Peer Intelligence | Spring 2024
Voice of the Customer (VoC)
Our new views and approach to scoring
By James West
It has been just over a year since Voice of the Customer (VoC) beta testing began with our UK systems. In March 2024, we issued our first reports to our North American systems. We have also been re-designing our report based on your feedback and are introducing two new features.
1. New Views
The first new feature is an “optimized” view and an “all” view. Participants have a degree of freedom in how they implement the VoC Framework. Allowing funds to make small changes to the VoC survey makes it easier for new participants to integrate their legacy survey processes with VoC. However, even small differences in approach (different scales, different scale labels) can influence results. These differences reduce the comparability and the quality of the results.
The VoC Framework endorses a more specific set of standards. CEM now offers the ability to compare results against “optimized” plans, which are plans that meet a required subset of the endorsed standards. Plans who meet these standards benefit from greater comparability with a sub-universe of other plans.
The current requirements for optimized reporting are:
- First question in survey is verbatim as per the Framework,
- 5-point scale,
- 40 responses for statistical validity.
Plans that report their results that do not meet the above endorsed standards receive the “all” view. Contextual data is provided for all participants to help plans understand and interpret their results.
Over time, funds will be increasingly encouraged to participate in the optimized sub-universe. Stay tuned!
2. Net Score
The second new feature is a “net score”. Similar to a net promoter score, we look at promoters, passives, and detractors based on how clients have responded to your VoC question. To quote a recent article I read, a net score, “points a flashlight on the areas where you need to go deeper”. We have created a trend graph for the net score that allows users to see trends and work on improving the quality of their survey data.
And we are not stopping there! By the next issue of Peer Intelligence, we will be well on our way to launching our online dashboard for VoC.
Should you have any questions or are interested in an overview presentation of Voice of the Customer, please reach out to your Relationship Manager or myself at james@cembenchmarking.com.
Peer Intelligence | Spring 2024