Customer-centric businesses put customers at the core of the business, then make policy and process design decisions centered on the needs of those customers. That customer focus compels naysayers to label customer centricity as an ill-advised business strategy.
What happens, those naysayers ask, when your heart pushes you to take action that interferes with a long and prosperous future?
For example, let’s say you need to raise fees, but your customers disagree. Or you have policies in place to secure and protect your institution’s assets, but those policies feel unfriendly to your customers. How can making a decision that is best for customers also be a smart strategy for your business?
https://www.peoplemetrics.com/blog/an-introduction-to-building-customer-understanding/
The final discipline of growth banking is all about listening and acting on feedback from your customers. This discipline requires an understanding of measure and metrics. It requires a commitment to closed-loop feedback. And it starts with the decision to either build or buy a Voice of the Customer solution for your own organization.
But it's important to note: having customer data and following up with individual customer and employee feedback is not enough to move your overall Net Promoter or Customer Loyalty scores.
Yes, you will be improving the experience for customers who share their insights and experiences with you.
But moving the overall scores will take a keen eye and a lot of analysis of customer insights. You'll need to pinpoint the one thing to do next to improve your business. Whether it's adapting a solution, adding a feature, or emphasizing a capability, it takes systemic changes to impact the experience of customer segments (or for all of your customers).
https://www.peoplemetrics.com/blog/how-to-define-your-priorities-and-build-a-plan-for-customer-centricity/
It has become all too common for B2B SaaS companies to survey their customers once a year through a moment-in-time customer relationship survey, with at least one section addressing the ultimate question of Net Promoter Score (NPS).
Assuming the results are positive, the company then proudly presents their board with the survey results compared to industry benchmarks and proceeds with the board meeting. “Let’s move on to how many new customers you acquired” is likely the next agenda item.
https://www.peoplemetrics.com/blog/saas-companies-implement-a-product-nps-program-in-5-simple-steps/
Your customer experience management (CEM) system is up and running. You are actively listening to your customers and have an impressive 20% survey response rate. You’re measuring NPS and CSAT, and real-time alerts are coming in. That’s great! All signs point to a successful Voice of Customer (VoC) program.
But wait!
Do your customers know that you’re actually listening to them?
Most CX programs today gather customer feedback data and use it to inform company decisions; but not many are coming back to their customers to let them know that their voice was heard. Every survey response is a chance to either improve on a not-so-great experience, or to reinforce and continue building upon an already stellar experience.
Your survey-taking customers are likely out there in the world wondering what ever happened to the feedback they sent you.
https://www.peoplemetrics.com/blog/are-you-there-company-its-me-your-customer/
Over 150 customer experience professionals completed a PeopleMetrics online assessment about the presence, or absence, of customer-centric practices in their organizations. In our blog, we commented on the slow progress revealed by the trends in this data, with few disciplines improving over time.
However, one exception to this stagnation in activities exists: the practice of customer journey mapping. On average, in 2014, one-third of participants (32%) said that their organization had practiced customer journey mapping as part of their customer experience improvement efforts. So far in 2015, the proportion of practitioners who say they are familiar with journey mapping has increased to nearly half (48%). That's a 50% growth in this activity in just a few short months.
Read full article.
https://www.peoplemetrics.com/blog/the-basics-of-customer-journey-mapping/
Voice of Customer (VoC) technology presents as a digital loop closer for many of the systems which interact with the customer and produce data for driving better customer experience (CX).
With the rise of CX as an aspiration and a concept, VoC solutions have followed in their wake as a practical way to obtain, analyze and measure customer feedback across multiple channels. Many of these solutions can be automated and integrated across other systems and solutions.
https://www.cdotrends.com/story/14239/pumping-volume-voice-customer/
Running a business is no easy task. What distinguishes a successful business from an unsuccessful one? The answer is very simple. Businesses who have tasted success keep customers as their focal point. This revelation comes as no surprise since the different metrics that were used to calibrate success like revenue, customer retention, and churn narrates only bits and pieces of the entire story.
https://medium.com/survey-tips/voice-of-customer-tools-why-is-it-critical-to-your-business-a3844d905395/
How do you learn from your customers if you’re not willing to ask? This is the whole point of prioritizing customer feedback and creating a ‘Voice of the Customer’ (VoC) strategy.
And in the infographic below, we take a look at how companies, irrespective of size and scale, can implement an effective Voice of the Customer program to arrive at deeper customer insight.
https://medium.com/@getcloudcherry/how-to-design-the-perfect-voice-of-the-customer-strategy-9210df1bcd74/
One of the goals of agile development is to reduce the distance between the developers and the person who will benefit from their labors: The Customer.
When the customer and the developer are close to one another, the idea is that the solutions created are best aligned to what the user really wants. There is a lower chance of miscommunication. Misunderstandings are likely to be cleaned up quickly.
How are you and your team doing on that front?
https://it.toolbox.com/blogs/dennisstevenson/are-your-customers-inspiring-your-scrum-team-012919/
We’ve made a habit of asking our customers for feedback. We ask for feedback inside our software. We ask for feedback via surveys. We ask for feedback after someone talks to a customer service representative. We gather feedback left on review sites. We ask for feedback from our Advisory Board. At last count, there are over 30 different channels through which we ask HubSpot customers for feedback.
Turns out, asking for feedback is the easy part. The hard part is acting on it.
https://blog.hubspot.com/service/ask-for-feedback-and-act-on-it/
