Voice of the Customer Research
Voice of the Customer Research concerns the systematic gathering,
recording, and analyzing of data from and about customers in order to drive
strategy, operational decisions, improvement efforts, and individual
employee behaviors. Its purpose is to support the establishment and
maintenance of a customer-focused organization.
Why Does It Matter?
Research indicates that increasing customer retention by as little as 5%
results in improvements to top line financial results of 25% to 100%.
Moreover, maintaining a cadre of dedicated, loyal customers helps build your
business through customer referrals and positive word-of-mouth. Even without
the evidence of the numbers, working to keep customers-especially those who
are the most profitable for you-is just plain common sense. But success with
a retention strategy requires knowing with precision what you must do to
build and sustain customer loyalty. That's where we come in.
How We Work
First we learn as much as we can about your business, your situation and
your needs. Then we review your existing customer data and data collection
methods, if any, so that we can build on what you already have in place.
Research typically begins with Expectations Mining® which is a highly
specialized qualitative method used to gain a deep understanding of
customers' requirements. Although the mining report by itself provides rich
information, it is usually translated into a quantitative survey that allows
us to compare your performance against the:
||level of performance expected of an ideal
||level of performance that is minimally
acceptable to customers
||perceived performance of competitors or
the market overall.
We also use advanced statistical methods to identify underlying customer
segments that cluster around drivers of customer value and to determine the
factors that drive customer loyalty. The result is data that are
extraordinarily useful and actionable.
We don't just hand you a report and disappear. Since we believe that
information must be used in order to justify its costs, we facilitate action
and implementation planning meetings of your leadership team to present
results. We can also provide consultation and assistance with
implementation, organizational change, internal communications, executive
and employee alignment, and the development of ongoing tracking, measurement
and research systems.