Never has competition in any business vertical been so fierce or transparent. Neither has it been easier for your customers to compare your product and services to competitors.
With customer feedback available companies no longer have to guess what their customers are looking for. Here, using the benefits of VoC (Voice of Customer) comes in the big picture to retain happy customers and turn potential ones into loyal customers. After all, it’s a powerful business tool that makes it easy to understand what customers need and think of your brand.
So, without any ado, let’s uncover the top benefits of VoC in business and take a peek into some real-world applications where VoC proves to be a game-changer for many organizations across multiple domains.
The Top Benefits of Voice of Customer
Instead of merely collecting data, VoC focuses on understanding it. Because if you know your customers are facing some challenges, it should be your objective to get to the root of it. Whereas, on the contrary, if you are aware of where your customers are finding enjoyment in your product, you should look for ways to expand it.
That’s exactly why the world is seeing so many companies becoming overly customer-centric. The voice of the customer has become an epitome of modern-day business and tunning its several benefits to businesses like:
Brand Management
Integrating the voice of the customer program allows companies to know how customers perceive the brand which eventually makes brand management easier. Businesses have an insight into the aspects which are most important to customers, and which need to be improved.
Moreover, in today’s era of social media, one dissatisfied customer’s post on social media could tarnish a brand’s image. That’s where VoC benefits help you stay attentive to customer cues that were not visible before.
Service Improvement
At the time, when VoC benefits are recognized as imperative to the success of products and services, companies are bound to take customer feedback seriously. This feedback loop prompts companies to look at their weaknesses and overcome them.
So by easily implementing the voice of the customer process, their products and services become significantly better at satisfying customers.
Customer Retention and Increased Revenue
When all the benefits from brand management to service improvement to marketing are combined, a company’s revenue will likely skyrocket because the company has made sure that its products go the extra mile for its customers.
Another added feather in the hat of the voice of the customer program is that it helps build brand reputation and therefore, outcomes such as customer loyalty.
Marketing
Marketing is often related to customer experience. One of the most dynamic marketing tools is word-of-mouth and the voice of customer benefits is proof of that. Customers rely on other consumers who have tried a product rather than a company marketing the product.
So, here the voice of customer analysis allows a company to view its product from a customer’s point of view. With this approach, an enterprise understands what the customers like or dislikes about the product or service and comes up with ways to improve customer experience.
And, once a company has built trust with its customers, there’s no limit to how much market share it can capture. Many companies launch beta versions of their products to test the waters before going all out.
Product Innovation
As products constantly evolve, VoC benefits help businesses stay on top of things. And, when companies understand what their customers need or don’t like about the company’s product or services, they continuously think about how to improvise the customer experience leading to increased profits.
The Top Examples Of VoC in Businesses
Irrespective of the business size, the VoC (Voice of Customers) tool has become a must-have for every organization. Here are some real-life examples that clearly shows how the voice of the customer process has proven to be a game-changer for many organizations.
Healthcare
There’s a success story on the benefits of VoC related to the healthcare industry.
In Saudi Arabia, a healthcare consultancy – “Health Links” (specializing in data analytics for healthcare) was looking for scalable sentiment analysis with Arabic NLP. VoC came as the solution, helping with data-backed knowledge from its approximately 12 million surveys, informing several healthcare providers and programs on how to use it and become more efficient. It also helped discover the patient voice with new topics and themes that were earlier unknown or were turned a blind eye by other technologies in the healthcare.
Banking
The banking sector is not left untouched by the benefits of the voice of customers. Banks usually need data on customers so that they can abreast the competition. To that end, the best fit solution comes in the disguise of VoC, especially social media listening programs to clutch data as much as possible.
Automobile Sector
In the automobile sector, knowing how your customers perceive your business is of utter importance.
Therefore, integrating sentiment analysis engines to thoroughly target the brand’s major social media outlets and blogs to extract information about the brand. The sentient and video content analysis measured public sentiment after every event regardless of the industry or native language.
Pharmacy
In the pharmaceutical segment, the voice of the consumer is making its way. For instance, companies looking to improve its pharma services can optimize VoC benefits and analyzing feedback from employees and patients.
Consumable Goods
Another vertical where VoC in business can be integrated is the consultation domain. For example, a company needed a sentiment analysis solution for the American Association of Retired Persons to take customer feedback on the new diet program for seniors.
With VoC it was easy to develop a customized sentiment analysis tool for AARP. This model included social media listening and text analysis to get people’s feedback on social media.
Final Thought
Undeniably, VoC is crucial to the growth of your business. Clutching customer feedback through interviews, surveys, focus groups and social listening can help you deliver customers’ expectations.
So, remember by tapping into VoC data you can gain meaningful insights into what customers think about your brand. Thus, helping you improve the overall experience for the present as well as potential customers.
