Voice of the customer (VOC) initiatives have gone mainstream. Unfortunately, too many companies doom their VOC programs from the start.
The problem isn't that brands aren’t collecting feedback. In fact, companies are gathering more feedback from customers and visitors than ever before.
https://www.cmswire.com/customer-experience/why-your-voice-of-the-customer-data-isnt-actionable-and-what-to-do-about-it/
It’s no secret that it costs 5 to 25x more to acquire a new customer than it does to keep a current one. It should also come as no surprise then that it’s much easier to sell to an existing customer than a new one. Marketing Metrics reports that businesses only have a 5-25% chance of selling to a new prospect, but they have a 60-70% chance of selling to a returning customer.
The inbound methodology is all about helping customers at every step of the buyer’s journey and beyond to turn happy customers into promoters. So, how do you know your customers are happy? And if they’re not, how are you handling their concerns? What else do they need that you could offer them?
Actively collecting and listening to customer feedback is a process called Voice of the Customer (VoC). VoC is about knowing how your customers perceive your company, how they feel about the products/services they've purchased, and what other needs they may have that you can address.
https://www.manobyte.com/why-you-should-start-a-voice-of-the-customer-program/
Are you sending out CX (customer experience) surveys days or even weeks after the customer interaction? If so, have you considered what the consumer’s experience of that might be and how that impacts on their perception of your brand? Or have you thought about some of the great opportunities the delay in your process precludes? Do you wonder what impact the delay has on future survey engagement or worse, customer loyalty?
These are some of the questions covered up in this post. The importance of capturing feedback in real-time should not be underestimated, particularly if you want to impact CX on an individual customer basis. While it is relatively easy to achieve in an online environment, it is much more challenging in a brick-and-mortar context, so I will offer some ideas on how to do it at the end of the post.
http://customerthink.com/why-you-need-to-capture-customer-feedback-in-real-time-and-how-to-do-it-in-brick-and-mortar-businesses/
One of the questions I am often asked by organizations is “How do other companies use customer feedback?” Fortunately, the answer to that question is simple because most organizations use customer feedback to create PowerPoint reports or Excel spreadsheets to track performance. They might tie results to compensation or be used to coach front-line employees. These are all good uses of customer feedback, but in many cases, lead to chasing a score versus driving organizational change. The real question should be “How do other companies take action on their customer feedback?”
https://www.business2community.com/customer-experience/havent-able-take-action-cx-feedback-02003718/
Sentiment analysis is widely used to supplement the analysis of text data in surveys, complaints, reviews and other customer feedback. In theory, sentiment analysis categorises opinions expressed in a piece of text just as a human might.
However, as the volume and complexity of customer data grows, growing issues with sentiment analysis are providing flawed information and stopping companies from getting the full picture from their data; key customer feedback that could drive positive business change is being missed.
For those who have used sentiment analysis it is likely that you have experienced these inaccuracies – from skewed sentiment percentages and incorrect tagging, to completely missing key business insights.
https://www.marketingtechnews.net/news/2018/aug/16/how-were-missing-mark-consumer-sentiment-analysis/
Businesses know that to compete and grow today, understanding the voice of the customer (VoC) across channels is vital. It's become the norm –– and the technology to help them get there is already being implemented. However, customer feedback data isn't the only source of valuable information. When it comes to transforming customer experience, employee experience is another critical piece of the puzzle.
Contact center employees are the face of the company. As the primary customer experience representatives and practitioners, they not only interact with customers on a daily basis, they often have a very good view of the business’ operational performance. So to transform the customer journey end-to-end, businesses need to realize the critical role voice of the employee (VoE) can play with VoC to positively impact loyalty and the company's bottom-line.
https://www.cmswire.com/digital-workplace/why-voice-of-the-employee-is-as-important-as-voice-of-the-customer/
GDPR may be one of the hottest topics in the business world today, causing many organizations to rethink and revise how they approach many of their everyday practices.
The General Data Protection Regulation, or GDPR for short, aims to increase the protection and privacy of personal data, also known as Personally Identifiable Information (PII), for all EU residents.
In the age of the GDPR, consent and managing individual’s rights are crucial. Because of this, Voice of the Customer (VoC) research may become an even more important source of data and insights to marketers wanting to understand better and improve the Customer Experience (CX).
In this post, we look at why.
https://www.iperceptions.com/blog/voice-of-the-customer-gdpr/
Today, marketing success is developing winning customer-centric experiences. That’s why Voice of the Customer (VoC) data has grown from a nice to have to the backbone of measuring and managing the customer experience.
However, VoC data is always leveraged to analyze the experience after the experience has occurred. Also it is a dataset that is a small sample of the total population of visitors that visit your site. Therefore, the effectiveness of this rich, customer-centric dataset would be most valuable if leveraged to create individual experiences in real-time. Marketing is fuelled by data, but VoC data is oddly absent from the marketing technology ecosystem.
http://customerthink.com/why-voice-of-the-customer-data-is-your-most-important-marketing-asset/
Over the last few years the financial services sector has made significant improvements in the decisions it makes that affect customers. The major fines that resulted in big newspaper headlines a decade ago have dwindled, but at the same time customers still lack trust. A YouGov poll last year found that more than half of British consumers (55%) don’t think banks are working in their customers’ best interests. Given that it has never been so easy to switch a bank account or change insurance companies this has long-term negative consequences for financial institutions.
http://www.bobsguide.com/guide/news/2018/Mar/16/why-understanding-the-voice-of-the-customer-reaps-long-term-dividends/
The travel industry, one of the world’s largest industries, has changed drastically over the last few years as a result of digitisation. Digitally confident customers now seek more control of the booking process, making the demands for good (online) service even higher than before. So what does this mean for travel marketers? You guessed it, the Voice of the Customer must become a top priority.
https://mopinion.com/travel-companies-voice-of-the-customer/
