VoC continuous survey programs are used to better understand the customer experience within a business. But which metrics should be used to measure return on investment?
Voice of Customer (VoC) is a relatively new term in marketing research that represents the process by which a company continuously gathers and analyzes the satisfaction and opinion of customers regarding their experience with the company. This type of program is mainly implemented to improve customer experience, however it has to be profitable for the company. Therefore, any company wishing to implement a VoC program must measure and track certain metrics over time to determine its return on investment.
https://www.lanla.com/en/articles/measuring-voice-of-the-customer-roi-which-metrics-are-right-for-you/
Companies with the best-in-class Voice of the Customer (VoC) programs achieve 10 times higher YOY increase in revenue compared to other firms. Furthermore, they retain 55% more customers, experience an average drop of 23% in YOY customer service expenses, and boast employee engagement rates that are 292% higher.
So, if your Voice of Customer isn’t delivering noteworthy results, then it’s time to take a hard look at what’s going wrong.
http://customerthink.com/5-things-that-can-sabotage-your-voice-of-customer-program/
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