Where to Start: Implementing an effective Voice of the Customer (VoC) Program. A CentraCX Webinar

Transcription

1 Where to Start: Implementing an effective Voice of the Customer (VoC) Program A CentraCX Webinar

2 Housekeeping Items: Participants are muted Webinar is being recorded Use chat for questions/issues Polling questions Be sure to participate in our survey afterwards

3 Why are you here? And more importantly how can we help? This webinar session will help you to identify the key markers in your VoC program, and will explain some of the things you need to consider on your CX journey. CentraCX s North American VP Sales and Operations - Kevin Stewart - will guide you through on a step by step basis, the key points to implement a successful VoC program (and how you can actually put it to good use). The aim of these webinars is to foster conversation and real insights from CX practitioners. We want to understand where you may have some challenges, and how we can help you get real value from your CX initiatives. Please stop Kevin at any point to ask questions or share any insights you may have!

4 Today s agenda 1. What business outcomes you want to achieve with your VoC program? 2. How to link outcomes to your business strategy, and define success measures to create a vision. 3. Looking to high impact customer journeys. 4. Your own Value Metric Creator

5 The Big Challenge Implementing an Effective VoC program Do you know where you re heading? Implementing an effective Voice of the Customer (VoC) Program takes careful consideration and a strategic framework before you start asking your customers for their opinion (good or bad). It s important to map out a clearly defined process and a strong strategy to effect the outcomes you desire. A number of enterprises are setting out in this unchartered territory, so it s important to know the signposts to look out for and to set out on the most expedient route with your VoC program.

6 How the elements fit together Follow the steps in a logical and sequential order to demonstrate value and scale. CX MATURITY OVERVIEW EXAMPLE VoB (Voice of Business) Establish and measure the underpinning business problem. Set objectives regarding the future state. High customer defection VoC (Voice of Customer) Select a CX metric that is correlated with the business problem. Create a hypothesis. Establish and measure the current state. Set objectives regarding the future state. CE (Customer Effort) = CX metric Reduced CE = Reduced Defection VoE (Voice of Employee) Capture frontline staff insights to enable organisational learning. Feed insights into operating rhythms Use feedback to reduce effort Identify process, product, people and systems improvements Implement change Monitor impact INFORM OPERATIONAL & STRATEGIC DECISION MAKING

7 Do you know what business outcomes you want to achieve with your VoC program? Before embarking on a CX initiative it is important to clearly establish what outcomes you want to achieve and how you are going to measure them.

8 Poll: Do you know what business outcomes you want to achieve with your VoC program? Reduced customer attrition Increased share of wallet Reduced cost to serve Increased customer acquisition, through the word-of-mouth referrals of brand advocates Other?

9 Results and insights: Simply wanting to know what your customers think is not in most instances - a compelling argument for your CFO, or whoever else holds the purse strings in your organisation. #EXPERT TIP# Look to People, Process and Systems to drive efficiency. It may be reduced cost to serve, increasing organic growth (reduced customer churn, increasing rate of acquisition), referrals by brand advocates or share of wallet.

10 Look to linking your outcomes to your business strategy, and define success measures to create a vision. Having established your objective(s), determine if there is a clear and strong linkage with your business strategy. The stronger the alignment with your VoC Strategy, the more likely you are to obtain executive sponsorship and funding. #EXPERT TIP# If your VoC program incorporates a cultural shift (say from product-centric to customer-centric), you need to make sure that all levels and layers of your organisation are engaged and understand the benefits. Establish a clear line of sight.

11 Your Approach: Where to Start Big Bang: Big bang is usually selected in instances that customer experience is a core component of the organisational strategy and the stakes are high. Phased Deployment: Phased deployments are more common, providing the opportunity to establish an ROI and scale to a wider audience.

12 Look to high impact customer journeys. Based on the business outcomes you want to achieve, look at the customer journeys you believe have the highest level of impact. Seek to map out the interactions that you could have with those high value segments. If you are unsure, start with the key moments of truth: those points in time that are critical to your customers. For example, from the perspective of an insurance company; at the end of a claim journey.

13 Poll: Are you treating all feedback the same? How are you segmenting your feedback? Is it by: Revenue Profitability Lifetime value Product type Type of customer

14 Results and insights: Not all customers are created equal. Determine areas that have the greatest value. Focus continuous improvement initiatives on your high value customers. Voice according to value. You don t want to treat low value clients the same as your high value. Biggest bang for your buck in terms of VoC initiatives. #EXPERT TIP# Not all customers are created equal. You need to be careful about establishing customer value and merit. And focus where the opportunities really lie. Biggest bang for your buck. Where you can demonstrate greatest ROI.

15 Look at your own value creator metric: Here s a neat example. Current State Customer Profile Repurchase Future Contribution Promoters 60 75% 45 Neutrals 26 38% 9.9 Detractors 14 15% 2.1 TOTAL: 57 Future State Promoters 61 75% Neutrals 26 38% 9.9 Detractors 13 15% 1.95 TOTAL: 57.6 Assuming revenues of $100M, a 1.05% increase in NPS can provide a future revenue increase of $1,050,000 per annum.

16 Segmenting your data to show effort vs. reward 10% profit makers Personalise 10% profit makers Detractors 60% Non-loyal Nonadvocates Systemise Passives 20% Loyal advocates Client Care Never underestimate the value of demonstrating financial metrics look at your customer profiles in terms of high, medium and low values to show where the effort needs to go for the highest reward.

17 Summary 1. Determine what business outcomes you want to achieve with your VoC program. 2. Link outcomes to your business strategy, and define success measures to create a vision. 3. Looking to high impact customer journeys. 4. Create your organization Value Metrix.

18 About Mediu Professional service firm based near Columbus, Ohio 20 successful years in the customer contact center space Our consultants have logged over 500,000 consulting hours in over 120 contact centers in North America. We deliver direct bottom line impact that measures well into the millions of dollars for our clients.

19 Stay tuned for our next Mediu Education Series webinar NEXT WEBINAR - Understanding ADA/Interpretation Requirements for your Contact Center Featuring iterpret October 2016

20 Q&A from attendees..

21 Kevin Stewart, VP of North American Sales & Operations or We d love to talk to you about your VoC program. us directly or call: Christine Knox, Business Development & Marketing Administrator x221 or cknox@mediu.com