Show Me the Money: Calculating the ROI of VoC

Posted by Rant & Rave

October 6, 2016

Show-Me-the-Money-Calculating-the-ROI-of-VoC.jpgHave you ever heard people (even, sometimes, colleagues) describe Voice of the Customer as a bit soft, woolly or a nice to have extra? Rightly or wrongly (and we do think wrongly), these are some of the criticisms that you’ve no doubt heard levelled at VoC programmes and the technology that supports them.

There is, however, one clear way to counter any arguments against further VoC investment: by proving the ROI. There aren’t many senior execs out there who will argue against the numbers.

This process isn’t always easy. Proving and measuring the ROI of VoC is difficult, especially if you don’t have a clear plan in place to calculate your improvements. However, there are steps you can take to make the process easier to manage and the outcome more impactful, which we’ve outlined in this blog post.

Want to get a head start? We’re running a dedicated session to help Customer Experience rockstars calculate ROI at our upcoming event Customer Engagement Raveolution 2016 (please remember to sign up for the event itself if you've not already done so before signing up for a product session!)

Understand the benefits of proving ROI to the business

There are two main benefits of proving the ROI of VoC technology. First of all, on an individual level, it demonstrates the value of the work you’re doing, day-in and day-out, for the business.

Secondly, when it’s time to put in your budget request for the next financial year, it'll make your position strong. Like any programme or initiative that has a long lifecycle before delivering value, it’s hard for senior execs to provide support and budget without proof it will have a positive impact on the business. By providing senior execs with real evidence early in the process, you’ll reassure them that the company’s budget is being put to good use.

Have a plan in place to make sure you can prove the ROI of VoC

To get any meaningful insight, you’re going to need to pull together the relevant data sets. Before you even start with a new technology or new approach, it’s really worth thinking about what data you might need to collect and how you’re going to get hold of it. By doing this early on, not only will you make your life easier when the programme gets going, but you’ll also be able to analyse its progress more easily and more often.

Typically, brands will use information like average call handling or call waiting alongside their CX metrics to draw a comparison over time.

But to get the most out of this data, you also need to have the resources available to analyse it in depth. Having one of your business analysts on hand and briefed in early will make sure that you can get the most out of your data and not only prove ROI but get a clear insight into how your programme is progressing.

Be clear on how quickly can you show ROI to the business

As previously mentioned, VoC programmes are long-term investments and these investments take time to have an impact.

But, it’s not all doom and gloom. Often, brands will have low-hanging fruit, where quick wins and fast improvements can be made. This can be as straightforward as minor process tweaks, which make life easier for your customers, or small website amends, which mean that information can be accessed faster by customers.

The time to achieve an ROI will depend on your specific circumstances - what is your organisation currently trying to achieve with its VoC programme? What are your current challenges and priorities? How much initial investment are you able to make?

To assist the process, utilising an effective real-time feedback process that collects insight will allow you to see what impact the programme is having on customers. Real-time feedback is not only quicker to collect than other data but, often, much richer. As the customer provides feedback while their experience is still fresh in their memory, it means that you’ll gain some real insight on how your programme’s working.

Find out more about how to prove the ROI of VoC by signing up to our interactive session at Raveolution on the 3rd November, or follow the link below to find out more about Raveolution 2016!

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Topics: VoC, Voice Of The Customer, Customer Engagement Raveolution

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