Maritz Research has recently released a very interesting paper, this paper highlights some interesting Voice of the Customer (VoC) related statistics. In this blog post we are going to take a look at these VoC statistics.
One of the most interesting set of statistics published by Maritz Research is related to what companies actually expect from their Voice of the Customer driven CEM initiatives. We have listed these below, with a few comments added.
65% of companies believe that their VoC strategy will improve processes – Well yes, indirectly this would be a result, but the improvement of processes that effect the customer journey is just a step along the road to CEM maturity, not an end game result.
59% of companies believe that their VoC strategy will reduce customer churn – We agree that this should always be one of the reasons for adopting CEM as an enterprise wide ethic, and is one of the long-term goals of running a VoC driven CEN program.
48% of companies believe that their VoC strategy will improve products and services – Once again, this is not actually a viable end game goal for CEM. The improvement of products and services is just part of the overall picture, and although improvements will affect the customer experience positively, they are an enabler, not a net result.
45% of companies believe that their VoC strategy will increase employee engagement – Another example of something that is simply a facet of CEM, not an end game goal. Of course, the aim of any VoC project is to improve employee engagement, but as a means to an end, that end being the improvement of the customer experience.
41% believe that their VoC strategy will support brand promise – This final item on the list is actually a valid long-term CEM goal. Alongside reducing customer churn, lowering cost to market and boosting brand advocacy, a good VoC initiative can help to support brand promise through a process of affirmation.
So what do these Voices of the Customer statistics published by Maritz research tell us? Well, the most glaring fact is that out of the five statistics listed, only two of them are actual end game goals, the remaining three are tertiary goals, that must be achieved somewhere along the path to full CEM maturity.
If we build on the fact above, we can deduce that many firms are still not clear on what exactly Customer Experience Management (CEM) is, how the Voice of the Customer should be captured and used, and fundamentally seem unaware of the underlying principles of CEM in general. What CEM is, what it can do, and where it can take a company.
By Mac Wheeler.