In today’s digital era, customers are more demanding than ever. Brands are investing in VoC (voice of customer) programs to keep up with customer expectations.
A recent study says companies that earn $1 billion annually can expect to earn an additional $700 million within three years of investing in customer experience (CX).
Overall, the earning potential of a company doubles within 36 months of investing in CX initiatives, as 86% of consumers are willing to pay more for a greater customer experience.
Definition of VoC or Voice of Customer
The acronym VoC means the voice of the customer, which refers to listening to your end-users or customers.
VoC encompasses gathering and comprehending consumer feedback so that the customers’ responses can directly improve the product or service and customer experience.
Over the years, VoC programs have gained a lot of traction and are ever-evolving segments of a core business strategy for companies of all sizes.
VoC programs work exceptionally well for brands as consumers demand direct engagement with a company, and capturing customer feedback is crucial in understanding the complex decision-making process of a potential customer.
Using a voice of customer software, your organization or brand can measure the gaps between what your consumers expect and what they experience when they use your goods or services.
The Importance of VoC
Without a feedback loop on your offerings to the market, there’s no way you can optimize and better your product.
A loyal customer base is essential for running a successful business as these customers are committed to your product or service for the long term.
Let’s take a look at why the voice of customer programs is vital to the success of a brand.
Product or Service Improvement
Understanding what your end-users like or dislike in your product is crucial for a holistic comprehension of the perceived value of your offerings.
Based on what your customer’s like, you would want to know why they like your product so that you can optimize and improve the experience.
On the other hand, knowing what your customers don’t like will help you improve your products.
Enhanced Customer Experience
Both positive and negative feedback is important for the success of your brand. While the former keeps you motivated and committed to your job, the latter helps you improve your product line and services.
It is only through constructive criticism that you can truly realize and understand your customers’ pain points.
By acting on customer grievances and resolving their issues, you can provide them with a greater customer experience.
When making strategic business decisions, taking into consideration your customers’ feedback will give you more input to analyze your decisions.
It will let you make informed decisions and stay prepared for the reactions of your prospects.
Using Customer Success
When your customer service management team is in touch with your consumers, they can share the VoC with other teams like sales and marketing, product management, customer support teams, and so on.
By analyzing the customers’ feedback and comments, the strategic decisions can be adjusted to enhance customer retention. It even helps to offer a more contextual and personalized service to the consumers.
Methodology of Voice of Customer
For gaining customer feedback, you can employ several methodologies. They must be aimed at getting the most honest and detailed comments from the consumers.
Some of the commonly used methods are:
Customer interviews are one of the most effective forms of gaining VoC, and they’re held in person.
Through these interviews, you can understand the utmost details and nuances of CX.
However, there’s a limit to what can be achieved through manual or face-to-face interviews, and it is wise to conduct this practice with only the most valued customers.
VoC surveys are a useful methodology to get customer feedback. You can use customer experience surveys, customer satisfaction surveys, or net promoter scores to gain direct feedback.
Ensure the surveys reach a vast audience.
One of the most potent VoC tools is social media, and you can use the myriad social channels to gain customer feedback on your goods or services.
Through social media, consumers are more honest and open in sharing their views about products or services.
Building VoC Program: Best Practices
VoC is a continuous process and should be conducted at every milestone of the overall customer journey.
Your consumers evolve with your business and have the ability to give you an outsider’s perspective regarding your business or brand.
So, keeping up with the change in consumer behavior and perspective is important, and here are a few best practices to keep in mind.
The Creation of Omnichannel Sources
Not all channels are the same, and they all have different capabilities for helping you gain customer feedback.
So, make use of all the possible channels for detailed and fruitful interaction with your consumers.
Some of the channels may include live-chat for recording impulse responses, website interactions, emails, online customer reviews, feedback forms that specifically seek customer feedback, interactions with your customer support team, and so on.
Collaboration Across Departments
An effective VoC program is created when multiple departments are involved in collecting, analyzing, and acting on the feedback or insights.
Collaboration across departments must be seamless and hassle-free, and each department can take specific steps to improve the customer experience.
Incorporating the Voice of Your Employees
By connecting customer experiences and your employees, your company will gain a complete picture of what is going on and why.
The comprehension of this connection will assist your organization in understanding the impact of employee engagement on the overall bottom line.
When it comes to customer experience, the feedback of employees does these things:
- Helps in providing context for customer experiences
- Helps in identifying the policies, processes, and technological hurdles that interrupt experience delivery
- Offers insights into the quality of the experience of the employees
So, get started by investing in VoC software. It’ll help your company offer improved customer experiences for the success of your brand.