What is Voice of the Customer (VoC)?
A business only thrives when it has customers, people who believe in you and your products and buy from you. And, today, if you want to stay ahead of your competitors, you must listen to what your customers have to say. In other words, the voice of the customer or VoC can determine the future direction of your business, and what you can do to improve your products and services.
Listening to your customers is a great way to find out what they think about your brand, how effective your products are, whether you are catering to their pain points or not, and so on. You can even find out how well you are doing vis-à-vis your competition, if you listen hard enough.
Ways in Which VoC Tools Can Help
Voice of Customer tools or VoC tools like social mention tools can help you measure your performance and strategize better. You can also get to:
- Enhance products and services to satisfy customer needs better.
- Understand what your customer needs in a better manner.
- Tackle issues without delay and focus your efforts more effectively.
- Improve your overall sales and profit margin.
Feedback and Reviews are an Important Part of Voice of Customer
Social media analysis is a wonderful way to use VoC for the betterment of your business. In other words, these are the four steps to follow in order to make the most of what you hear from customers:
- Gather as much information as possible with the help of online surveys. These will help you understand customer feedback at different levels, be it about your products, ideas, after sales service, shipping policies, or something else.
- Evaluate the feedback carefully in real-time so you can come up with important insights and think of immediate tweaks to your business policies.
- Take action once you have understood the insights and identified the problem areas.
- Monitor your social media reputation, customer feedback, and behavior in real time to discover patterns, so that you know where you are improving and which areas still need improvement.
How a Business Can Leverage Voice of Customer
As mentioned before, happy customers can drive sales and dissatisfied ones can ruin it. So, a modern business needs to keep the following in mind to succeed:
1. Focus on your customers – Online reputation management tools can come in handy for analyzing customer feedback and figuring out where you are falling short. Note that customers want you to take their feedback seriously and incorporate them into your business plan. Therefore, you have to be responsive and show that you care, when on social media.
2. Understand why you are doing what you are doing – A survey is an effective sentiment analyzer as it probes the customer’s mind and gets answers to tricky questions. But you need to know why you want a survey, before you send out one. For this, first understand what your business objectives are and what exactly you wish to know through the survey. You might want to gauge if customers like your new product or how loyal they are. you might want to know how frequently they shop from you or how likely are they to recommend you to a friend. So, devise the survey accordingly.
3. When to gather the feedback – A big part of carrying out online review management is that you have to understand when and how you can ask your customers for feedback. For example, you can ask for a review after they made a purchase or after they have spent quite some time on your website. Also, to get sufficient data from feedback, you need to conduct surveys regularly. This will help you detect a pattern in customer behavior and feedback as well.
4. Ways to gather the feedback – If you have a physical store or business, make sure that your employees are proactively listening to customer grievances or experiences. Or, a third party agency offering reputation management services can design the surveys, gather unbiased feedback, analyze them and give you vital insights. Customer feedback tools like online surveys sent through emails or a poll on your website can work well too. Plus, social media mentions tracking on Twitter, Facebook or LinkedIn can help.
5. Take action based on the feedback – If you collect feedback and do nothing about it, then the survey doesn’t make sense. Make sure you take appropriate actions and change your business plans so that your customers know you are listening.
Importance of Voice of the Customer Tools
The importance of Voice of the Customer tools for long-term business growth cannot be emphasized enough. The insights offered by this customer-centric program can help businesses capture feedback accurately and improve their products and offerings to stay relevant within the market.
Here are some of the benefits of Voice of the Customer programs for businesses –
- Better Customer Experience
Voice of the customer tools can help you collect detailed information regarding customer feedback. This data and feedback can then be used to make your product offerings better and deliver an improved customer experience.
- Enhanced Products and Services
Developing products and services with a clear understanding of what the customers want and working towards achieving it is crucial to the success of any business. Voice of the customer tools allows you to listen to customers and adjust your products and services accordingly. This kind of detailed feedback can later be used for future product development and understanding new trends.
- Upgrading the Decision-Making Strategy
Voice of the customer tools helps you stay updated on your brand status by understanding how customers interact with and perceive your brand. This helps in refining decision making strategies and future goals.
- Generate Greater Revenue
Anticipating the needs of your customers can help you achieve increased revenue and profits in business. Voice of the customer tools can be instrumental in gauging customer satisfaction, and any customer that is satisfied with your product or service will both repeat the purchase and recommend other buyers to choose your brand.
- Improving Net Promoter Score
The Net Promoter Score or NPS is one of the most common metrics used to gauge customer loyalty about a brand, product or service. A high or positive NPS essentially means that more customers recommend your products or services. Voice of the customer tools are an excellent way to help companies listen to their customers, their preferences and eventually improve their net promoter score.
- Market Fit or Not
By engaging with VoC, businesses get the opportunity to understand how effective their market strategies are. Further, VoC provides them with deep insights into the demographics of their target markets.
Why Use Tools Like Tatvam?
Looking to improve your social media reputation by listening to customers and implementing their feedback? Tools like Tatvam can help you out by:
- Analyzing, measuring and reporting customer feedback in one place
- Saving your time and money that would have been otherwise wasted on organizing, reading and responding to online reviews and customer comments
- Transforming customer feedback into actionable insights and telling you how you can make the biggest impact on customer experience
- Tracking your progress against competitors and monitoring the customer experience after you implement feedback
- Checking trends and measuring various aspects of customer experience over time
- Detecting key audience segments for personalized experiences and identifying keywords that can help craft better marketing campaigns
So, you see how listening to your customers and studying it right can boost your business on the whole. Voice of customer is an important measure of how well a business is doing, especially if it is an entertainment or adventure park. For instance, if you are running a water park and a lot of feedback show that grounds surrounding the rides are too slippery for safety, you can take definite actions that can help improve the visitor experience and prevent accidents. So, are you all set to use voice of customer (VoC) to grow your business?