Are You Mining the Gold in Your Customer Feedback?
A CEO contemplating having a Voice of The Customer survey conducted for his company felt it was not worth the investment and that he already knew how his customers felt.
The CFO had a different opinion. She had previously experienced the benefits of the VOC survey and made the case to move forward.
The CEO was grateful she did. By listening to their current clients, they discovered something that was not being communicated:
The first step to keeping and building the business you have is gathering insight and feedback about your current relationships and overall performance. But you don’t have to go it alone.
Butler Street’s Voice of the Customer survey provides in-depth feedback from your key accounts.
The goal is to build customer loyalty. Customer loyalty equals higher retention which equals higher revenue, and it begins with gathering feedback from your customers but it isn’t the only step. Gathering feedback will help identify strengths and weaknesses in providing an excellent customer experience and is a component of the overall customer experience management process.
At Butler Street, we offer two powerful tools to help you evaluate your customer relationships and identify both strengths and areas of opportunity. These tools are our Voice of the Customer Survey and Net Promotor Score.
Let’s take a look at both:
1. Net Promoter Score® (NPS) - is the #1 predictor of future growth. It's the one statistic that gives you a complete picture of how your customers view your company. Achieve profitable growth, identify opportunities, and protect your revenue while uncovering training gaps and building a stronger brand.
It starts with one simply question –
How likely is it you would recommend [company] to a friend of colleague?
In addition, we have added questions specific to COVID and it’s impact on you and your customer’s business.
How do you anticipate the volume of business in the next year with [Company} to compare to pre-COVID levels? (Lower, About the same, Higher, Uncertain)
As business has changed as a result of the COVID environment, what is the most important thing [Company] could do to better partner with you?
2. Voice of the Customer (VOC) is used to describe your customer's feedback about experiences with your company and expectations of your people, knowledge, and services. Understanding and analyzing what your clients’ value will provide a powerful framework for making strategic business decisions, prioritizing projects, and allocating resources.
At Butler Street, we’ll conduct a personal phone interview consisting of in-depth questions with your top clients. The results serve as a critical baseline for continuous improvement by giving you a clear picture of your customer's needs, wants, and perception of your relationship.
Take the first step! Grow Revenue, Protect Your Clients, and Plan Proactively.
These days data is a big deal and a way to stay informed and gain an edge on the competition. Our search engines, social media platforms, financial institutions and even college basketball teams understand the importance of gathering and analyzing data. At Butler Street, one of our favorite sayings is…
It’s not what you know that creates defect in the process, it’s what you don’t know.
So get in the know! Don’t just keep the business you have, build upon it and grow stronger more profitable relationships with your customers. Contact us to get started.