4 Ways to Optimize Your Customer Survey

BUSINESS BROADWAY www.businessoverbroadway.com | [email protected] | @bobehayes 4 Ways to Optimize Your Customer Survey 1. Measure Different Types of Loyalty' One question is not enough! Customer loyalty behaviors can come in many different forms, each contributing to different types of business growth. 1. Retention Loyalty likelihood to renew service contract likelihood to buy from competitor Retention loyalty helps you increase how long your customers stay with you. 2. Advocacy Loyalty how satisfied are you overall likelihood to recommend likelihood to buy again Advocacy loyalty helps you acquire new customers 3. Purchasing Loyalty Purchasing loyalty helps you expand your existing relationship with current customers. likelihood to buy different solutions likelihood to expand usage Percent of Companies that Measure. 76% Most companies' customer loyalty Advocacy Purchasing 33% metrics are insufficient. Retention 30% Gain an advantage by assessing different types of loyalty. 2. Measure Satisfaction with General Customer Experience (CX) Touchpoints Customers are busy. Respect their time and don't overwhelm them with lengthy surveys. 1. Ease of doing business 2. Sales/Account Management 3. Product Quality Percent of Companies that Use. General CX Questions 91% 4. Service Quality 5. Technical Support Specific CX Questions 57% 6. Communications from Company The 7 General CX questions capture most of the explanation needed to understand the causes of customer loyalty. Multiple specific CX questions (-25) add very little to our understanding; use specific CX questions for transactional surveys instead. 7. Future Company/Product Direction 3 Percent of Customer Loyalty Differences Explained by. 80% 4% General CX Questions Specific CX Questions 3. Measure Your Relative Performance Your performance doesn't occur in a vacuum. Top-ranked companies receive greater share of wallet compared to their bottom-ranked competitors. You need to know how you measure up to the competition. Our performance compared to the competitors - the worst - better than some - about the same as others - better than most - the best Your ability to predict purchasing loyalty improves by 50% when you ask your customers about your performance relative to your competitors. Learn what drives your industry ranking. Percent of Purchasing Loyalty Differences Explained by. General CX Relative General CX 18% 8% 17% Relative 7% Questions Performance Questions Performance Buy different solutions Expand usage 4. Measure Business-Specific Attributes Based on your unique needs, customize a few key questions to help you understand: 1. What could we do better? 2. Why did you give us that rating? Reasons behind the ratings by letting customers tell you their improvement ideas and why they think you are better/worse than your competition. Apply the power of text analytics to identify popular content areas mentioned by customers. 3. Customer Tenure 4. Decision-making role 5. Job Level Customer segments to create homogeneous customer groups for closer study Topics of interest to management like customers' perceived benefits of your solutions 6. Percent improvement due to our solution 1 Try these Customer Loyalty Questions for your Relationship Survey - http://tinyurl.com/3eemwth 2 Poll taken during the online webinar: CustomerThink Customer Experience Summit 2011 during the session Asking the Right CX Questions - http://tinyurl.com/7b6auvy 3 Measuring The Customer Experience Requires Fewer Questions Than You Think - http://tinyurl.com/6rkfsck 4 Relative Performance Assessment: Improving your Competitive Advantage - http://tinyurl.com/3pwu4f2 5 Keiningham, Timothy L., Lerzan Aksoy, Alexander Buoye, and Bruce Cooil (2011), “Customer Loyalty Isn't Enough. Grow Your Share of Wallet." Harvard Business Review. vol. 89 (October). 6 The Importance of your Relative Performance - http://tinyurl.com/3hkxky2 BUSINESS BB BROADWAY Improve your business with our Customer Relationship Diagnostic (CRD) Survey and our RAPID Loyalty Approach -- Contact us for more information. Copyright © 2012 Business Over Broadway www.businessoverbroadway.com | [email protected] @bobehayes BUSINESS BROADWAY www.businessoverbroadway.com | [email protected] | @bobehayes 4 Ways to Optimize Your Customer Survey 1. Measure Different Types of Loyalty' One question is not enough! Customer loyalty behaviors can come in many different forms, each contributing to different types of business growth. 1. Retention Loyalty likelihood to renew service contract likelihood to buy from competitor Retention loyalty helps you increase how long your customers stay with you. 2. Advocacy Loyalty how satisfied are you overall likelihood to recommend likelihood to buy again Advocacy loyalty helps you acquire new customers 3. Purchasing Loyalty Purchasing loyalty helps you expand your existing relationship with current customers. likelihood to buy different solutions likelihood to expand usage Percent of Companies that Measure. 