of a payment — that was causing customers to call back and speak to agents. By clarifying the message in the system, it was able to calculate reduced call center costs. -State-of-the-art: go beyond specific project outcomes to aggregate business results. One financial services firm determined that the improvements from all of its listening efforts had resulted in $5.1 billion in additional assets and $1 million in savings.
- You have to remember… it is about moving from listening and analyzing to acting… only then can you prove the value… I remind you of this since this is such a challenge for firms.
- Thank you Faith for sharing that great content with us. I have to say I really love that Picasso quote. So moving on to the last portion of this webinar, which I think is the really fun part - we’ve got a ton of questions pouring in from our audience so we’ll do our best to get these answered by Faith and Kimberly. Our first question is ….