Coming out of a recent Walker client forum focused on best practices sharing, this is the second of two blogs in a series on the challenges and successes related to validating customer feedback with other authoritative sources of information in your organization.
This first blog in the two-part series focused on the challenges, while this blog shares some of the successful approaches we have seen in validating customer feedback.
Best Practice Approaches to Overcome Challenges
Several companies shared approaches that they have successfully executed in their organization. The four categories below are critical elements in validating customer feedback with other authoritative sources of information in your company. Best practices included:
- Financial Linkage – Several companies cited examples of successful linkage of customer feedback with financial metrics. Most commonly demonstrated was establishing Loyalty as an accurate predictor of revenue at the account-level. Predictive Links have also been made between loyalty and metrics such as profit, margin, and order volume. This approach has been consistently proven in many companies.
- Employee Linkage – The "service profit chain" was demonstrated in one case study by linking employee factors (such as tenure, performance evaluations) with employee loyalty, and then translated through strong customer experiences to customer loyalty and ultimately to financials.
- Compensation Linkage – Rather than being focused on just the score, a couple companies shared successful experiences of linking customer feedback to compensation by focusing on desired behaviors, such as identification/provision of the right accounts and customer contacts to invite, follow-up alert compliance, or development of action plans or account plans. One company also used restricted shares of stock as a reward for employees who used the customer feedback in a positive way.
- Operational Integration – No specific successful approaches were shared in this arena, but it was acknowledged that this is an important challenge in many organizations which should be approached as an important element in validating customer feedback.
Do you have a success story? If so, please share and discuss. Good luck in your pursuit of successful validation of customer feedback.
Principal, Sr. VP, Strategic Accounts