Twitter Facebook LinkedIn Flipboard 0 Voice-of-the-customer (VoC) ROI can be elusive unless you’re adamantly driving customer experience transformation. The key to VoC maturity and ROI is not sophistication or breadth of market research. It’s about viewing VoC itself and VoC actions and metrics as value chains. What is a value chain? It’s a sequence of value-adding activities. Value chain thinking is extremely valuable in customer experience management. You can easily see its power in a customer experience journey map: nothing is an island — everything has a sequence and a series of connections that build upon one another. We need to be thinking of voice of the customer as a value chain: Customers have perceptions So we conduct VoC to capture perceptions So we act on VoC to make improvements our customer base will reward So we track our improvement plan progress metrics as predictors of what customers will soon perceive So we communicate what we heard, what we plan to do, and what we’ve achieved — to propel improvement plan follow-through and to reset customer perceptions So we monitor VoC to confirm customers’ perceptions of improvements we’ve made. This is a flow, a sequence of activities where value is being added at each step. It’s a logical series of effort that generates change that everyone appreciates: customers, employees, and investors. That is mutual value creation. Voice of the customer is an essential investment! We should design it to inform our entire company about customers’ expectations and to monitor performance of moments of truth. We should design it to enhance customers’ experience in their VoC participation rather than to be a burden to customers. Like any other essential investment, we need to be strategic and bold in what we expect from VoC: the model below shows the value chain that leads from VoC: VoC data is combined from all sources for a 360-degree view of customers, and analyzed for pattern discovery and prioritization (Intelligence & Customer Lifetime Value) Which informs the company’s Strategy and Culture foundation Which sets the stage for customer experience design, improvement and innovation that will be rewarded by the customer base And employees view their roles and responsibilities within a customer experience context, and are engaged in making changes that customers care about Which earns customer engagement and channel partner engagement Which drives retention, loyalty and business results. This customer experience management (CXM) value chain reflects “laws of nature” — when you short-cut it, you short-cut your results. When you proactively manage it, you transform customer experience and maximize ROI of VoC, CXM, and the business overall. Read more: How Value Chain Analysis Can Help Deliver Value Feature image purchased under license from Shutterstock. Twitter Tweet Facebook Share Email This article originally appeared on CX Café by MaritzCX and has been republished with permission.Find out how to syndicate your content with B2C Author: Kane Pepi Kane Pepi is an experienced financial and cryptocurrency writer with over 2,000+ published articles, guides, and market insights in the public domain. Expert niche subjects include asset valuation and analysis, portfolio management, and the prevention of financial crime. Kane is particularly skilled in explaining complex financial topics in a user-friendlyView full profile ›More by this author:VoIP Basics: Everything Beginners Should Know!Bitcoin Investment, Trading & Mining: The Ultimate Guide for BeginnersIs This a Better Way to Set Your 2020 Goals and Resolutions?