5 Steps

to Driving Sales
with Customer Insights

Table of Contents
3 Set the Stage
4 Dont Be Afraid to Ask
5 Listen Actively

6 Measure Your Efforts

7 Act Fast

Long gone are the days of mom-and-pop shops where a proprietor knew a
customers favorite detergent, the names of all three of his kids, and the challenges he
faced day to day. While decades ago deep customer knowledge was readily available,
todays global economy prevents the scale of this type of intimate customer knowledge.
These days organizations of all sizes rely on Voice of the Customer (VoC) programs to
uncover actionable insights that can lead to business benefits ranging from increased
sales to higher customer retention. In fact, according to a Forrester survey of customer
experience professionals, 81 percent of respondents either had or were actively
considering a VoC program.
Yet while VoC programs can deliver enormous value, many companies stop short of
converting transactional, relational and feedback data into insights that can improve
product offerings, create referrals, increase repeat business, and lead to new strategies.
While there are many methods for collecting customer feedback, simply capturing
feedback and transforming it into actionable customer insights is not enough. In fact,
65 percent of respondents in the Forrester study admitted their VoC programs dont
systematically take action based on customer insights, thereby failing to drive valuegenerating activities.
Fortunately, there are proven strategies to ensure an organizations VoC program
identifies what matters most to customers, facilitates better business decision-making,
and drives revenue. Read on to discover the top 5 secrets to creating a successful VoC
program with real business benefits.

Capturing feedback & transforming

it into actionable #customer
#insights is not enough
http://j.mp/voc5steps
via @cventsurvey #voc5steps

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5 Steps to Driving Sales with Customer Insights | 2

Step 1

Set the Stage

Every successful VoC program starts with
clear goals and objectives. Goals should be set first and are very
high level. For example, you may set a goal to improve customer
loyalty, with your objective being to obtain a net promoter score
of 20. This objective would also support other goals, such as
gaining market share through word of mouth and referrals, and
even potentially increasing selling opportunities.
Establishing goals and objectives is only the first step. Next,
senior level executives need to agree and sign off on the program
goals and objectives. If you make them compelling, executives
will see the ROI opportunities; however, you should be prepared
make revisions as focuses within the organization change. Seniorlevel executives need to be on board, evangelizing the benefits of
a VoC program to employees, and encouraging them to embrace
the programs new technology, processes and findings. The
bottom line: without executive buy-in, securing the budget and
getting employees to use insights will be difficult.
A common mistake organizations make is failing to make
customer insights easy for employees to access. In fact, 65
percent of respondents admit their VoC program doesnt do this.
Focus on how to share and integrate customer insights into the
fabric of the organization. Analysis, reports and insights need to
be tailored to suit the needs of different internal groups, from
front line employees to mangers to the C-suite. By creating a
framework that grants all employees unfettered access to a VoC
programs real-time results, a company can integrate and embed
insights into the organizations culture.

Of course, a VoC program wouldnt be complete without the right

tools, including a feedback solution, customer data typically
stored in a CRM system and powerful reporting that helps
identify trends, establish correlations, and extract customer
insights. In fact, by carefully tracking feedback and customer data,
an organization can apply any necessary tweaks and modifications
to ensure long-term organizational success and growth.

Executive & senior #management

buy-in is essential to Voice
of the Customer success
http://j.mp/voc5steps
via @cventsurvey #voc5steps

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...A company can integrate

and embed insights into

the organizations culture.

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5 Steps to Driving Sales with Customer Insights | 3

Step 2

Dont Be Afraid to Ask

Many companies avoid

implementing VoC programs altogether in an

effort to dodge customer complaints, turn a blind eye to unsettling realities, and avoid
making huge organizational changes. This is a mistake. Negative feedback is where the
most valuable insights lie. Being told that the organization is already awesome doesnt
drive innovation or change.