76% Most companies' customer loyalty Advocacy Purchasing 33% metrics are insufficient. Retention 30% Gain an advantage by assessing different types of loyalty. 2. Measure Satisfaction with General Customer Experience (CX) Touchpoints Customers are busy. Respect their time and don't overwhelm them with lengthy surveys. 1. Ease of doing business 2. Sales/Account Management 3. Product Quality Percent of Companies that Use. General CX Questions 91% 4. Service Quality 5. Technical Support Specific CX Questions 57% 6. Communications from Company The 7 General CX questions capture most of the explanation needed to understand the causes of customer loyalty. Multiple specific CX questions (-25) add very little to our understanding; use specific CX questions for transactional surveys instead. 7. Future Company/Product Direction 3 Percent of Customer Loyalty Differences Explained by. 80% 4% General CX Questions Specific CX Questions 3. Measure Your Relative Performance Your performance doesn't occur in a vacuum. Top-ranked companies receive greater share of wallet compared to their bottom-ranked competitors. You need to know how you measure up to the competition. Our performance compared to the competitors - the worst - better than some - about the same as others - better than most - the best Your ability to predict purchasing loyalty improves by 50% when you ask your customers about your performance relative to your competitors. Learn what drives your industry ranking. Percent of Purchasing Loyalty Differences Explained by. General CX Relative General CX 18% 8% 17% Relative 7% Questions Performance Questions Performance Buy different solutions Expand usage 4. Measure Business-Specific Attributes Based on your unique needs, customize a few key questions to help you understand: 1. What could we do better? 2. Why did you give us that rating? Reasons behind the ratings by letting customers tell you their improvement ideas and why they think you are better/worse than your competition. Apply the power of text analytics to identify popular content areas mentioned by customers. 3. Customer Tenure 4. Decision-making role 5. Job Level Customer segments to create homogeneous customer groups for closer study Topics of interest to management like customers' perceived benefits of your solutions 6. Percent improvement due to our solution 1 Try these Customer Loyalty Questions for your Relationship Survey - http://tinyurl.com/3eemwth 2 Poll taken during the online webinar: CustomerThink Customer Experience Summit 2011 during the session Asking the Right CX Questions - http://tinyurl.com/7b6auvy 3 Measuring The Customer Experience Requires Fewer Questions Than You Think - http://tinyurl.com/6rkfsck 4 Relative Performance Assessment: Improving your Competitive Advantage - http://tinyurl.com/3pwu4f2 5 Keiningham, Timothy L., Lerzan Aksoy, Alexander Buoye, and Bruce Cooil (2011), “Customer Loyalty Isn't Enough. Grow Your Share of Wallet." Harvard Business Review. vol. 89 (October). 6 The Importance of your Relative Performance - http://tinyurl.com/3hkxky2 BUSINESS BB BROADWAY Improve your business with our Customer Relationship Diagnostic (CRD) Survey and our RAPID Loyalty Approach -- Contact us for more information. Copyright © 2012 Business Over Broadway www.businessoverbroadway.com | [email protected] @bobehayes BUSINESS BROADWAY www.businessoverbroadway.com | [email protected] | @bobehayes 4 Ways to Optimize Your Customer Survey 1. Measure Different Types of Loyalty' One question is not enough! Customer loyalty behaviors can come in many different forms, each contributing to different types of business growth. 1. Retention Loyalty likelihood to renew service contract likelihood to buy from competitor Retention loyalty helps you increase how long your customers stay with you. 2. Advocacy Loyalty how satisfied are you overall likelihood to recommend likelihood to buy again Advocacy loyalty helps you acquire new customers 3. Purchasing Loyalty Purchasing loyalty helps you expand your existing relationship with current customers. likelihood to buy different solutions likelihood to expand usage Percent of Companies that Measure. 76% Most companies' customer loyalty Advocacy Purchasing 33% metrics are insufficient. Retention 30% Gain an advantage by assessing different types of loyalty. 2. Measure Satisfaction with General Customer Experience (CX) Touchpoints Customers are busy. Respect their time and don't overwhelm them with lengthy surveys. 1. Ease of doing business 2. Sales/Account Management 3. Product Quality Percent of Companies that Use. General CX Questions 91% 4. Service Quality 5. Technical Support Specific CX Questions 57% 6. Communications from Company The 7 General CX questions capture most of the explanation needed to understand the causes of customer loyalty. Multiple specific CX questions (-25) add very little to our understanding; use specific CX questions for transactional surveys instead. 