We live in a customer-centric age. The abundance of information and choices has shifted the balance of power, placing customers in a position of advantage over companies. With social media, a negative review can influence thousands of people. For brands, delivering the best possible customer experience and listening to what customers actually want must be a matter of practice. This requires companies to connect with the voice of the customer.
https://www.expertsystem.com/convert-insights-actions-include-voice-customer-voc-decision-making-processes/
Research suggests a 5 percent increase in customer retention will boost profits by 20-100 percent across a wide range of industries, which helps to explain why businesses both big and small are so focused on measuring customer loyalty and brand advocacy.
A common method is to simply phone customers after they bought a product or service to ask how satisfied they are. More business-savvy entrepreneurs will frame the question differently, asking customers how likely they are to recommend the brand to others. This produces what’s known as NPS, or Net Promoter Score.
But such bold tactics can be counterproductive and produce inaccurate results - phoning customers can damage the brand, surveys can be misleading and there are more reliable ways for fledgling businesses to track customer loyalty.
https://www.wamda.com/2018/07/measure-loyalty-alienating-customers/
Customer experience professionals know that, in order to deliver a great experience, companies must listen to customers, link customer feedback to transactional (and other) data, and act on what they hear. There’s an old Gartner statistic that I still like to share because I believe it’s relevant to this day:
95% of companies collect customer feedback, yet only 10% use the feedback to improve, and only 5% tell customers what they are doing in response to what they heard.
This statistic is a good, high-level representation of how companies have matured or evolved (or haven’t) along the continuum of data-driven success.
Let’s take a closer look at that continuum. And let’s assume that Phase 0 is not listening or looking at data at all.
http://customerthink.com/the-continuum-of-data-driven-success/
There many fascinating insights from a new study conducted by Harvard Business Review Analytic Services in conjunction with SAS, Intel and Accenture Applied Intelligence. The study is a quick, insightful read of 16 pages that combines survey findings and enterprises’ marketing results.
https://www.forbes.com/sites/louiscolumbus/2018/07/08/how-to-improve-customer-experiences-with-real-time-analytics/#2851c71e6e82/
Online content and digital assets are present in every stage of the online customer journey—from awareness and promotion to purchasing and brand loyalty. Whether this content is used for marketing purposes or purely for design, it’s the flesh and bones that shape your whole brand identity. And that is precisely why it’s important to get yourself on the right track towards crafting a winning content strategy. The question is: how?
The internet is already flooded with content and there’s no signs of it slowing down...
https://blog.bynder.com/en/how-to-enhance-your-digital-content-with-online-feedback/
Almost every company is actively reaching out to customers to gather critical feedback. The signals and voices you receive from your client base can have a huge impact on your strategy and tactics. According to Gartner, 95% of B2B companies have a voice of customer mechanism.
But only 35% take action on that feedback.
So why is there such a huge gap between the companies that gather feedback and the companies that act on it? And that's the beginning of the missed opportunities. Even fewer companies implement improvements and close the loop with customers.
https://www.gainsight.com/event/3-essential-elements-modern-voice-of-customer-program/
The aggressive revenue growth goals of most firms point to the need for a deliberate, systematic and managed approach to generating game-changing new product ideas. We identify a number of sources of new product ideas, and then report the results of a survey of 150 firms to identify which sources are the most popular, and more important, which sources are the most effective—in terms of generating robust new product ideas. The results are provocative when we compare a number of voice-of-customer (VoC) methods for idea generation against other popular sources of ideas.
https://www.stage-gate.com/new-product-development-process/voice-of-customer-methods-what-is-the-best-source-of-new-product-ideas/
In the SaaS world, people aren’t looking to buy a product once and move on. They’re looking for a solution that will continue to provide value as the company grows. This is where customer-centric thinking plays a critical role—it ensures that your customers are at the front of your organization from product development to the post-sales process.
Customer-centric thinking gives customers a positive experience that will bring value to both the vendor and the customer. Blue J Legal is a SaaS company that does exactly this by aligning their team around their customers.
https://www.business2community.com/customer-experience/building-customer-centricity-into-your-organization-02084854/
No matter how specific your brand’s niche, every single one of your customers is an individual – and they deserve to be treated as such. That’s where customer segmentation comes in to play.
However, it can be difficult (if not near-impossible) for even a small- to medium-sized company to cater to every customer on an individual level.
But, through customer segmentation, you can come pretty darn close
https://www.fieldboom.com/customer-segmentation/
Online customer reviews can make or break your business. Entrepreneurs find it a priority to learn to react to people’s feedback, both positive and negative.
The owner of EssayPro (an essay writing service that provides students with academic papers of all kinds) says, “Reviews can considerably affect the business’s reputation. At the same time, it can be truly eye-opening.” He finds it important to read the reviews, respond to the customers, and tells that the below techniques of dealing with the issue “have proven effective”.
http://customerthink.com/7-effective-ways-to-respond-to-customers-feedback/
