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Voice of the Customer Programs on the Rise

New research from Temkin Group finds that an overwhelming number of companies report that VoC programs deliver positive business results.

There is a significant increase among U.S. companies in pursuing voice of the customer programs, finds a new survey from Temkin Group.

According to the firm's "State of Voice of the Customer Programs 2013" that polled 180 companies, an majority of companies report that VoC programs deliver positive business results. Only 7% of large companies that were surveyed reported poor results from their VoC programs, said Temkin.

The survey also found that more companies plan to increase than decrease their investments in this area. The most spending momentum is with software for managing VoC programs, what Temkin Group calls Customer Insight & Action Platforms, and text analytics. In both of these areas, more than 40% of firms plan to increase spending compared while less that 6% are planning a decrease.

Further, companies are also expanding the staffing on their VoC teams, the survey found. Thirty-six percent of companies have more than five full-time employees dedicated to their VoC efforts, up from 31% last year, while sixty percent have three or more employees, which is an increase from 52% in 2012.

[Related: Q&A: Bruce Temkin on Customer Retention]

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio

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Byurcan
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Byurcan,
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10/25/2013 | 12:44:46 PM
re: Voice of the Customer Programs on the Rise
I imagine it entails having an entire VoC team, with analytics people and its own budget, to be considered a true VoC program.
Greg MacSweeney
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Greg MacSweeney,
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10/25/2013 | 9:53:58 AM
re: Voice of the Customer Programs on the Rise
I'm pretty sure almost every financial services does some sort of customer polling or surveys.

It's good to hear these programs are increasing, but what qualifies as a VoC program? If a bank simply does a survey of customer's opinions on the usefulness of their website, does that qualify? Or does a VoC program have to have a more formal process, VoC team, and analytics to be considered a true VoC program?
IvySchmerken
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IvySchmerken,
User Rank: Author
10/24/2013 | 11:31:22 PM
re: Voice of the Customer Programs on the Rise
I've heard of FS firms analyzing comments of their customers on social media or other competitive sites. This may help them gauge the sentiment of their customers and also come up with new product ideas or ways to tweak existing products, and do away with products that are not valued.
Byurcan
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Byurcan,
User Rank: Author
10/24/2013 | 5:37:04 PM
re: Voice of the Customer Programs on the Rise
That's the big issue; having reams of data is great, but knowing how to monetize it is the key.
KBurger
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KBurger,
User Rank: Author
10/23/2013 | 9:05:19 PM
re: Voice of the Customer Programs on the Rise
I definitely have been hearing more about VoC programs. It makes sense that these efforts are becoming more prevalent, given the rise of social media and the ability to extract and analyze information about customer comments and interactions -- it's not just about doing a survey any more. Now, it's just a question of what companies are going to do with the findings of these programs -- how they are going to use that information.
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