7. Future Company/Product Direction 3 Percent of Customer Loyalty Differences Explained by. 80% 4% General CX Questions Specific CX Questions 3. Measure Your Relative Performance Your performance doesn't occur in a vacuum. Top-ranked companies receive greater share of wallet compared to their bottom-ranked competitors. You need to know how you measure up to the competition. Our performance compared to the competitors - the worst - better than some - about the same as others - better than most - the best Your ability to predict purchasing loyalty improves by 50% when you ask your customers about your performance relative to your competitors. Learn what drives your industry ranking. Percent of Purchasing Loyalty Differences Explained by. General CX Relative General CX 18% 8% 17% Relative 7% Questions Performance Questions Performance Buy different solutions Expand usage 4. Measure Business-Specific Attributes Based on your unique needs, customize a few key questions to help you understand: 1. What could we do better? 2. Why did you give us that rating? Reasons behind the ratings by letting customers tell you their improvement ideas and why they think you are better/worse than your competition. Apply the power of text analytics to identify popular content areas mentioned by customers. 3. Customer Tenure 4. Decision-making role 5. Job Level Customer segments to create homogeneous customer groups for closer study Topics of interest to management like customers' perceived benefits of your solutions 6. Percent improvement due to our solution 1 Try these Customer Loyalty Questions for your Relationship Survey - http://tinyurl.com/3eemwth 2 Poll taken during the online webinar: CustomerThink Customer Experience Summit 2011 during the session Asking the Right CX Questions - http://tinyurl.com/7b6auvy 3 Measuring The Customer Experience Requires Fewer Questions Than You Think - http://tinyurl.com/6rkfsck 4 Relative Performance Assessment: Improving your Competitive Advantage - http://tinyurl.com/3pwu4f2 5 Keiningham, Timothy L., Lerzan Aksoy, Alexander Buoye, and Bruce Cooil (2011), “Customer Loyalty Isn't Enough. Grow Your Share of Wallet." Harvard Business Review. vol. 89 (October). 6 The Importance of your Relative Performance - http://tinyurl.com/3hkxky2 BUSINESS BB BROADWAY Improve your business with our Customer Relationship Diagnostic (CRD) Survey and our RAPID Loyalty Approach -- Contact us for more information. Copyright © 2012 Business Over Broadway www.businessoverbroadway.com | [email protected] @bobehayes BUSINESS BROADWAY www.businessoverbroadway.com | [email protected] | @bobehayes 4 Ways to Optimize Your Customer Survey 1. Measure Different Types of Loyalty' One question is not enough! Customer loyalty behaviors can come in many different forms, each contributing to different types of business growth. 1. Retention Loyalty likelihood to renew service contract likelihood to buy from competitor Retention loyalty helps you increase how long your customers stay with you. 2. Advocacy Loyalty how satisfied are you overall likelihood to recommend likelihood to buy again Advocacy loyalty helps you acquire new customers 3. Purchasing Loyalty Purchasing loyalty helps you expand your existing relationship with current customers. likelihood to buy different solutions likelihood to expand usage Percent of Companies that Measure. 76% Most companies' customer loyalty Advocacy Purchasing 33% metrics are insufficient. Retention 30% Gain an advantage by assessing different types of loyalty. 2. Measure Satisfaction with General Customer Experience (CX) Touchpoints Customers are busy. Respect their time and don't overwhelm them with lengthy surveys. 1. Ease of doing business 2. Sales/Account Management 3. Product Quality Percent of Companies that Use. General CX Questions 91% 4. Service Quality 5. Technical Support Specific CX Questions 57% 6. Communications from Company The 7 General CX questions capture most of the explanation needed to understand the causes of customer loyalty. Multiple specific CX questions (-25) add very little to our understanding; use specific CX questions for transactional surveys instead. 7. Future Company/Product Direction 3 Percent of Customer Loyalty Differences Explained by. 80% 4% General CX Questions Specific CX Questions 3. Measure Your Relative Performance Your performance doesn't occur in a vacuum. Top-ranked companies receive greater share of wallet compared to their bottom-ranked competitors. You need to know how you measure up to the competition. Our performance compared to the competitors - the worst - better than some - about the same as others - better than most - the best Your ability to predict purchasing loyalty improves by 50% when you ask your customers about your performance relative to your competitors. Learn what drives your industry ranking. Percent of Purchasing Loyalty Differences Explained by. General CX Relative General CX 18% 8% 17% Relative 7% Questions Performance Questions Performance Buy different solutions Expand usage 4. Measure Business-Specific Attributes Based on your unique needs, customize a few key questions to help you understand: 1. What could we do better? 