Combining customer survey research with other information increases the value and relevancy of a Voice of Customer (VoC) program. Many companies will start by linking the customer survey research to financial information, such as sales bookings, revenue, market share, or profitability. There are three common ways to use this financial linkage:
- Reality: Show how the customer survey research correlates to customer purchase behaviors. Look at customer intentions to increase spend (from the customer survey research), and show how these intentions align with actual customer behaviors and business success (from the financial data).
- Risk: Identify revenue at risk by showing how much revenue is tied up among customers who are at risk of leaving. This should act as the basis for targeted intervention strategies to prevent customer attrition and declining revenue.
- Return: Measuring the estimated return of improvements. For example, estimate the return of converting trapped customers into loyal customers.
This post was published as a part of Walker Weekly, an e-newsletter featuring best practices and tips for B-to-B customer strategy.