Each month The Conference Board (an independent economic research organization) surveys 5,000 U.S. households. The survey consists of five questions that ask the respondents’ opinions about the following:

1. Current business conditions
2. Business conditions for the next six months
3. Current employment conditions
4. Employment conditions for the next six months
5. Total family income for the next six months

Survey participants are asked to answer each question as “positive, negative or neutral.” The preliminary results from the Consumer Confidence Survey are released on the last Tuesday of each month at 10am EST.

Through a complex system of analysis and weighting of answers, the CCI is calculated, and this helps to formulate major economic policy for the US and for the world. These results affect everything from jobs, production and warehousing of goods, right down to how much a bushel of corn may cost. All this from one simple five question survey.

The CCI can be used as a “leading indicator” or an indicator that influences other fiscal decisions. If the CCI is trending upward, manufacturers make more cars.

The ultimate VOC survey? Maybe. 

Now lets take this down to a more personal level. Could your loyalty, satisfaction and engagement surveys also behave as sort of “leading indicators” that affect performance in other areas of your company?

If customers are more engaged, will they buy more product? Will they recommend you? Will this have any bearing on inventory, staffing or R&D?

Making this data real, and applying it to the bottom line aspects of your company is vital. Using tools such as Quad Charts, Correlation Analysis and trend charts, help you do what the US Government does with the CCI survey.

A 5000-response survey helps to dictate major US economic policy. Think about designing your VOC program with the intent that the data can trickle down to show relevance in your day-to-day operations and business outcomes. Otherwise, its just another survey.

There are 3 areas of customer survey which are all essential for the company to know.

Customer Service Survey

The objective here is to provide the company with valuable data from customer feedback. Management could then improve the service of the company to become more competitive in its field. It could also provide the management team with guidelines for strategic planning and decision-making.

Customer Satisfaction Survey

This area concerns the products, services, pricing, and satisfaction with the business relationship. The details in this survey directly give vital feedback from customers regarding their desires, wants and needs. These data are essential for the growth of the company. Here, the behavior of the customers is revealed through the answers they give. With it, management could make adjustments to suit the satisfaction of customers.

Customer Loss Review Results

Being able to win back one customer is like winning back a thousand or more. It is therefore important to know the reasons why the customer has stopped doing business with the company. There is a need to identify the root cause of the problem. If winning back the customer is no longer possible, it is imperative to take corrective measures so as to prevent the future loss of customers.