2. Why did you give us that rating? Reasons behind the ratings by letting customers tell you their improvement ideas and why they think you are better/worse than your competition. Apply the power of text analytics to identify popular content areas mentioned by customers. 3. Customer Tenure 4. Decision-making role 5. Job Level Customer segments to create homogeneous customer groups for closer study Topics of interest to management like customers' perceived benefits of your solutions 6. Percent improvement due to our solution 1 Try these Customer Loyalty Questions for your Relationship Survey - http://tinyurl.com/3eemwth 2 Poll taken during the online webinar: CustomerThink Customer Experience Summit 2011 during the session Asking the Right CX Questions - http://tinyurl.com/7b6auvy 3 Measuring The Customer Experience Requires Fewer Questions Than You Think - http://tinyurl.com/6rkfsck 4 Relative Performance Assessment: Improving your Competitive Advantage - http://tinyurl.com/3pwu4f2 5 Keiningham, Timothy L., Lerzan Aksoy, Alexander Buoye, and Bruce Cooil (2011), “Customer Loyalty Isn't Enough. Grow Your Share of Wallet." Harvard Business Review. vol. 89 (October). 6 The Importance of your Relative Performance - http://tinyurl.com/3hkxky2 BUSINESS BB BROADWAY Improve your business with our Customer Relationship Diagnostic (CRD) Survey and our RAPID Loyalty Approach -- Contact us for more information. Copyright © 2012 Business Over Broadway www.businessoverbroadway.com | [email protected] @bobehayes BUSINESS BROADWAY www.businessoverbroadway.com | [email protected] | @bobehayes 4 Ways to Optimize Your Customer Survey 1. Measure Different Types of Loyalty' One question is not enough! Customer loyalty behaviors can come in many different forms, each contributing to different types of business growth. 1. Retention Loyalty likelihood to renew service contract likelihood to buy from competitor Retention loyalty helps you increase how long your customers stay with you. 2. Advocacy Loyalty how satisfied are you overall likelihood to recommend likelihood to buy again Advocacy loyalty helps you acquire new customers 3. Purchasing Loyalty Purchasing loyalty helps you expand your existing relationship with current customers. likelihood to buy different solutions likelihood to expand usage Percent of Companies that Measure. 76% Most companies' customer loyalty Advocacy Purchasing 33% metrics are insufficient. Retention 30% Gain an advantage by assessing different types of loyalty. 2. Measure Satisfaction with General Customer Experience (CX) Touchpoints Customers are busy. Respect their time and don't overwhelm them with lengthy surveys. 1. Ease of doing business 2. Sales/Account Management 3. Product Quality Percent of Companies that Use. General CX Questions 91% 4. Service Quality 5. Technical Support Specific CX Questions 57% 6. Communications from Company The 7 General CX questions capture most of the explanation needed to understand the causes of customer loyalty. Multiple specific CX questions (-25) add very little to our understanding; use specific CX questions for transactional surveys instead. 7. Future Company/Product Direction 3 Percent of Customer Loyalty Differences Explained by. 80% 4% General CX Questions Specific CX Questions 3. Measure Your Relative Performance Your performance doesn't occur in a vacuum. Top-ranked companies receive greater share of wallet compared to their bottom-ranked competitors. You need to know how you measure up to the competition. Our performance compared to the competitors - the worst - better than some - about the same as others - better than most - the best Your ability to predict purchasing loyalty improves by 50% when you ask your customers about your performance relative to your competitors. Learn what drives your industry ranking. Percent of Purchasing Loyalty Differences Explained by. General CX Relative General CX 18% 8% 17% Relative 7% Questions Performance Questions Performance Buy different solutions Expand usage 4. Measure Business-Specific Attributes Based on your unique needs, customize a few key questions to help you understand: 1. What could we do better? 2. Why did you give us that rating? Reasons behind the ratings by letting customers tell you their improvement ideas and why they think you are better/worse than your competition. Apply the power of text analytics to identify popular content areas mentioned by customers. 