Present voice of the customer to all employees, and you will be more likely to reap financial benefits and manage customer experience holistically, according to the 2011 Business-to-Business Customer Experience Management Benchmarking Study.
Although only a third of companies are presenting customer feedback to all employees, those who do reported at least 20 percentage points advantage in the performance of holistic customer experience management, as shown by the gaps in blue and red bar graphs below. Examples of business results attributed to customer experience management efforts include:
- 200% growth in profit over the past 4 years. (Chemicals)
- 200% increase in market share over the past 4 years. (Semiconductors)
- 20% improvement in revenue over the past year. (Telecommunications)
- Over $100M in new and existing opportunities influenced in 2011. (Software)
- New sales year over near have nearly tripled over the past 2 years. (Software)
- Increase in revenue 10% year over year. (Medical Devices/Pharmaceuticals)
- Double digit growth over the past 4 years. (Machinery)
- 15% reduction in churn over the past year. (Transportation/Logistics)
Presenting voice of customer to all employees was identified as one of six key success factors for world-class performance in customer experience management. The other five success factors are:
- Coordination among managers of CEM methods.
- CEM as a determinant of corporate strategy.
- Calculation of customer lifetime value (CLV).
- Action on survey results by owners of customer experience key drivers.
- Funding of cross-organizational collaboration.
Comprehensive management of customer experience is prevalent among companies that present voice of the customer to all employees, as shown below:
- How We Listen to Customers: Identify and collect voice of the customer from all the influencers on the buying decision (i.e. initiators, approvers, users, buyers, influencers, gatekeepers, decision-makers). And capture front-line employees’ observations of customer sentiment, and capture customer complaints anytime anywhere.
- Customer Engagement: Engage customers in providing feedback through customer references, user groups and advisory boards, and customer communities and forums. And to analyze customer data and use customer relationship management (CRM).
- How We View Customers: Include customer metrics in balanced scorecards, integrate customer feedback sources, analyze integrated customer data, use customer metrics to evaluate organizational performance, and stream relevant feedback to all departments.
- How we Focus Employees on Customers: Reward customer experience improvement by teams, align incentive pay to customer experience metrics, create department-level action plans to improve customer experience, use customer metrics in performance reviews, and onboard all employees regarding customer experience programs.
- How we Focus our Business on Customers: Listen to customers prior to product development efforts and inform front-line employees' decision-making.
- Funding of Employee Engagement in Customer Experience Management: Incentive pay, recognition and rewards, customer journey maps and touch-points and customer life cycle, cross-organizational collaboration, internal satisfaction, change management and stakeholder management, internal communications, and internal staffing.
Recommendations: Expand your VoC audience by streaming relevant customer feedback to all employees company-wide. Scrutinize your voice of customer data collection to ensure you are capturing relevant feedback to guide the day-to-day work of all employees. Recommendations for stronger customer experience strategy, cross-organizational cooperation, and business results are provided in the study, which can be accessed at www.ClearAction.biz/benchmarking.
See more information about the customer experience success factors that were identified through the B2B CEM study.
See the table of contents of the Annual ClearAction Business-to-Business Customer Experience Management Best Practices Study and download your copy today.
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- Increasing Customer Focus in Voice of the Customer for Business Results
- Focusing on People in B2B Customer Experience Strategy
- Investment Patterns in B2B Customer Experience Management
- Business Customer Experience Management Stories Highlighted in 3rd Annual B2B CEM Study
- Customer Experience Study Highlights & Recommendations
- 6 Factors Identified for B2B Customer Experience Excellence
- Payoff for Coordinating Customer Experience Management Worldwide
- ROI Opportunities for B2B Customer Experience Management
- 8 Paths to Value via Benchmarking Studies
New opportunity: participate in the 4th Annual State of B2B CEM survey
Limited time offer: buy the 2012 report now and a complimentary copy of the 2013 report will be sent when it is published
If you currently manage CEM and work for a B2B company, please join the new Business-to-Business Customer Experience Management LinkedIn Group! http://tinyurl.com/b2b-cem-li