J.D. Power Launches Voice of Experience (VoX) Solution
J.D. Power today launched VoX (Voice of Experience), a holistic solution enabled by a technology platform, designed for businesses to optimize their customer experience and drive financial results across industries.
VoX displays interactive data for all levels of an organization, from executives to the front-line staff interacting with customers, to determine how to improve the customer experience and drive loyalty, advocacy, sales, and service. The VoX platform helps companies continuously measure and manage performance.
"J.D. Power's VoX is our approach to managing the entire customer experience, combining our industry expertise, proprietary benchmarks, and our VoX technology platform to empower companies with clear, actionable analyses of how best to exceed expectations, create loyal brand advocates, and drive profitable growth," said Rocky Clancy, vice president of financial services at J.D. Power, in a statement. "Companies understand the importance of customer service and are searching for a set of solutions that generate quantifiable results."
Clancy noted that across business sectors, a measurable financial return and competitive advantage can be delivered for companies that repeatedly offer a superior customer experience. Businesses with higher satisfaction have customers who are more willing to buy additional products and services and who are likely to recommend and repurchase from that brand, Clancy explained.
"Most companies understand the customer satisfaction performance equation," Clancy said. "Where many struggle is in trying to do too much or focusing on the wrong things. As a result, they get frustrated with their lack of progress in delivering a higher quality customer experience, as well as in realizing the subsequent financial benefits associated with it."
While most companies acknowledge the link between the customer experience and financial results, J.D. Power findings from customer research and consulting across multiple industries identified six obstacles companies face in delivering an outstanding customer experience. They are the following
- Focusing on the symptoms rather than the primary cause of the problem, which is most often a culture that is not customer-centric.
- Missing critical trends in customer preferences, changing customer demographics and competitive reactions because of a too insular view of the customer.
- Not really believing—based on inadequately prepared business cases—that an improved customer experience will actually drive better financial results.
- Inability to focus sufficient attention on and execute the critical handful of improvement opportunities that will have the biggest impact.
- Failing to deliver an optimal experience at critical moments of truth.
- Measuring customer experience but not acting on the results and aggressively managing improvement.
"The J.D. Power VoX solution set with its industry benchmarks, customer experience consulting, channel interaction optimization services and range of tools for measuring and managing performance is specifically designed to help companies overcome these challenges," Clancy said.