In today’s world, most of the companies see a strong Cx program as a must have in their arsenal to ensure they can compete and differentiate themselves in the market. That it’s no longer optional to have a VoC program but a must have as part of their strategy. However ever so often, when margins are being squeezed and every cost to the company is being questioned, questions are asked as to the benefits of having such a program and the value it adds. Or when a company is looking for an edge to drive growth and look at Cx program as an option, they have questions around:
- How does this contribute to our revenue?
- What is the ROI on this?
- Do we even need a VoC Program to drive growth?
The answer to all three questions is – Yes! Every company regardless of its size, maturity, domain, revenue needs to invest in a VoC program as long as it has customers. Here are a few reasons why:
1. Remain relevant to your customers
Customers are disrupting businesses by changing their habits and behaviors, and this is happening faster than probably any other time in the past. So, it’s not about running the same business model. It’s about evolving your business model to serve customers in the way they want to be served. Through a VOC program, your customers will tell you what their current journey experiences are and provide a view of where you need to head. A customer wants you to go on the journey with them but they need to be heard.
2. Reduce churn and grow revenue faster and more effectively than competitors
At the end of the day radically increased revenue growth is what it’s all about. A bad experience costs the business money and the word spreads quickly too. After a bad experience with a company, 22% of consumers decreased their spending, 19% completely stopped doing business with the company and 50% tell their friends about it*. A good VoC program, identifies customer issues and pain points across their journey and over time predicts when churn is likely to occur. This lets companies take proactive measures and turn a potential churn customer into one that will stay on because their issues have been resolved
3. Contribute to cross-organisational success
When VoC programs are designed in a purposeful and deliberate manner, they break organisational silos and make it easier for people to work across teams with a single view of improving imperfect processes, policies, products and services all with a focus on the customer and not the silos. This dramatically contributes to overall organizational success
4. Helps drive company strategy
A successful VoC programme gives you customer insights, product insights and quantifies the value of these insights, thus assisting in realigning company strategy. This helps channel budget/resources to resolving and improving key drivers and root causes of customer experiences that will have the most impact, this is effective strategy.
5. Your customers expect it!
VoC programs are the only systematic way to proactively listen to your customers, act upon this information and improve your performance over time. If you don’t understand your customers perception of their interactions with your brand, it’s impossible much less meet or exceed their expectations.
* As per Temkin Group Research