The customer’s feedback, opinion, and expectations for your products or services are described in the Voice of the Customer. It helps you understand the feeling, connectivity, and perception your customers feel. businesses use VoC to increase customer retention and build a legion of loyal customers.
It is required for functions such as customer service, operations, and product analysis. Organizations use this solution to identify and improve all stages of the customer journey by collaborating to improve their products and services.
A positive customer experience can help you increase a customer’s lifetime value and retention rate by nearly 55 percent.
Companies that implement a Voice of the Customer solution not only strengthen their relationships with their customers but also improve internal relations between departments.
Positive customer sentiment can boost revenue by 4–8 percent and a customer’s lifetime value by 6–14 times. In the United States alone, poor customer sentiment resulted in a loss of over $83 billion.
The Benefit of Employing the Voice of Customer solution for your brand
- Improve retention of customers
- Assess new product ideas, concepts, and solutions
- Change your products, services, add-ons, and features to satisfy your customers’ needs and requirements
- Find potential brand crisis at the earliest
- Better service to your clients
Methods for Gathering Data for the Voice of the Customer Program
Online Customer Surveys
Conducting online customer surveys is also an excellent way to collect data. These surveys assist you in better understanding your customers and addressing their concerns.
You should ask the right questions using the right platform, you may never receive reliable answers. That is why, when designing your surveys, you must put an effort into determining what questions you should ask.
The question you can ask -
- How have you heard of our business, product, or service?
- What did you see or hear over the past two months about our brand, company, product, or service?
- In a product/company, what features do you look for?
- How can we improve your customer experience?
- Name a competitor, and explain why you choose it over our product or service.
Focus Groups
A focus group is an interview with a few people with similar demographics. They examine their reactions to certain questions put by the researchers. Focus groups are used for market research and political opinion research
This data collection method is used to gain insights into customers’ need prioritization or to test concepts and receive feedback.
Social Media
Social media is an important component of the feedback process because it allows you to communicate with your customers in both directions.
You can join any of the most popular social platforms, such as Twitter, Facebook, or LinkedIn, and connect with those customers and monitor and interact with them in real-time.
Customer Interviews
Customer interviews normally occur one-on-one with a single customer or with a few persons in the same company or family unit. It is commonly used to ascertain a specific customer’s perspective on product or service issues, attributes, and performance measures.
Online Customer Reviews
You may think your product is good, but does that mean your customers would like it too. Knowing their feedback takes out the risk of speculations and lets you know what they actually want. With online review sites, you can listen to your customer firsthand.
Dedicated Feedback Form and Emails
This method can be as informal or formal as you like. You can send highly personalized emails to specific customers, or have a dedicated feedback form on your website. You can also ask for feedback as a response to your email or include a link to one of your online feedback from the email body.
Pitfalls for the Voice of Customer Solution
- Collecting customer feedback can just go to waste if all the feedback reviews are generic and alike.
- A certain very vocal client section might overwhelm the voice of the average client.
- Some customers might not take it well if you do not implement their specific suggestion, which can lead to dissatisfaction.
Tips for Avoiding Such Pitfalls
- Attempt to collect feedback data from a variety of sources.
- Attempt to collect a large number of datasets for a more comprehensive view.
- Always communicate a clear goal for data collection by describing how the data will be used specifically.
- Maintain it as a continuous process rather than a one-time event.
- Employ a good data analysis company like BytesView
Bytesview’s voice of customers analytics solution can help you collect and analyze large volumes of customer data from feedback, reviews, complaints, etc.
It provides comprehensive insights that can help you transform customer feedback into sources of focused improvement for your business.
It is estimated that 80% of a company’s future revenue will come from 20% of its existing customer base.
(1)Read on for reasons and methods that customer communication management strategies can improve consistency and reliability in your business.Upward CommunicationWhether your business is digging, lawn moving, or catering, customers will inevitably have ideas and opinions to share with you.
(2)Innovative above-mentioned communication initiatives can be woven into the business process in the form of feedback forms, surveys, and reports.
This prevents them, sometimes obscure, from spreading the diagnosis online or by word of mouth, areas over which we have little control.Downward communicationOf course, there is no good without evil, light without darkness, and so on.
These are largely professional qualities that distinguish between senior and subordinate employees in a company.This means that senior executives are more likely to see things in business that guarantee action.
It is unfair to keep subordinates in mind and expect improvement without communication.Setting up this formal chain of communication will ultimately lead to improvements and improvements in some areas: One is that, through more communication, the staff will learn how to adapt to change.
The changing trends create a dynamic platform where a business cannot properly track the behavior online aptly.Even if a business cannot clearly understand what the customers are thinking, developing a customer retention strategy by understanding their pulses can add an extra edge.
