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VOC from High Net Worth Clients

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  • #49599

    PV
    Participant

    Hi
    What methodology to apply for getting VOC of High Net Worth Clients? Can’t do an en mass survey, they won’t fill up survey forms, can’t be called and told we want feedback. The only interface they have in the firm are relationship managers but we want to get fedback first hand and not through relationship managers

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    #169713

    Brandon
    Participant

    You are probably correct – you will not get direct feedback. Assemble the people in your firm who have had interface with this group and brainstorm from their experiences. What have they heard/expereinced that the customer liked? Same – what did they dislike? Where were the pressure points during an interface? What might you be able to do differently to change the customer’s experience.
    Bottom line – you will need to generate the VOC internally for the most part. Then test it.

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    #169714

    PV
    Participant

    So are you saying trial and error? The problem is if we ask internally there might be bias. People not wanting to say the not so good experiences. Also we want feedback from clients who do not ever call us-they are potentially going to attrite. We do not know anything about them except ask them why they are attriting when they do and then it is too late

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    #169715

    Brandon
    Participant

    Look – no easy answers – I described an approach. Try something else if you wish.

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    #169725

    Swaggerty
    Participant

    Speak to them…alternatively, let them know that you are looking at improving your service further, and you would appreciate them taking the time to fill up a survey form, and getting back with their comments. Keep the survey very short n simple. Alternatively, do a work-out with people who are closest to the customer..its amazing what information will flow once people decide to open their mouths, and when they know they can do something about it.

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    #169734

    Deanb
    Participant

    The problem with speaking directly to customers is this requires a relationship to get decent feedback. The problem with surveys is this is a low class of information, and even worse if the relationship is not solid.The problem here is one cannot get perfect customer input in one easy step. It must be accomplished in steps and refined continuously. I suggest you start with your relationship points, get their 10,000 foot views, with biases and all, and then drill down-working through them, coupled with other hard data reflecting documented dissatisfaction (backcharges, client complaints, market share slippage)and satisfaction (testimonials, atta boys, repeat business). Try to get to where the hard data corroborates the customer inputs.

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    #169892

    Sayyed
    Participant

    I would say use your Relationship Managers to pitch for the survey. Design a good elevator speech of your survey method & analysis / action plans post-survey and give it to your RMs.
    However, you cannot straightjacket one pitch for all your clients (I am not sure of their number, though). Pick-up key issues being faced in each of your accounts and customize each of your presentations for the survey to address the issue faced by the client in the past and how his feedback will help you drive out the issues – answer WIIFM for him – hope it helps!

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    #169894

    Gollapudi
    Participant

    I think if you have an Independant unit (Quality dept), then they can conduct personal interviews with prior appointment. Personal interview is one of the best ways to get VOC from High Net worth clients.

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    #169895

    RhinoNeil
    Member

    Go and talk to them. Most of the high level customers are clever enough to understand that you want to improve the level of service and the only way it will happen is by talking to them. If you take the time to explain you are not a salesman on a sales pitch, but using Six Sigma to undertsand them and improve your service to them they are mostly understanding and usually flattered. Also if you are approaching the ones you think you might be about to lose then they most probably want to talk to somebody other than the Relationship Manager (who is probably part of the problem) and oyu won’t have a lot to lose.
    Have a very clear, defined set/theme of questions and make sure you know your scope of authority. Follow up with the results and if you make any promises, then deliver them without exception. You only have oone shot with these type of Customers and your only ace is the credibility gained by being connected to Six Sigma. A unfilled promise will lose it all permently.
    Also if you can go in with some sort of tool for you to complete with them, they see you really mean business. I have sat with a big Customer for a day and worked through a spreadsheet QFD on our product range and got them to evaulate them, including how they ranked us agianst our competitors. Amazing how it differed from what the Relationship Manager said about ours and competitors’ products (they Relationship Manager kept asking for price reductions so he could sell to them, they actually said the price was more than reasonable, they just didn’t place as many orders as they would have liked because when it came to an order with a critical part they didn’t have the confidence in us to fulfill it – too many times we (i.e. Relationship Manager) had not lived up to our promises). The next day I sent them a copy of the QFD along with a list of the feeedback I heard for them to confirm. They loved it.
    If you want a more generic discussion, I have used a Priority Matrix – list all the requirements from our product and have the Customer rank them. We had a Relationship Manager prepare one with a potential new Customer when he asked the questions “what requirement is most important to you (e.g. purchase cost, installation cost, reliability, warrant period, after-sales service, etc.)? He replied “All of them”. They then prepared a Priority Matrix and ranked all the requirements and the weight of importance to the Customer. On the drive back home, the Relationship Manager got a phone call from the Customer saying “you guys really listen to me and I undertsand what I need better now, you’ve got the next order”. They hadn’t even talked price (and it was low on his list of priorities.
    Hope this helps a little
    RhinoNeil

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    #169902

    Joseph Provino
    Participant

    Hi,
    I found that conducting a set of interview with key stakeholders was often enough to gather the VOC.
    The methodology, we are using are quite simple really: first we are preparing an in deph analisys of the service that provide to our customer, this will include all our internal processes and relationship link (SIPOC) as well as a robust analysis of quality of service… this is supporting the discussion, gives you a clear understanding of where you stand/what can be done/in which scope and can be use in further analysis or in the other stage of DMAIC. Then we preapre some base line question, which we are using to conduct the interview.
    The customer and relationship manager is therefore very interested to see the result of the investigation and is more open…
    Also we find that might not be necessary to interview all the customers but to target a short panel representative of the scope of your project is enough.
    Hope this helps a bitJoe – Black Belt 6 Sigma

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    #169912

    Ang
    Participant

    Another approach may be to consider other forms of VOC collection that include, trouble reports, benchmark competitors or the industry, help desk incidents, sales reports. A comprehensive VOC will include mor ethan just an interview so one can ensure you identify teh apporpriate critical to quality issues.
    Regards,
    Peter

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    #169916

    Joseph Provino
    Participant

    Good point and organisation are full of these informations that just wait to be pick up.
    Joe

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    #169932

    Jonathon Andell
    Participant

    Everything you say is correct – and I’d like to add another idea. Bear in mind that big accounts with big clients affect many people. Try to understand the diverse stakeholders at your client’s firm who are affected by your account, and try to interview those diverse constituencies. You will get differing inputs from folks whose interfaces vary.

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    #169948

    Deanb
    Participant

    The main problem with many VOC efforts is it needs to be continuous, and it usually is not. Most VOC efforts seek to learn what the organization already should know. Every organization should deeply know where it stands with its key customers from multiple points of customer contact and data. If a company thinks it needs a VOC effort, chances are it needs a continuous customer feedback system even more, and should consider directing VOC resources to that first.

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    #170021

    Loehr
    Member

    Is the primary interaction by phone – can you call monitor?  A lot of financial services organizations have the ability to log into service or sales  lines, or even select segments or call types.  Usually this is totally unobtrusive providing not indication to the customers (or the service reps – assumes that the “your calls may be monitored…..” has been announced.  Take an hour to see what kind of sements you need and then come up with a sampling plan – on one particular effort we developed a data collection sheet and hired 10 additional analysts to monitor enough calls to get valid samples.  Hope this may help

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    #170034

    Joseph Provino
    Participant

    Both Jonathon Andell and Deanb, answer is completing nicely the gathering of the VOC… As part of the first SIPOC, we are doing a Force field analysis which caracterises the interaction with the processes you will be improving. Once this is done, we can target more easily who needs to be contacted and in which depth this need to be done. When the project progresses, we are updating the stakeholders on a continuous basis to the level of there interests.
    rgdsJoe

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