80%
of customers

Being told the org is already

Want to give
an organization
feedback

awesome doesnt drive

#innovation http://j.mp/voc5steps
via @cventsurvey #voc5steps

50%

of organizations

take the opportunity

to listen

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Moreover, if youre an ostrich with its head in the sand, youre missing critical chances
to learn more about your market place. Past research has found that as many as 80
percent of customers want to give an organization feedback, and less than 50 percent
of organizations take the opportunity to listen. Customers are going to talk about their
experiences good or bad whether the organization is participating in the conversation
or not. Consider, for example, the impact of social media. More and more consumers
are taking their grievances online complaining of substandard products and shoddy
customer service, or making suggestions for how their experiences could be improved.
In fact, in a consumer survey by Temkin Group about 20 percent of respondents
said they had shared a bad experience on Facebook, and 11 percent reported a bad
experience on a third-party review site like Yelp or TripAdvisor. Only 21 percent of
respondents said they sent feedback directly to a company via is website,
a phone call, letter, or email.
In other words, by failing to capture customer feedback through a systematically
designed program, companies risk losing customers and falling victim to the online
grapevine social networking sites where consumer opinion spreads fast and can easily
tarnish a companys reputation. And thats all the more reason to welcome feedback
the good, bad, and ugly.

...And thats all the

more reason to
welcome feedback.
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5 Steps to Driving Sales with Customer Insights | 4

Step 3

Listen Actively
Now that youre prepared to pay attention
to customer feedback, its time to sharpen your listening
skills. Unfortunately, many companies simply arent sure what
information they should gather. Consider this: a survey by Temkin
Group found that 63 percent of companies with formal VoC
programs were still figuring out what to collect and how.

Consolidating all of this information can be challenging, but well

worth the effort. By combining sources, you can create alerts
that go to the right individuals to help convert at risk-customers
immediately. Research shows that simply following up on a
complaint can convert a dissatisfied customer into a loyal one.

A successful VoC program should integrate applications such

as customer relationship management, support, and survey
systems for a comprehensive look at customer satisfaction. By
integrating feedback from web-based surveys, transactional data
from a CRM tool, and case information from customer support
systems, a company can perform more in-depth analysis to tease
out enlightened insights. When implementing a well designed
program, be sure to plan on soliciting feedback at different points
in the customer life cycle, whether its immediately following
a sale, as a follow up to a customer support call, or after being
completely self-sufficient for a number of months. Each point in
the customer life cycle will come with different types of feedback,
which are equally important to the overall customer experience.

...Perform more in-depth

analysis to tease out
enlightened insights.

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Integrate CRM, support, & survey

systems for a comprehensive look
at customers http://j.mp/voc5steps
via @cventsurvey #voc5steps

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...Each point in the customer life

cycle will come with different
types of feedback.

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5 Steps to Driving Sales with Customer Insights | 5

Step 4

Measure Your Efforts

Even the most eye-opening feedback means very little
if it cannot be tied to financial gains.
Consider this example: A bank branch puts out a monthly email newsletter. The
newsletters often include promotions and calls to action to further the customer
relationship. Unfortunately, like with any business, its hard to know exactly what
customers will respond to and what promotions will drive the most revenue. Through
a feedback program, the bank can run concept tests to gauge wither customers will
be interested in a promotion or if theyre not, what would appeal to them instead,
ultimately ensuring theyre making the most compelling offers. In addition, the
newsletter is packed with product updates and investment advice. The bank believes
their monthly newsletter increases customer satisfaction and loyalty. However, the
question remains: does a monthly newsletter actually compel recipients to open new
accounts or enlarge investment portfolios? Would the bank actually lose customers if
it stopped sending e-newsletters? By partnering customer research with revenue data
beyond the results of a promotion, the bank can get a better idea of the newsletters
impact on their bottom line.
Organizations need to link key feedback metrics to financial goals in order to truly have
an impact on the organizations growth and success. Through financial reporting an
organization can actually map satisfaction and loyalty metrics to revenue and renewal
rates. By looking for a correlation between revenue and business features, offers, perks,
and changes, organizations gain a clear understanding of what matters most to clients,
and how these preferences can help improve customer loyalty and curb customer
attrition, ultimately leading to a boost in revenue.

