What is Customer Value Survey™?
Customer Value Survey™ (CVS) is an easy-to-use, multi-rater assessment tool that answers a universal business question: what do we need to do to retain our customers? CVS examines the complex dynamics of customer loyalty, and illustrates why typical “customer satisfaction surveys” do not reveal what a company needs to know in order to increase customer retention.
At the core of CVS is the belief that companies that convert their customers into brand advocates are the ones that will be the most effective in retaining customers and increasing market share. Creating brand advocates occurs by offering a brand experience that the customer perceives has value which is above and beyond the actual product or service the company provides.
CVS measures whether a company is effectively creating customer value, and provides specific recommendations for improving the brand experience. CVS reveals how buyers perceive their customer experience relative to the competition. It gathers data by asking questions related to 10 key factors that influence customer loyalty. A company’s productivity scores are rated on how well the product or service being offered is doing from a functional perspective as well as how customers feel about their experience using the product or service – proven indicators of whether they are succeeding in offering a valued brand experience.
CVS Benefits for the Surveyed Organization
ACTIONABLE. Performance-based feedback allows for immediate adjustments to improve relative value.
BRAND ADVOCATES. Turn your customers into powerful brand advocates.
DIRECT FEEDBACK FROM CUSTOMERS. Pinpoint weaknesses and perceived value relative to your competition based on specific, quantifiable feedback in ten key customer retention metrics.
FAST RESULTS. Online or optically scanned survey responses enable fast turnaround.
INCREASE CUSTOMER VALUE. Learn what it takes to create a brand experience your customers will value above the competition.
REPEATABLE. Increase improvements over time.
SET PRIORITIES. CVS ranks your effectiveness in ten areas, enabling you to prioritize improvement.
TOP AND BOTTOM LINE. CVS aids customer retention and increases sales by focusing on enhancing perceived value.
Instrument and Applications
Survey data and analysis give companies an actionable blueprint they can use to differentiate their brand experience, and to offer perceived added value in the eyes of the customer, thus helping to create loyal brand advocates.
The CVS survey can be administered to current and former customers, first-time buyers, and employees. With its external focus on the customer, CVS can be used as a companion tool to Persona GLOBAL®’s Organizational Alignment Survey™ (OAS) that focuses on achieving internal alignment among a company’s employees, business strategy, processes, and markets.
Company employees can also complete the CVS questionnaire to determine whether there are significant gaps in how employees feel they are adding customer value as compared to the customers’ perceptions.
Together, CVS and OAS give companies a 360° roadmap for customer retention. Companies
Unique Value Proposition for Consultants
CVS CERTIFICATION. Can be completed in one day, depending on the size of the group and level of experience.
EASY-TO-UNDERSTAND AND ADMINISTER QUESTIONNAIRE. Saves time and effort.
GLOBAL REACH. Is made possible by standardized methodology and format. The Questionnaire is available in most major European and Asian languages.
REPEATABLE. Numerical benchmarking enables follow-up surveys and performance improvement tracking.
SCALABLE. Minimum valid sample is 30 customers per category of product or service.
Examine both functional and behavioral aspects of relative value for customer retention.
Examine customer perceptions in 5 essential areas:
- Quality of product/service
- Quality of provider performance
- Cost of purchase
- Cost of Installation/ maintenance
Based on PIMS study and other researches.
Companion assessment tool to the OAS – focused externally on the organization’s current and former customers
- Assessment of functional and behavioral aspects of relative value for customer retention
- Various demographics parameters
- Measurement of key customer value data
- Benchmark of key customer retention areas
- Quick and easy reapplication to measure new trends over time
Can be constructed according to a variety of demographic parameters.
Benchmark key customer retention areas.
Can be easily and quickly reapplied to measure new trends over time.