The Next Generation of Relationship Assessments and Surveys
Companies cannot afford to lose a strategic, long-term customer. In fact, in today’s economic climate, companies cannot afford to lose any customer. When serviced correctly, customers generate increased profits every year they stay with a company. In other words, the longer a customer is kept, the more profitable they often become. The challenge then becomes, retaining and growing current customers, while acquiring new ones. The solution is often optimizing and measuring the customer experience.
We only have 2 sources of competitive advantage; the ability to learn more about our customers faster than the competition & the ability to turn that learning into action and profits faster than the competition.-Jack Welch
Obtaining feedback directly from the Customer is a critical success factor for any sales or account management organization. The single most predictive indicator of future growth is the level of dependency (i.e. loyalty) your customers have towards your organization. Therefore, increasing customer loyalty and commitment to you as a strategic supplier is a significant, if not the most significant driver of increasing sales and achieving greater financial performance.
Gathering customer feedback can increase cross-sell and up-sell effectiveness by 15 to 20%-Gartner Research
The Chapman Group’s LoyaltyProfessional™ experts work in collaboration with your team to effectively design execute, and sustain a “Voice of the Customer” (VoC) program, complete with a Loyalty Index and a “Prescription for Success” which outlines an action plan for improving customer relationships. This approach to VoC Program management will ensure your organization:
- Engages customers at all contact points including the senior level / “C” suite
- Effectively measures and analyzes performance and commitment indicators
- Is empowered with actionable knowledge from the customer directly
- Shares key learnings and institutionalizes best practices across the organization
- Utilizes account loyalty as a core business metric
- Stops reacting and proactively manages accounts
… And know what a customer is going to do before they do it – a predictive analytic!
In order to accomplish each of the objectives outlined above, we break your VoC Program into 4 key elements:
By engaging The Chapman Group to assist your organization in developing, implementing and sustaining a Voice of the Customer Program (i.e., by defining and properly executing each of the elements in the diagram above), you will have:
- A higher probability of the retention and growth of important account revenue / profit (wallet share)
- In-depth and timely customer data to influence and guide business and account level strategy (i.e. develop innovative and strategic partnerships)
- Insights into the buying preferences and strategic direction of accounts
- Knowledge to support and drive collaborative action planning including economic value propositioning between supplier and account
- Knowledge to maintain competitive advantage(s)
Except in a few rare instances, a complete and extraordinary customer experience is the key to securing customer loyalty and generating superior long-term financial performance.-Harvard Business Review