3. Customer Tenure 4. Decision-making role 5. Job Level Customer segments to create homogeneous customer groups for closer study Topics of interest to management like customers' perceived benefits of your solutions 6. Percent improvement due to our solution 1 Try these Customer Loyalty Questions for your Relationship Survey - http://tinyurl.com/3eemwth 2 Poll taken during the online webinar: CustomerThink Customer Experience Summit 2011 during the session Asking the Right CX Questions - http://tinyurl.com/7b6auvy 3 Measuring The Customer Experience Requires Fewer Questions Than You Think - http://tinyurl.com/6rkfsck 4 Relative Performance Assessment: Improving your Competitive Advantage - http://tinyurl.com/3pwu4f2 5 Keiningham, Timothy L., Lerzan Aksoy, Alexander Buoye, and Bruce Cooil (2011), “Customer Loyalty Isn't Enough. Grow Your Share of Wallet." Harvard Business Review. vol. 89 (October). 6 The Importance of your Relative Performance - http://tinyurl.com/3hkxky2 BUSINESS BB BROADWAY Improve your business with our Customer Relationship Diagnostic (CRD) Survey and our RAPID Loyalty Approach -- Contact us for more information. Copyright © 2012 Business Over Broadway www.businessoverbroadway.com | [email protected] @bobehayes BUSINESS BROADWAY www.businessoverbroadway.com | [email protected] | @bobehayes 4 Ways to Optimize Your Customer Survey 1. Measure Different Types of Loyalty' One question is not enough! Customer loyalty behaviors can come in many different forms, each contributing to different types of business growth. 1. Retention Loyalty likelihood to renew service contract likelihood to buy from competitor Retention loyalty helps you increase how long your customers stay with you. 2. Advocacy Loyalty how satisfied are you overall likelihood to recommend likelihood to buy again Advocacy loyalty helps you acquire new customers 3. Purchasing Loyalty Purchasing loyalty helps you expand your existing relationship with current customers. likelihood to buy different solutions likelihood to expand usage Percent of Companies that Measure. 76% Most companies' customer loyalty Advocacy Purchasing 33% metrics are insufficient. Retention 30% Gain an advantage by assessing different types of loyalty. 2. Measure Satisfaction with General Customer Experience (CX) Touchpoints Customers are busy. Respect their time and don't overwhelm them with lengthy surveys. 1. Ease of doing business 2. Sales/Account Management 3. Product Quality Percent of Companies that Use. General CX Questions 91% 4. Service Quality 5. Technical Support Specific CX Questions 57% 6. Communications from Company The 7 General CX questions capture most of the explanation needed to understand the causes of customer loyalty. Multiple specific CX questions (-25) add very little to our understanding; use specific CX questions for transactional surveys instead. 7. Future Company/Product Direction 3 Percent of Customer Loyalty Differences Explained by. 80% 4% General CX Questions Specific CX Questions 3. Measure Your Relative Performance Your performance doesn't occur in a vacuum. Top-ranked companies receive greater share of wallet compared to their bottom-ranked competitors. You need to know how you measure up to the competition. Our performance compared to the competitors - the worst - better than some - about the same as others - better than most - the best Your ability to predict purchasing loyalty improves by 50% when you ask your customers about your performance relative to your competitors. Learn what drives your industry ranking. Percent of Purchasing Loyalty Differences Explained by. General CX Relative General CX 18% 8% 17% Relative 7% Questions Performance Questions Performance Buy different solutions Expand usage 4. Measure Business-Specific Attributes Based on your unique needs, customize a few key questions to help you understand: 1. What could we do better? 2. Why did you give us that rating? Reasons behind the ratings by letting customers tell you their improvement ideas and why they think you are better/worse than your competition. Apply the power of text analytics to identify popular content areas mentioned by customers. 3. Customer Tenure 4. Decision-making role 5. Job Level Customer segments to create homogeneous customer groups for closer study Topics of interest to management like customers' perceived benefits of your solutions 6. Percent improvement due to our solution 1 Try these Customer Loyalty Questions for your Relationship Survey - http://tinyurl.com/3eemwth 2 Poll taken during the online webinar: CustomerThink Customer Experience Summit 2011 during the session Asking the Right CX Questions - http://tinyurl.com/7b6auvy 3 Measuring The Customer Experience Requires Fewer Questions Than You Think - http://tinyurl.com/6rkfsck 4 Relative Performance Assessment: Improving your Competitive Advantage - http://tinyurl.com/3pwu4f2 5 Keiningham, Timothy L., Lerzan Aksoy, Alexander Buoye, and Bruce Cooil (2011), “Customer Loyalty Isn't Enough. Grow Your Share of Wallet." Harvard Business Review. vol. 89 (October). 6 The Importance of your Relative Performance - http://tinyurl.com/3hkxky2 BUSINESS BB BROADWAY Improve your business with our Customer Relationship Diagnostic (CRD) Survey and our RAPID Loyalty Approach -- Contact us for more information. Copyright © 2012 Business Over Broadway www.businessoverbroadway.com | [email protected] @bobehayes