Even the most eye-opening

feedback means little if it cant
be tied to financial gains
http://j.mp/voc5steps via
@cventsurvey #voc5steps

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Step 5

Act Fast
In todays highly competitive, global
economy, organizations need to act fast, revise strategies, create
timely marketing campaigns and respond rapidly to changes in
market trends and consumer preferences. A company may spend
months designing the perfect feedback channel. But if results
arent delivered and acted upon, the VoC program will fail to
deliver any business benefits. Luckily, many VoC solutions feature
tools to help companies take fast action.
Real-time email alerts on survey responses, for example, can help
companies capitalize on changes in customer opinion, ensuring
they beat competitors to the punch. Integrated and automated
reporting capabilities are also beneficial in that they decrease
analysis time, enhance employee access to critical customer
data, and enable departments to make timely business decisions.

These are huge business-critical perks given that it costs six to

seven times as much to acquire new customers as it does to
maintain existing ones. Whats more, several research reports
have found that by boosting customer retention rates by as
little as 5 percent, a company can increase profits by as much
as 95 percent. Gathering feedback at a critical juncture when a
customer is preparing to jump ship can help a company salvage
its at-risk customers and convert them into loyal consumers in
a timely and cost-effective fashion.

Real-time alerts help orgs

capitalize on #customer opinion
shifts & crush the competition
http://j.mp/voc5steps via
@cventsurvey #voc5steps

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...But if results arent delivered

and acted upon, the VoC
program will fail to deliver
any business benefits.

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5 Steps to Driving Sales with Customer Insights | 7

For all the benefits

of a well thought-out VoC program, there are some

serious pitfalls. Feedback programs have never been so easy to deploy. However, the
existence of a survey, even if its well crafted, doesnt equal VoC success. For one,
many organizations make the mistake of believing all it takes is an annual survey to
get to know their customers. While this is an excellent first step, its far from being a
comprehensive solution. Instead, detailed surveys should be a regular feature of a VoC
program one requiring constant renewal and revision.
Worse yet, many VoC programs focus excessively on customer satisfaction levels,
thereby overlooking critical insights into a customers ever-evolving preferences. Instead,
companies often analyze Key Drivers to determine what attributes and metrics are likely
to have the biggest impact on customer satisfaction and overall revenue. Customers
arent going to be satisfied with all attributes of an organization, but they dont have to
be. Not all attributes are weighted equally in the minds of customers. A great example
is a TripAdvisor poll done at the beginning of the year. The poll asked respondents
what factors were most important when selecting an airline. Only three percent of
respondents said in-flight service, two percent said check in experience, and two
percent said in-flight amenities. This may be surprising to some, particularly airlines that
focus on in-flight amenities as a differentiator. However based on this research, airlines
shouldnt be too concerned about how satisfied customers are with any of these three
aspects, and instead should focus on what matters most: value, seat comfort and the
reasonableness of fees.

The existence of a survey,

even if its well crafted,
doesnt equal #VoC success
http://j.mp/voc5steps
via @cventsurvey
#voc5steps

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Dont overlook the value of gathering feedback from non-customers. There is a reason
theyre non-customers and understanding why is a critical piece to reaching goals like
growing market share. Non-customer feedback may also highlight early trends not yet
affecting current customers. A great example is lack of innovation. Customers may care
less about the lack of innovation because all of their data is already in the tool and they
know how to use it. However, non-customers might care more about product innovation
and it will likely become an important factor for current customers.
In todays hyper-competitive environment, companies cant afford to ignore customer
feedback. Organizations need to make sure theyre gathering real-time data that can
lead to the right business decisions, upsell customers, and foster a continuous feedback
loop. Fortunately, by following a few simple steps, companies can derive the greatest
business value possible from a web-based survey solution.

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Founded in 1999, Cvent is a leading provider of survey and feedback management

solutions with over 800 employees worldwide. Cvent offers web-based software
for online surveys, email marketing, meeting site selection and event management,
and helps over 90,000 users in 40 countries manage hundreds of thousands of
surveys, email campaigns and events each year. To date the company has managed
over 30 million survey responses and event registrations for its clients. Cvent
supports more than 1,000 survey clients including Walmart, Wells Fargo, Accenture,
MIT and many other organizations ranging from small businesses to multinational
corporations. The company offers industry leading software, an expert professional
services group and solution bundles targeted to common feedback challenges.

www.cvent.com
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