If you spend half-an-hour Googling “Voice of the Customer business impact,” you’ll no doubt stumble across the much discussed link between customer advocacy (often referenced in terms of Net Promoter Score™) & bottom-line revenue. Regardless of whose study you read, you’ll get an impressive and perhaps surprising-looking figure. If you consider Forrester’s differentiation between the stock market returns of customer experience “leaders” and “laggards,” it becomes very difficult to dispute the headline relationship between customer centricity and downstream business success.
We also talk regularly about customer retention – using VoC to be able to save and recover the ongoing spend of a significant bucket of customers who would have otherwise churned. Improved operational efficiency and reduced spend on legacy market research initiatives are other common sources of VoC ROI.
One element that is often overlooked, however, is employee engagement. Deploying the right kind of Voice of the Customer program has the potential to galvanize and transform the way many customer-facing employees look at their role and their contribution to the organization. It is essential from an early stage to break down pre-existing barriers surrounding measuring VoC – most commonly, the use of the solution as a complaints tool to beat employees up with. On the contrary, across the NICE Fizzback client base, 70-80% of all customer feedback received is positive – and a large proportion of that is employee-centric. What we’re left with is a huge body of rich, motivational material for an employee base – with the power to make them feel valued and their efforts appreciated.
Take the following example– a NICE Fizzback retail client tracks employee engagement on a quarterly basis (see graph below). A quick comparison of engagement scores pre and post VoC implementation offers a telling story. Across the landscape of VoC performance, engagement improved following the implementation of a VoC program. Furthermore, there is a stronger uplift in employee engagement in those retail stores with the biggest NPS™ gains across the first six months of the program.
What we see here is a beneficial and mutually reinforcing relationship between employee engagement and customer advocacy. Deploying the correct blend of technology and supporting services to ensure a best practice VoC solution helps our clients enhance both the customer experience and the employee experience.
To learn more about NICE’s Voice of the Customer solutions, join us at Interactions 2013, the industry’s leading customer conference