Most corporate leaders know that it costs more to find a new customer than to grow an existing one, yet they operate by a mantra that says, “We always need more new customers!” Studies show that customer attrition can run between 12% and 15% in any given year depending upon the industry. A Voice of the Customer / Customer Feedback Program is a required element of any business, and when properly executed, can result in extraordinary ROI for any organization by not only reducing customer attrition, but also improving growth rates.
The Chapman Group’s LoyaltyProfessional™ team of experts works in collaboration with your team to establish your VoC Program:
- Goals, objectives and program success measures
- Process for launching customer feedback surveys and the frequency at which they will be launched
- Sample / Participant database – a 3x3x3 (high, wide and deep) representation of the customer to be able to obtain data points from all management levels and functions with whom your organization works with on a daily, monthly, quarterly and/or annual basis
- Survey questions – a combination of both performance and commitment indicators, ensuring that the survey output is actionable
- Action plan – a combination of short and long-term activities (i.e., tactics and strategies) based upon the feedback from your customers
- Process for “closing the loop” and reporting on the results both internally to program stakeholders and externally to the customers themselves