Listening to your customers is a crucial part of any marketing strategy but according to research conducted by the indian Marketing Institute (AMI) and Vision Critical, a surprising number of organisations dont have a structured program in place to gather and act on feedback.
Voice of the Customer (VoC) programs are intended to create a structured process to measure customer feedback and improve the customer experience. VoC programs are becoming increasingly popular but in spite of the many benefits of VoC programs, according to the report by the AMI and Vision Critical, 37% of marketers have never heard of them.
Why are VoC programs so important now?
Many marketing organisations have used VoC programs for years, although they may not be formalised as such but there has been a recent trend towards more customer centric business practises which means that listening to customer feedback and acting on it has never been as important as it has now.
While a significant percentage of marketers might not have heard of VoC programs, of those who have, 80% believe they are critical for the success of the business.
The main benefits of VoC programs for organisations
A strong VoC program lets you place the customer at the very centre of your organisation and decision making processes. This can have a number of benefits including:
Greater customer retention
Increased NPS (Net Promoter Score)
Growth in sales
More overall insight into your customers and why they choose to purchase from you
A competitive edge over other organisations that arent putting the customer experience at the centre of their business.
The right VoC program gives you a holistic perspective into your customers, their wants and needs, and how they feel about you. This insight can be used to improve your products and services, tailor your marketing and troubleshoot common issues.
A VoC program can be as simple as creating and sending a customer feedback survey, but increasingly marketers are integrating their VoC programs into all their customer touch points to get a more holistic view of how their customers really feel.
The best VoC programs incorporate transactional data as well as using customer feedback. Using this data means less time will be spent surveying customers and you wont have to disturb them as often to ask them for their feedback.
Another great benefit of integrating data into your VoC program is that you will be able to get real time feedback, which is generally more valuable and accurate than that given after the event. This will increase the speed at which you can act and resolve issues where necessary.
If youre serious about marketing successfully in an increasingly customer centric world you should strongly consider creating a VoC program for your business.