VOC success hinges on the institution’s use of the necessary tools and channels to understand customers and sentiment drivers. Organizations with the discipline and governance to adapt their business strategy will realize optimized success.
VOC allows local and executive leadership to ‘see’ customer issues before they become brand challenges, closing customer loyalty gaps. Effective customer listening offers a window into customer journey friction points, providing the necessary information to act on feedback. It also provides opportunities to empower employees and celebrate success.
Successful implementation of such a program requires the ability to gather customer feedback by:
- Asking the right questions
- To the right audience
- Through the right channel
- At the right time
Appropriately structured surveys and feedback mechanisms prompt the right customers for honest, unbiased feedback in a timely and relevant manner. Intelligent questionnaires, for example, can utilize a customer’s response to determine the next best question. An automated decision engine deploys timely outreach through preferred channels avoiding survey fatigue and increasing response rates. Relevant reporting and interpretation tools, along with a defined closed feedback loop, allow the institution to act appropriately on customer sentiment and insight.
There are three key survey types:
- Relationship surveys measure brand sentiment. Quarterly, semi-annual, and annual relationship surveys gauge the organization’s overall health in retention and repeat customers.
- Transactional surveys measure customer experience at a point in time. They identify and diagnose customer problems with specific transaction processes, technology, and employee interactions. Conducting these surveys at the time of the transaction ensures timely and relevant feedback to take corrective measures and rapidly resolve issues.
- Clarifying intent surveys provide a vehicle for exposing consumer interest and intent. These surveys support the institution’s efforts to identify and resolve purchasing roadblocks, supplement customer knowledge regarding features, benefits, and terms, and prioritize further engagement through automated and human channels.
Surveys may be deployed to gather point-intime feedback or may be built into a larger engagement strategy. Suppose the purpose of the survey is to collect information. In that case, the purpose of the engagement plan is to inquire and respond to feedback within the more significant and longer-term context of meeting customer needs over time. For example, a single survey might request feedback based on a recent visit to the branch. An engagement plan may respond to feedback, provide relevant content to address knowledge gaps, or send offers to meet additional short- and long-term goals.
For more information, download the “Listening to the Voice of the Customer” interview with David Engebos, President and COO of ARGO.