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Finding value in your VoC programme
The document discusses the value that can be found in customer experience (VOC) programs. It provides evidence that improving customer experience correlates to increased sales, decreased customer defection to competitors, and increased positive word of mouth. Case studies are presented showing companies that increased lifetime customer value and revenue by improving customer satisfaction measures through their VOC programs. The document argues that calculating the ROI of a customer feedback program can demonstrate its business value beyond simple metrics.
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Finding value in your VoC programme
- 1. Miembros acreditados de: FINDINGVALUE IN YOUR VOC PROGRAMME
- 2. 2 — Gary Vaynerchuk, “TheThank You Economy” “It’s very logical: There is proven ROI in doing whatever you can to turn your customers into advocates for your brand or business. The way to create advocates is to offer superior customer service.”
- 3. 3 The Value ofGood Customer Experience Increases Future Business “We found a high correlation between how consumers rate their experience with a company and their willingness to buy from the company again … Even a small percentage change in repeat purchasers translates into a very large dollar value.”* Prevents Defection “…the higher the quality of a firm’s customer experience, the less likely it is to lose sales to competitors…* Encourages Positive Word of Mouth “…the higher the quality of a firm’s customer experience, the more likely it is to get positive mentions from its customers.”* *The Business Impact of Customer Experience, Forrester, March 2014
- 4. 4 We’re in thistogether!
- 5. A question weoften hear is: Can you prove the ROI of a customer feedback programme?
- 6. 6 Traditional ROI Employees Customers Betterbusiness results
- 7. 7 Finding Value inVoC • 5% increase in Customer Care Measures correlates to 1.5% increase in LFL sales Published Marketing Week Nov 2011 • 5% increase in Guest Experience Measures correlates to 1% increase in LFL sales Published Marketing M&C Report July 2011
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- 9. 9 Delighted Customers SpendMore Source: UK Retail Client case Study 2012 Spend Spend Spend Strongly disagree, disagree or neutral Agree Strongly agree +3% +12% Satisfied with visit?
- 10. 10 Delighted Customers Return Source:UK Retail Client case Study 2012 Likelihood to return 3% Likelihood to return 13% Likelihood to return 91% Strongly disagree, disagree or neutral Agree Strongly agree Satisfied with visit?
- 11. 11 Finding Value inVoC Revenue 4 – Satisfied 5 – Highly Satisfied Visits/month 4.3 7.2 Spends £2.68 £2.92 Lifetime customer 4.4 yrs 8.3 yrs Lifetime value £607 £2,090 (+82%.yr) International coffee company
- 12. 12 Finding Value inVoC Revenue Finding: 3% of surveys contained callback requests Application: 1,000 recovery opportunities per month Estimated saved revenue: Over £15 million in annual opportunity revenue Telecom Provider
- 13. 13 Finding Value inVoC Social Media % Application: 15,000 new, active Facebook fans Estimated opportunity revenue: £1,722,147 Application: 12,000 new, active Facebook fans Estimated opportunity revenue: £1,377,717 Finding: Average loyal Facebook fan is worth £115 over a lifetime Examples of restaurant companies
- 14. 14 International Retailer SellsMore by Fully Engaging Employees Engagement Level Overall Satisfaction Average Spend Purchased More Than Expected 54% 56% £6.29 73% 64% 65% 65% £6.74 81% 73% Disengaged Semi-Engaged (Upsell/No WOW) Semi-Engaged (WOW/No Upsell) Fully Engaged 59% 22% 8% 11% £7.36 £7.91
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- 16. 16 Stats – IndustryAverages - Customers with highly positive past experiences spend 140% more compared to those with highly negative past experiences. - The average Facebook fan is worth £115 http://www.marketing.org/i4a/pages/index.cfm?pageID=6024 https://hbr.org/2014/08/the-value-of-customer-experience-quantified/ - A loyal customer is worth up to 10 times of an initial single purchase - The average annual value of a customer is £160 - A loyal customer spends 10 times more over their lifetime than a non-loyal customers - A one-star difference in a restaurant rating can impact revenue from 5% and 9%
- 17. Have you calculatedvalue from your customer feedback programme?
- 18.
- 19. 19 No one “owns”the customer, but everyone can own a moment. Who Owns The Customer?
- 20. www.Clientship.com Zentrum Santa Fe Avda.Santa Fe 495, Piso 4 Col. Lomas de Santa Fe. 05300 Cuajimalpa México DF | Tlf: 46 31 34 95 GRACIAS POR SU ATENCIÓN CONTACTE CON NOSOTROS info@clientship.com