3 Eye-Opening Facts About Voice of Customer (VoC) Data

Voice of Customer

Did you know that 84% of companies that get feedback from customers and work on them report an increase in revenue? That goes to show just how much understanding customer experience can dramatically increase your sales. However, understanding customer experience is a lot more than just fulfilling promises or enhancing customer interaction.

If you think about it, customer experience affects nearly every aspect of a business. Think about factors like brand perception, feedback management, and customer interaction.  So if you thought that customer experience was all about responding to reviews, you have a lot to learn.

Voice of Customer or VoC is arguably the most effective way of handling and understanding customer experience. Voice of Customer helps businesses understand their customers, including what to sell to them and what they should expect. It’s an approach that top-tier companies use to help better their understanding of their customer base.

In a highly competitive business environment, understanding customers could give you an edge over your competitors. Unfortunately, not many business owners understand the fundamentals of VoC. This piece will highlight the intricacies of VoC to help give you a firm understanding of the concept.

What Is Voice of Customer?

Voice of Customer or VoC is a method that businesses employ to help get a proper understanding of their customer base and enhance the customer experience. In doing so, businesses can align their strategies to align with customers’ expectations.

What Is Voice of Customer Data?

Voice of Customer data is at the core of the Voice of Customer approach. You can describe VoC data as feedback from your customers that help sharpen your understanding of your customers’ expectations and experience with the company. 

From VoC data, you can craft a VoC strategy to better your customer understanding and increase turnover. With that in mind, let’s look at a couple of VoC data facts.

  1. There Are Plenty of Ways to Collect VoC Data

VoC data is more than just rummaging through customers’ reviews and drawing conclusions. Far from that, there are actually plenty of ways to collect VoC data. Some of these data collection methods include:

Customer Interviews

This is one of the most effective methods of collecting VoC data, but it’s also one of the most difficult. Interviews allow you to get information about customer experience from the horse’s mouth.  However, it’s also challenging, takes a lot of time, and is sometimes intimidating

Social Media

Social media is a one-stop-shop for all the information businesses need to know about their customers. A company social media account can tell you volumes of how customers perceive your company and their expectations. 

Net Promoter Score

Net Promoter Score is an intuitive method of determining customer loyalty that premises on one straightforward question.  The question is, “Given a scale of one to ten’ how likely are you to recommend us to a friend?” A simple question that could reveal a lot about your customers’ experience with the company.

These are just a few ways of collecting VoC data. If these don’t work for you, you can consider plenty of others to do the same. Net promoter Score is also a great way to collect UX data.

  1. There Are Various Ways to Use VoC Data

Once you acquire your VoC data, there are plenty of ways you can use them to craft your VoC strategy.  The data will give you a clear picture of what needs improvements and common customer problems.  Here are a couple of ways to use VoC data.

Improving Marketing

VoC data can help you familiarize yourself with common terms and phrases that appeal to your customer base. You can employ these phrases in your marketing campaigns to appeal to a larger crowd. 

Improve Customer Experience

This is the main purpose of VoC data; to improve the customer experience for greater returns. You can use this data to identify areas you need to focus on to improve customer experience. You can then put steps in place to improve the areas in question.

  1. You Can Analyze Voice of Customer Data in Many Ways

Once you’ve acquired your VoC data, you now have to analyze the data to apply it to your strategy. There are plenty of ways to analyze VoC data. Here are some of the most common ones.

Text analytics– This involves analyzing text and natural language to identify trends and common phrases

Dashboards– Entails creating and customizing dashboards that cater to your business needs.

Benchmarking– Entails taking a leaf from your partners or competitors.

These methods of analyzing VoC data should help you reach conclusively establish what you need to do to improve customer experience. Alternatively, you could use online platforms like Decibel for your data analysis and give you crucial insight into your VoC data.

The Importance of VoC and VoC Data

Voice and Customer and Voie of Customer data are instrumental for any business, especially in a time when competition between companies is fierce. Here are a couple of reasons why VoC and VoC data is essential.

To Enhance Customer Loyalty

Don’t expect to have any loyal customers if you can’t take their considerations into account.  With VoC and VoC data, you are better-placed to retain your customers for a very long time

To Improve Customer Service

Companies with excellent customer service not only retain but also expand their customer base. This is because of the sheer number of recommendations their current customers give them. Remember, good customer service is equal to great returns

Helps You Understand Your Customers

VoC data help better your understanding of your customers so that you can form a solid relationship with them.  You can then take action and meet the needs of your customers.

Embrace VoC and VoC Data and Reach Greater Heights

A company that integrates Voice of Customer in its growth strategy triumphs over its competitors. That’s because it tailors its products and services to give the customer exactly what they want. Give the Voice of Customer method a whirl today and see how it works for you.

That’s not all we have in store. For more informative reads, check out the other pieces on the site.

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