Another report tells us 68% of the customers will remain loyal to a business if the brand responses to their pain points, resolve issues, and provide an ideal user interface to find relevant products/services.
To develop such strategy, one has to feel the pulse of a target audience or an existing customer pool.
Here is what the top brands do and survive amidst all these diversities.Customer experience is the prime element to focusThe first and most important element that a company has to focus on is customer experience.
This perception leads to personification of a brand.
Leads converted to loyal customersNew leads will land on the online portals following the promotional content and referrals.
Scaling customer support means making things better for your customer support team.
Scale Customer Support is the process of making your support team more efficient by refining existing practices, fixing customer support scaling issues, and empowering them!Scaling your customer support is a must!
And that’s exactly what this read is all about!
Automation is the great opportunity for the future of customer service businesses, so Let's have a quick overview of how automation is changing the face of customer service.
Well, all of these concerns have one answer, and that is Customer Retention.
But keeping an existing customer is not as easy as it sounds.
According to some popular customer retention stats, 77 percent of the customers remain loyal to the brands and companies that offer a good customer experience whenever they have issues.
And 72 percent of such customers are willing to spend more on companies and brands that provide excellent and reliable customer experience and customer service.
As a startup, you should work on the following strategies to build an impeccable customer experience and to retain your customers:You should build a personalized interactive interaction with your customersAnd not just customers, you also have to invest in your employeesAlways ask for customer feedbackYour customers should trust and rely on youProvide swift and effective support to your customersGet close to your customers, instead of bringing them closerOccasionally reward your customers for their loyalty towards the brandAs mentioned above, these are the most essential and practical strategies that any business or even startup should use to build customer retention.
It presents a system for collecting, analyzing, and distributing customer reviews and surveys.
Everything from the very first contact with them to keeping them engaged with the brand needs to be carefully managed to provide them the best experience needed.
In this post, we will discuss how businesses can utilize call center services to help improve their customer lifecycle management.
Before we can go into the ways that call center services can, we must understand what exactly is customer lifecycle management and the various stages that are involved in it.
Stages of Customer Lifecycle Management
There are mainly four stages of CLM (Customer Lifecycle Management). These stages can differ based on each organization and its business goals. In this post, we will discuss the four stages that will be recognized by most of the companies out there.
Stage 1 – Customer Acquisition
As it is clear from the name, this activity refers to acquiring new customers for the business. This is the primary stage where your business establishes contact with a new customer for the first time with the hopes of converting them from a prospect to a paying customer or client. This activity is necessary for the growth of any business. You need to grow your customer base in order to maintain a constant growth of the organization.
Stage 2- Customer Engagement
The second stage of CLM is customer engagement. When you acquire a customer and they have been with the brand for a while but now their usage of your product or service has declined, you need to increase their engagement with your brand. It could be in the form of using your app more or visiting your website more often. Customer engagement ensures a customer’s loyalty to the brand and puts the business at ease about whether customers will stay with the brand or not.
Stage 3 – Customer Retention
Retaining your existing customers is an extremely import part of customer lifecycle management. If you lose your customers, it will have a negative impact on your business’s bottom line. It will also lead to the increase in marketing costs and customer acquisition costs. A good customer retention strategy can not only save costs but lead to stronger brand profile overall.
Stage 4 – Customer Feedback
This stage lets a business understand how loyal a customer is to their brand. You get to know what they feel about your product or services, what they like, what they dislike and most importantly, the changes they would like to see. It helps a business become better by implementing the changes that customers want and it makes the customers feel appreciated when they see their opinions have been valued.
Call Center Services and Customer Lifecycle Management
All the above four stages or the entire CLM process requires a company to have dedicated teams of professionals that have experience dealing with each and every such stage. Outsourcing call center services help a business handle these complex stages using experienced staff and techniques.
A right outsourcing company can provide a business with customer acquisition services using outbound and inbound telemarketing and lead generation services that help a business increase its customer base thus increasing overall revenues. Similarly, that same company can handle customer engagement by reaching out to customers and informing them of new features as well as offers related to a business’s services.
Customer retention processes are also carried out by call center services. Customers that wish to leave your services will be contacted by the call center team to understand the root cause of them leaving and provide those customers with the required incentives to stick by the brand. The fourth stage of CLM, getting feedback from the customers is also handled by call centers through their customer survey process where customers are contacted to conduct a quick survey to know the overall level of satisfaction they have with the services.
Conclusion:
In the end, what really matters is finding the right call center partner that can deploy a team that can get your customers through all entire customer lifecycle management process efficiently thus helping businesses reduce their costs and boost profits
