Continuing the discussion of ROI on customer loyalty programs (see ROI for Customer Research), I’d like to discuss the cost-side of the equation. I keep hearing stories of companies paying $100,000+ to implement a software-based program to capture and act on the voice of their own customers. IT DOESN’T NEED TO COST THAT MUCH.
A program to capture and act on the voice-of-the-customer has 3 basic parts:
– Create the model to link your financials (revenue gains) with customer feedback
– Determine who (names and roles) you need feedback from and how you’ll get it
– Establish your follow-up process and who will do it.
2. Begin. Implement a software tool that allows lets you easily (inexpensively) collect and understand customer feedback on an ongoing basis.
3. Act. Prioritize the right actions and investments to drive positive word-of-mouth.
It’s not rocket science. A good partner will help you do this in 30-60 days, which often translates to $40,000, including software. And for this investment you should expect
1. Expertise to implement the program the right way the first time. You only get one chance to make a first impression.
2. Transfer of experience and lessons-learned so you get results (growth) faster. Don’t reinvent the wheel.
3. Tools and templates so you are self-sufficient. Invest in the customer experience, not ongoing consultants.
Whether you call it Enterprise Feedback Management, Customer Experience Management, Net Promoter Score (NPS), Customer Research and Loyalty, or any other three-letter acronym:
- DO take advantage of lessons learned in the field
- DON’T pay too much for consultants.
After all, it’s YOUR customer experience.