Old business or new, we're all aiming for the same destination—a thriving, successful enterprise. But how do we get there? One of the ways is a well-thought-through Voice of Customer (VoC) Strategy.
Here’s the scoop: Businesses that truly listen to their customers are the ones that thrive. This isn’t just a theory. According to Forbes, 46% of customers will buy more when given a personalized experience. That’s some powerful stuff!
Now, you might be thinking, “Sure, we listen to our customers, gather feedback, and share it with the team. But what’s the real-world impact of Voice of the Customer (VoC) strategy?” Great question! In this blog, we’ll dive into exactly that.
Keep reading to learn more about the benefits of a solid VoC strategy along with the 5 best practices of a good VoC programme.
Imagine walking into a store where the staff knows exactly what you need, even before you say a word. It’s almost as if they are reading your mind, isn’t it? You are left surprised and satisfied. That’s the power of a customer-first approach.
Behind every customer-centric company is a robust Voice of Customer (VoC) strategy. By tapping into the knowledge of your customer base, you can get closer to perfection in not only product creation but customer journey mapping.
When you listen to your customers, you let them help you design the perfect product or service. And when you create that, here’s what you get:
It’s no secret that happy customers are loyal customers. They return, they refer, and they rave about your brand. And in a world where word-of-mouth and online reviews hold immense power, that’s invaluable.
Statistics back this up. According to Bain & Company (the people behind NPS), companies excelling in customer experience grow revenues 4-8% above their market average. Plus, businesses that prioritize customer experience have 60% higher profits than their competitors. That’s huge!
Cate Marques CXO at Terra Kaffe says “We always say, keep the feedback coming; it's the number one way we get better. The voice of the customer has been instrumental in solidifying product/market fit.”
Following the viral success of the TK-01, Terra Kaffe launched TK-02. Every feature of the TK-02 is inspired by the valuable insights they received from users of the TK-01.
For a customer-first approach, take action - dive into their feedback, and understand their needs. You might be surprised at how much they can teach you about making your business truly exceptional.
Your brand is so much more than just a well-designed logo or a catchy slogan. It’s the whole experience your customers get when they interact with you. It’s the stories they share with their friends and the lasting impression you leave.
And guess what? The Voice of the Customer strategy can give you the insights you need to take your brand to new heights.
VoC helps you understand why your customers love your brand (or why they might not). It helps you:
Maybe your customers can’t stop talking about your exceptional customer service. Perfect! Use that to your advantage:
When potential customers see all this positivity, they will likely pick you over the competition.
Research by Temkin Group shows that companies earning $1 billion annually can expect to make an extra $700 million within three years of investing in customer experience. That’s an impressive number!
In the ever-changing world of business, staying ahead of the curve is the secret sauce to long-term success. So, how do you stay on top of your game? You must have sensed the pattern by now.
Voice of the Customer (VoC) strategy—your early warning system for emerging trends and shifting customer preferences.
The business landscape is always moving, and always changing. By keeping your finger on the pulse of your market, you can adapt your strategies proactively rather than reactively. Here’s how VoC helps you stay ahead:
According to Gartner, companies that prioritize customer experience (CX) outperform those that don’t by almost 80%. That’s a staggering figure! It underscores the importance of not just keeping up with the curve but staying ahead of it.
By leveraging VoC strategy, you can anticipate what customers will want next. Maybe it’s:
Don’t just keep up; set the pace by leveraging VoC so you can foresee and respond to market shifts with confidence.
Yes, being on top of mind should be an important part of your marketing strategy. But, you need to go beyond just shouting your reasons to believe from the rooftop. You must forge connections. A good VoC strategy gives you insights into what truly resonates with your customers.
Here’s how you can leverage VoC to power up every aspect of your marketing strategy:
VoC helps you refine your messaging to highlight what your customers value most. For instance:
Did you know that 70% of consumers feel more connected to brands whose CEOs are active on social media? By leveraging VoC, you can tap into these insights and craft a narrative that resonates with your audience.
Maybe your customers prefer Instagram over Twitter, or they engage more with email newsletters than blog posts. Knowing this allows you to allocate your marketing resources more effectively, ensuring your efforts hit the mark every time.
Generic messages are all around us. How many times have you seen and swiped past them? Let’s face it your customers are bombarded with content on every screen, content that doesn’t hit a chord. Why are brands treating customers like a number and not a person?
The simplest way to stand out is - personalization!
Personalization sets you apart in a sea of sameness. Imagine receiving an email that addresses you by name and offers a discount on something you’ve been eyeing. Feels good, right? That’s the power of personalization. A study by Epsilon found that 80% of consumers are more likely to make a purchase when brands offer personalized experiences.
CRM systems can track interactions and preferences, ensuring support is consistent and personal.
Here are some ways that you can add personalization to your VoC strategy
Voice of the Customer (VoC) data is a goldmine of information, and its true power is unleashed only when shared across all departments of your organization. Imagine if your marketing, product development, and customer service teams all had access to the same insights from your customers. How would this help?
And most importantly it will break down silos. A study by Salesforce found that 86% of executives believe a lack of collaboration and ineffective communication are major causes of workplace failures. Sharing VoC data can bridge these gaps, leading to more effective teamwork.
Here’s how to get started:
Marques says;
There is not a marketing email or social post that goes out in Terra Kaffe without first being approved and, if needed, edited by TK’s CX team. Our proximity to our community allows us to know what they want, and, ultimately, what will sell.
This approach not only solves problems more efficiently but also demonstrates to your customers that you are a cohesive, responsive organization. You create a seamless, satisfying customer experience that sets your brand apart.
Well, the fact is numbers don’t lie. They give you an unbiased look at how your customers feel and where you stand. They not only provide clear, factual data to guide your decisions. They also help you monitor and measure the success of the said decisions.
Some of the key metrics you can use to collect VoC data are:
Net Promoter Score (NPS): Measures customer loyalty by asking how likely customers are to recommend your brand.
Customer Satisfaction (CSAT): Gauges customer happiness with your products or services.
Customer Effort Score (CES): Assesses how easy it is for customers to use your services or solve issues.
Regularly analyze these metrics to identify patterns and trends. For instance, if your NPS is consistently low in a particular region, it might indicate a need for better customer support or more localized marketing efforts. Similarly, if your CSAT scores reveal that customers are unhappy with the speed of your service, that’s a clear signal to streamline your processes or add more resources.
To really get inside your customers' heads, you need to gather feedback from a variety of sources. Don't limit yourself to just one or two channels/mediums. In our line of work, we have notices
Use surveys, social media, customer reviews and Customer-Generated Content. After all, diverse feedback sources give you a richer, more comprehensive view of your customers
Here’s how to cast your feedback net far and wide:
So, don’t just cast your feedback net wide—cast it everywhere. The more touch points you include, the more complete your picture of customer sentiment will be.
Alright, let's bring it all together! We’ve explored how harnessing the Voice of the Customer (VoC) can revolutionize your business. By genuinely listening to your customers, you create personalized interactions and gather invaluable insights that make your business stand out.
But don’t stop here. The world of customer experience is always evolving, and keeping up with the latest trends is crucial. In our next blog, we’ll explore what to expect with modern CX solutions, stay tuned!
Discover how Hark can revolutionize your customer experience.