Published in General

Most VoC Programs Still Don’t Deliver Measurable Financial Results (Part 4 of 4)

A few weeks ago we fielded a Benchmark Survey to put the results of our new online VoC Program Effectiveness Assessment in context. The survey yielded a number of interesting insights about current VoC programs and how they’re performing.

Here we’ll take a look at the value programs deliver (see chart below). Not surprisingly, the majority of practitioners who participated in our study said their programs have driven measurable increases in satisfaction, NPS, or some similar measure, while a clear minority said their programs have driven improvements in behavioral outcomes such as increased retention.

Voc Assessment graphic 3

What gives? Well, this lopsided value suggests that most programs suffer from at least one of two basic problems:

1)  Not acting on what really matters. Not all CX improvements lead to more profitable behaviors. Many just waste money. Remember when Wal-Mart toyed with reduced-inventory stores? As the firm’s US head said in a 2011 New York Times article, “[Customers] loved the experience. They just bought less. And that generally is not a good long-term strategy.” Programs that drive these kinds of misguided investments are bound to see value gaps.

2)  Not linking perceptions and behaviors. Even when programs do guide the right kinds of actions, many (in our experience and according to our benchmark survey) then drop the ball by failing to connect their efforts to changes in customer behavior. If practitioners can’t show how programs really deliver ROI they’re also bound to report value gaps, even where there are none.

We encourage you to assess your own program, see how you stack up, and use your personalized report to facilitate improvement conversations around your organization. The online questionnaire only takes a few minutes (less than ten) to complete, and we’re here to help if you want to discuss the results and brainstorm improvements.