The customer’s feedback, opinion, and expectations for your products or services are described in the Voice of the Customer. It helps you understand the feeling, connectivity, and perception your customers feel. businesses use VoC to increase customer retention and build a legion of loyal customers.
It is required for functions such as customer service, operations, and product analysis. Organizations use this solution to identify and improve all stages of the customer journey by collaborating to improve their products and services.
A positive customer experience can help you increase a customer’s lifetime value and retention rate by nearly 55 percent.
Companies that implement a Voice of the Customer solution not only strengthen their relationships with their customers but also improve internal relations between departments.
Positive customer sentiment can boost revenue by 4–8 percent and a customer’s lifetime value by 6–14 times. In the United States alone, poor customer sentiment resulted in a loss of over $83 billion.
The Benefit of Employing the Voice of Customer solution for your brand
- Improve retention of customers
- Assess new product ideas, concepts, and solutions
- Change your products, services, add-ons, and features to satisfy your customers’ needs and requirements
- Find potential brand crisis at the earliest
- Better service to your clients
Methods for Gathering Data for the Voice of the Customer Program
Online Customer Surveys
Conducting online customer surveys is also an excellent way to collect data. These surveys assist you in better understanding your customers and addressing their concerns.
You should ask the right questions using the right platform, you may never receive reliable answers. That is why, when designing your surveys, you must put an effort into determining what questions you should ask.
The question you can ask -
- How have you heard of our business, product, or service?
- What did you see or hear over the past two months about our brand, company, product, or service?
- In a product/company, what features do you look for?
- How can we improve your customer experience?
- Name a competitor, and explain why you choose it over our product or service.
A focus group is an interview with a few people with similar demographics. They examine their reactions to certain questions put by the researchers. Focus groups are used for market research and political opinion research
This data collection method is used to gain insights into customers’ need prioritization or to test concepts and receive feedback.
Social media is an important component of the feedback process because it allows you to communicate with your customers in both directions.
You can join any of the most popular social platforms, such as Twitter, Facebook, or LinkedIn, and connect with those customers and monitor and interact with them in real-time.
Customer interviews normally occur one-on-one with a single customer or with a few persons in the same company or family unit. It is commonly used to ascertain a specific customer’s perspective on product or service issues, attributes, and performance measures.
Online Customer Reviews
You may think your product is good, but does that mean your customers would like it too. Knowing their feedback takes out the risk of speculations and lets you know what they actually want. With online review sites, you can listen to your customer firsthand.
Dedicated Feedback Form and Emails
This method can be as informal or formal as you like. You can send highly personalized emails to specific customers, or have a dedicated feedback form on your website. You can also ask for feedback as a response to your email or include a link to one of your online feedback from the email body.
Pitfalls for the Voice of Customer Solution
- Collecting customer feedback can just go to waste if all the feedback reviews are generic and alike.
- A certain very vocal client section might overwhelm the voice of the average client.
- Some customers might not take it well if you do not implement their specific suggestion, which can lead to dissatisfaction.
Tips for Avoiding Such Pitfalls
- Attempt to collect feedback data from a variety of sources.
- Attempt to collect a large number of datasets for a more comprehensive view.
- Always communicate a clear goal for data collection by describing how the data will be used specifically.
- Maintain it as a continuous process rather than a one-time event.
- Employ a good data analysis company like BytesView
Bytesview’s voice of customers analytics solution can help you collect and analyze large volumes of customer data from feedback, reviews, complaints, etc.
It provides comprehensive insights that can help you transform customer feedback into sources of focused improvement for your business.