finding value in your voc programme
TRANSCRIPT
Miembros acreditados de:
FINDING VALUE IN YOUR VOC PROGRAMME
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— Gary Vaynerchuk,
“The Thank You
Economy”
“It’s very logical: There is proven ROI in
doing whatever you can to turn your
customers into advocates for your brand or
business. The way to create advocates is to
offer superior customer service.”
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The Value of Good Customer Experience
Increases Future Business“We found a high correlation between how consumers rate their experience with a company and their willingness to buy from the company again … Even a small percentage change in repeat purchasers translates into a very large dollar value.”*
Prevents Defection“…the higher the quality of a firm’s customer experience, the less likely it is to lose sales to competitors…*
Encourages Positive Word of Mouth“…the higher the quality of a firm’s customer experience, the more likely it is to get positive mentions from its customers.”*
*The Business Impact of Customer Experience, Forrester, March 2014
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We’re in this together!
A question we often hear is:
Can you prove the ROI
of a customer
feedback programme?
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Traditional ROI
Employees Customers
Better business results
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Finding Value in VoC
• 5% increase in Customer Care
Measures correlates to 1.5%
increase in LFL sales
Published Marketing Week Nov 2011
• 5% increase in Guest Experience
Measures correlates to 1%
increase in LFL sales
Published Marketing M&C Report July 2011
Case Studies
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Delighted Customers Spend More Source: UK Retail Client case Study 2012
Spend
Spend
Spend
Strongly disagree,
disagree or neutral
Agree Strongly
agree
+3%
+12%
Satisfied
with visit?
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Delighted Customers ReturnSource: UK Retail Client case Study 2012
Likelihood to
return
3%
Likelihood to
return
13%
Likelihood to
return
91%
Strongly disagree,
disagree or neutral
Agree Strongly
agree
Satisfied
with visit?
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Finding Value in VoCRevenue
4 – Satisfied 5 – Highly Satisfied
Visits/month 4.3 7.2
Spends £2.68 £2.92
Lifetime customer 4.4 yrs 8.3 yrs
Lifetime value £607 £2,090
(+82%.yr)
International coffee company
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Finding Value in VoCRevenue
Finding: 3% of surveys contained callback requests
Application: 1,000 recovery opportunities per month
Estimated saved revenue: Over £15 million in annual
opportunity revenue
Telecom Provider
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Finding Value in VoCSocial Media
%Application: 15,000 new, active Facebook fans
Estimated opportunity revenue: £1,722,147
Application: 12,000 new, active Facebook fans
Estimated opportunity revenue: £1,377,717
Finding: Average loyal Facebook fan is worth £115 over a lifetime
Examples of
restaurant companies
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International Retailer Sells More by
Fully Engaging Employees
Engagement Level
Overall Satisfaction
Average Spend
Purchased More Than Expected
54%
56%
£6.29
73%
64%
65%
65%
£6.74
81%
73%
Disengaged Semi-Engaged (Upsell/No WOW)
Semi-Engaged(WOW/No Upsell)
Fully Engaged
59% 22%
8%
11%
£7.36 £7.91
Industry Average
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Stats – Industry Averages
- Customers with highly positive past experiences spend 140% more compared to those with highly negative past experiences.
- The average Facebook fan is worth £115
http://www.marketing.org/i4a/pages/index.cfm?pageID=6024https://hbr.org/2014/08/the-value-of-customer-experience-quantified/
- A loyal customer is worth up to 10 times of an initial single purchase
- The average annual value of a customer is £160
- A loyal customer spends 10 times more over their lifetime than a non-loyal customers
- A one-star difference in a restaurant rating canimpact revenue from 5% and 9%
Have you calculated value
from your customer feedback
programme?
Beyond simple
ROI
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No one “owns” the customer, but everyone can own a moment.
Who Owns The Customer?
www.Clientship.com
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