Firstly , What is voice of the customer?
Voice of the Customer (VoC) is a term that describes your customer’s feedback about their experiences with and expectations for your products or services. It focuses on customer needs, expectations, understandings, and product improvement.
Voice of the Customer analysis can tell you not only what your customers have done, but what they would like you to do in the future – shedding light on desirable new product features and service issues, helping you better understand what really matters to your customers, and exploring that information in a multi-variate environment.
What can we get from the voice of the customer?
1) Improve your customer experience
Getting feedback from your customers can help you improve your product and/or services. If you can improve your service by taking action from your feedback, then your customers are more likely to return to you in the future. They may also be more likely to refer you to friends or family which you can measure through Net Promoter Score (NPS) questions.
2) Stay ahead of competitors
Customer expectations are always changing, and you are not just being compared to your direct competitors but to experiences customers are having anywhere. By listening to your customers, you can get a better understanding of what they want and where you can improve your product.
3) Manage your brand
Understanding how customers perceive your brand can help you maintain a positive reputation in the market and capturing their voice directly makes it less likely they are going to engage in a discussion with you through social platforms.
4) Reducing risks
If you are going to launch a new company or product then you can reduce risk by getting a better understand of what the customer wants before launching.
5) Increase Revenue
VoC enables you to improve customer experience which can reduce customer churn and improve your ability to attract new customers.
A company is nothing without its customers and the only way to deliver a fantastic customer experience is to understand how your customers feel about you and what they like and dislike about their experiences. A Voice of the Customer program allows you to collect this feedback and take actions that can directly improve your business performance.
For Instance,
SAP C/4HANA solution use ‘ listen, learn and deliver ‘ method to listen Voice of the customer. Analyzing customers’ behavior and transactions provides insight about what, where, or when a customer does or is likely to do something, but this data alone cannot not address why. With recent acquisition of Qualtrics and the introduction of Experience Management solutions from SAP, businesses can now embed the opinion and voice of the customer (X-data) throughout the entire business process (O-data) to infuse empathy into the customer’s journey and engage on a deeper level. Whether applied to customer or field services, sales, e-commerce, or marketing strategy, the most effective ways to incorporate customer feedback have been identified and integrated into the suite so businesses can make the voice of the customer a native part of the product or service cycles.