Anyone in business has undoubtedly heard the saying, “the customer is always right.” While that old adage still rings true to some degree, customers are upping the stakes and not just seeking satisfaction —they’re demanding a more personalized experience. Businesses can meet this demand by implementing a voice of the customer program.
The concept of “voice of the customer” seeks to develop and implement a personalized approach using technology, which allows businesses to meet their customers’ needs. Businesses that don’t create a personalized experience for their customers end up lagging behind in sales, as studies show that those with personalized sales structures experience an increase of 5 to 15% in revenue compared to those that don’t.
What Is A Voice of the Customer (VoC) Program?
A voice of the customer program is a strategy that businesses can put into place to provide a more personalized experience for their customers. Businesses collect data to learn more about their customers through a variety of means — it could be anything from online reviews, surveys and social listening to NPS, support tickets, and user interviews. After compiling this data, businesses then analyze it to determine how they can incorporate a more personalized strategy to meet their customers’ needs.
This might just sound like a fancy way of executing a customer feedback program, but it’s more nuanced than that. A voice of the customer program captures robust feedback from multiple sources and analyzes it to determine how, why, and in what way customers want something. Voice of the customer programs differ from traditional feedback loops because they are more superficial, offering feedback from one channel that just says what customers want without delving into the more nuanced reasons that can really impact how strategies are enacted.
Why Voice of the Customer Programs Matter More Than Ever
Voice of the customer programs are becoming increasingly popular because it gives businesses a competitive advantage over those that don’t use them. Buying behaviors continue to evolve, especially in a post-pandemic world. Customers are demanding an experience that is unique to them, and they want it to be easy, seamless, and positive overall. Voice of the customer programs make this a possibility.
As the digital landscape continues to change rapidly, businesses are thrust into the future with more methods of obtaining data, especially with the help of generative AI. While this might seem great at first, it can result in a complete data overload. Voice of the customer programs help companies determine what data is helpful, what is irrelevant, and ultimately figure out what matters most to the customer. This allows them to essentially sift through the garbage to get to what’s important.
Knowledge is power, and the current retail and service industry creates a climate where customers don’t want to be sold — they want to be understood. A voice of the customer program matters more now than before because everyone is competing to meet their customers’ wants and needs. Only those companies that actually do the work to collect and assess the data, and then use that information to carefully craft a program that takes into account the whole customer, will reap the benefits.
Benefits of a Strong VoC Program
Implementing a strong voice of the customer program provides several benefits that help businesses in the short term and in the future. Because of the nature of a voice of the customer program — continuous data collection, analysis, and adjustment — businesses are armed with the most current customer insights that can be put into an actionable strategy. This current information empowers them to best satisfy the customer.
In the short term, businesses are able to learn more about their customers, which can drive marketing strategies and make them more in tune with customers. Disputes or issues can be resolved efficiently and quickly, which improves overall customer satisfaction. Services and/or products can be improved using information learned through the voice of the customer program, which allows for innovation and improved scalability.
Long-term benefits include experiencing an improved reputation, which comes through with the brand perception and in reviews. Customers perceive the brand’s value to be higher, which in turn promotes customer retention and growth, often through referrals.
Implementing an Effective VoC Strategy
Implementing an effective voice of the customer strategy doesn’t have to be difficult, especially when companies bring in the experts who know how to drive CX excellence.
The process is fairly straightforward, but the first step of implementing any voice of the customer program is to collect data from multiple channels and strategies. Getting information from various sources will promote a more robust and well-rounded data set. As technology evolves, real-time dashboards, AI, and even CRM integrations can help feed the data set.
Next, the data that was collected will need to be analyzed and understood. This process is unique and takes strategies like sentiment analysis and customer journey mapping to the next level to fully understand the customer.
From there, a plan is established, and those insights are put into action. A successful voice of the customer program will not just put the strategies in place but will constantly assess and measure its success. More data collection is needed, along with analysis and program evaluation.
Finally, brands that did the work to listen to their customers need to communicate with them. Show and tell how business strategies were derived from customer feedback — in a way that makes sense to them, in their language (no business jargon), and when it’s convenient for them to absorb it.
Listening Is the New Competitive Edge
Giving customers what they want, how they want it, and in a way that matters to them shows them that their purchase matters. Companies that are listening to their customers will be able to unlock the mystery of buying behavior, making shifts and implementing strategies that will actually work. If you’re looking for a voice of the customer program to help better meet your customers’ needs, contact Credence Global today to take the next step toward success.
