Why is It Critical for Organizations to Analyze VoC?
Voice of the Customer (VoC) analysis is crucial for organizations to understand what their customers think about their products and services and expect from them. To sustain long-term, profitable customer relationships, organizations need to effectively meet their customers’ expectations. Failure to meet the expectations of customers can be detrimental for organizations. This can lead to the loss of not only dissatisfied customers, but also the brand reputation. At a time, when customers have multitude of options to express their opinions, social media can ensure bad words spread like a wild fire.
Expectations of today’s customers are not only high, but also constantly changing. To keep pace with their fast evolving wants and needs, it’s pivotal that organizations build a scalable VoC program. The program needs to be robust enough to collect the VoC from different sources and equips the decision makers with actionable insights on a regular basis. A well-designed VoC program can provide not only valuable insights on customers’ expectations and needs, but also directions to develop customized products and services.
Besides enabling organizations better understand and connect with their customers, VoC analysis can help with the following:
  • Better meet customers’ needs and expectations through customized products, services and offerings
  • Have new product and services ideas
  • Drive revenue growth through additional sales and word-of-mouth recommendations
  • Identify worthwhile opportunities for up-sell and cross-sell
  • Timely handle customers’ grievances and issues
  • Assess the satisfaction levels of customers and effectiveness of customer service staff
  • Improve brand advocacy and customer loyalty
  • Make customers feel valued by listening to them, acting on their advices, and reporting back to them
Developing a Successful VoC Program
The key to realizing a successful VoC program lies at timely collecting the customer feedback, analyzing it, acting upon its findings, and continuously monitoring it. A VoC program involves gathering valuable information from customers and utilizing it to improve the organization’s products and services offered.
Following are the essential steps to create the VoC program:
customer-table
1.Collect: Identify and exploit all possible sources to collect the VoC. It can be gathered through both external and internal sources, including customer feedback surveys, emails, telephonic conversations, social media posts, posts on review sites, etc. VoC collected through different sources can be unstructured and in different data forms like text, speech, numbers, images, etc.
2.Analyze: The unstructured and disparate data sets (VoC) can be structured and analyzed for actionable intelligence with the help of customer interaction analytics. Speech analytics can even enable delving deep into the psychology of the customer rather than assessing their words at periphery. Interaction Analysis and Sentiment Analysis, also known as ‘opinion mining’, are some of the popular methodologies through which VoC can be analyzed to assess the quality of service being provided to customers. These methodologies can also help gauge the customers’ satisfaction levels.
3.Act: Once the valuable insights are available, customers’ common issues can be prioritized for their effective resolutions. Acting on actionable customer insights, organizations can improve their products and services and their provisioning to customers for better utility value and customer experience.
4.Monitor: To achieve optimal results, continuous monitoring of the VoC is required. Redesigning or improvising the services or products may come with its own set of faults or flaws. Hence, continuous monitoring of the VOC is necessary to seek feedback from customers on the usefulness of the changes made. This must be followed with the same set of steps again and again.
Understanding the VoC through the right set of analytical tools gives numerous opportunity to improve the services or products constantly. Assessing the feelings of customers is important to earn their loyalty. VoC is also a good source to prove the credibility, as well as the visibility of any service or product being provisioned to customers. A good strike of balance between these two makes the service or the product ‘un-parallel’. It also makes customers feel valued and important, augmenting their satisfaction levels and loyalty.
About Gopal Varun
Gopal Varun is a Graduate in Humanities with 11+ yrs. of experience in the services industry. He is currently associated with R Systems International as a Senior Trainer.

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