Using Voice of the Customer Programs to Manage Risk
Large organisations have an intrinsic duty to manage risk in every part of their operations and where possible ensure they have the appropriate systems and measures in place to mitigate that risk to its shareholders. Failure to actively manage customer insight and act effectively on it will leave organisation open substantial operational risk. Whilst this statement when first read appears logical and without need of further examination, recent research by the CMO Council report has shown that nearly two-thirds of companies do not have a formal Voice of Customer program in place.
The realisation that customer insight is key to managing the organisation’s brand is unequivocal. The CMO Council report highlights research findings that 83% of respondents said capturing the Voice of the Customer is either “essential” or “increasingly important” in driving brand advocacy and business performance.
So with the majority of the business leaders citing the importance of the Voice of the Customer in building brand and commercial equity, why are so few successfully driving action which will improve their business? Forrester’s research captures the current challenge of the VOC market perfectly. Whilst “… 47% of executives say that customer experience will play a very important role over the next 3 years. According to the same study, 73% of respondents cite a lack of clear experience strategy as a key challenge.