Recently, I met with the person who leads the voice of the customer (VOC) program for a $1.6B company in an industry that is in complete transformation.
She proudly told me that more than 1,000 respondents replied to the latest customer survey. And the numbers were great: More than 85% of the respondents were either satisfied or highly satisfied with the services the company offered.
The problem? The firm has only a 68% retention rate.
Most organizations try to predict retention rates based on customer-satisfaction scores. The reality is that in B2B, user satisfaction does not equal customer retention. Here's why...
I asked the person in charge of VOC, "Of the 1,000-plus respondents, how many were decision makers?" Her response: "Zero." Only three responses were from influencers; virtually all the responses were from the user/purchasing level.
Key question: Is yours a holistic VOC program or simply a Voice of the User program?
Such a situation is very common. I rarely see more than a 20% weighting of decision makers and influencers combined in VOC programs. Consequently, such customer surveys and programs are most often deceiving and misleading.
Remember, most customers who leave a company leave satisfied. The truth is that user satisfaction does not equal customer retention!
Take the first step (it's free).
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