THE VOICE OF THE CUSTOMER EXECUTION GAP

Transcription

1 THE VOICE OF THE CUSTOMER EXECUTION GAP A LOOK AT HOW ORGANIZATIONS MOVE THEIR VOC PROGRAM FROM A HOBBY TO A PROFESSION

2 EXECUTIVE SUMMARY Voice of the Customer Programs have been around for many years and yet the consensus among analysts is that only a small number of organizations are reaching a state of maturity where the customer is truly at the heart of the organization. There are many reasons for the lack of success; under investment, limited resources, other higher priorities, confusion on how to proceed or even a lack of desire to be customer focused. However, there is a wind of change blowing through the Voice of the Customer (VoC) domain. Many companies have realized that VoC is a powerful tool to help build Customer Lifetime Value and new-to-voc companies and industries are embracing VoC as they realize that customer experience can help define their future success. However, a gap has been created in how organisations are executing their VoC Programs. DEFINING THE EXECUTION GAP Many organizations have some sort of VoC Program. Almost all have a method of capturing the Customer Experience. The capture element is typically in the form of metrics based customer surveys. Some surveys are at regular intervals; annual, quarterly or monthly. Other surveys are post transaction. When you compare organizations that have a mature and successful VoC Program to the average, you start to see the execution gap emerge. As Illustration 1 shows, the majority of organizations, 4 in 5, listen to the Voice of the Customer, in that, they use unstructured feedback in their VoC Program. However, only around half have the ability to make sense of this data to understand and interpret the feedback in order to progress to the next stage, to take action, where you can see less than 1 in 5 systematically act on the insights. 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% Mature Average Execution Gap HOW TO ADDRESS THE EXECUTION GAP TO DELIVER A MATURE AND SUCCESSFUL VOC PROGRAM Through extensive research into the topic, NICE has discovered 3 key attributes that differentiate the mature and successful VoC Programs from the average: 1. Consolidating VoC data into one central hub to gain an enterprise-wide real-time view of customer experience across all touch-points The first stage to maturity is the need to understand what your customers want and expect from your organisation at each point on their customer journey, measure your organizations performance at each point against those expectations, and identify any gaps. This gives you the ability to understand the level of service being offered to your customers at all times and ensures you have your finger on the pulse of your customers experience. Different customers will have different journeys with your organization throughout their lifecycle, so you need to keep track of these journeys to ensure you continue to understand the customer expectations. Having all VoC data in a central hub enables you to compare and contrast different customer journeys using the same analytics and the same measurement. This will help you to prioritise the biggest drivers of customer satisfaction and dissatisfaction. From this understanding, you are able to provide the right insights to the right people in your organisation at the right time to ensure you are meeting or exceeding customer expectation. 2. Identifying at-risk customers. in time to save them and having systematic Closed Loop Processes Now you have the baseline and an understanding of the customer expectations, you are able to define the standard of service you wish to deliver to your customers. These standards will vary by different customer segments to meet their expectations. Then you are able to create business rules to alert you if your service has slipped below the customers expectation. It is both a proven fact, as well as common sense, that when an organization fails to meet a customer expectation, this is a strong contributory factor in that customer leaving the organization and moving to a competitor. As well as identifying the customers at risk, you need to have processes in place to reach out to those customers to correct the situation in a timely manner. Illustration 1 Capture Listen Understand Act [systematically] 2

3 3. The ability to take action when understanding the drivers of customer dissatisfaction and satisfaction Some organizations have the understanding of the drivers of customer dissatisfaction and satisfaction but appear paralyzed when it comes to taking action. In mature VoC Programs, we see an appetite for delivering change. Insights into the customer experience are systematically shared within the organization and there is typically a governance structure that makes decisions and defines the case for change. To understand this further, we need to explore how each element of the eco-system works together. HOW IT ALL COMES TOGETHER You need a combination of technology, executive sponsorship, governance and a willingness to change to be successful. Illustration 2 shows you how a typical mature VoC Program is structured. There is the systematic capture of VoC across the Enterprise with listening posts at key stages in the customer journey. Text analytics and reporting makes sense of the data to identify actionable insights to be prioritized and executed in a timely manner. CAPTURE LISTEN REAL-TIME: Capture VoC in realtime to drive immediate action QUALITATIVE: Capture of unstructured feedback (incl. Speech to Text on IVR) ENTERPRISE-WIDE: Experience is captured from across all touchpoints CAPTURE MULTI-LANGUAGE: Ability to engage and capture VoC from customers around the world ACT LISTEN ACT Real-time customer recovery Lower customer effort Higher customer satisfaction Improve brand NPS Highlight and fix broken processes Improve product offering UNDERSTAND UNDERSTAND ANALYTICS TECHNOLOGY Action focused web-based dashboards Broad text analytics offering to drive business improvment Integration to front & back office systems Illustration 2 3

4 SUMMARY OF RECOMMENDATIONS So, by way of summary, the widest part of the VoC Execution gap is around taking action. Organizations need the confidence to make changes that will result in a customer experience improvement and they need the ability to measure the impact of this change. Our recommendation would be to start by building a strong and comprehensive foundation by listening to the voice of your customer across all their journeys to establish a baseline. Then, with automated analytics you can accurately identify when a customer deviates from that baseline and force action to remedy a potentially negative situation. The NICE Fizzback organizations with a mature VoC Program have taken this approach and they have the impressive VoC metric improvements to prove it works. So, as the Chinese proverb suggests, when the wind of change blows, some build walls others build windmills. So, my question to you is: what do you build? If you are interested in hearing more, contact us at: info-fizzback@nice.com 4

5 ABOUT NICE SYSTEMS INC. NICE Systems (NASDAQ: NICE), is the worldwide leader of intent-based solutions that capture and analyze interactions and transactions, realize intent, and extract and leverage insights to deliver impact in real time. Driven by cross-channel and multi-sensor analytics, NICE solutions enable organizations to improve business performance, increase operational efficiency, prevent financial crime, ensure compliance, and enhance safety and security. NICE serves over 25,000 organizations in the enterprise and security sectors, representing a variety of sizes and industries in more than 150 countries, and including over 80 of the Fortune 100 companies. For the list of NICE trademarks, visit CONTACTS Global International HQ, Israel, T , F Americas, North America, T , F EMEA, Europe & Middle East, T , F Asia Pacific, Singapore Office T , F ACTIMIZE, Actimize logo, Alpha, Customer Feedback, eglue Interact, FAST, FAST alpha Silver, Fortent, Fortent Logo, IEX, Insight from Interactions, Intent. Insight. Impact., Interaction Capture Unit, Know More, Risk Less, Last Message Replay, Mass Detection, Center, Mirra, My Universe, NICE, NICE Analyzer, NICE Inform, NICE Logo, NICE Perform, NICE Situator, NICE SmartCenter, NICE Storage Center, NICE Systems, NiceCall, NiceCall Focus, NiceLog, NiceTrack, NiceTrack IP Probe, NiceTrack Location Tracking, NiceTrack Mass Detection Center, NiceTrack Monitoring Center, NiceTrack Pattern Analyzer, NiceTrack Traffic Analysis, NiceVision, NiceVision Alto, NiceVision Analytics, NiceVision ControlCenter, NiceVision Digital, NiceVision Net, NiceVision NVSAT, NiceVision Pro, Open Situation Management, Playback Organizer, Scenario Replay, Searchspace, Syfact, Syfact Investigator, TotalView are trademarks and/or registered trademarks of NICE Systems Ltd. All other trademarks are the property of their respective owners. DATE 9/2014 WP-2014 CONTENTS OF THIS DOCUMENT ARE COPYRIGHT