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VOC: We all know Customer feedback is always useful for increasing product quality or service. But do you know that by using Customer feedback, you can also increase your company’s revenue?
If you want to know how to increase revenue by using VOC data, here’s an outline of what I’ll cover in this post:
What do I mean when I say “Voice of Customer”?
Inter-connection between VOC Data and Customer Experience
Methods to Collect and Use the VOC Data
So, let’s begin with the first topic. What do I mean by Voice of Customer?
1. What do I Mean by ‘Voice of Customer’?
To get genuine and quality feedback from the Customer is called the Voice of Customer. In the growth of the sales, Voice of Customer plays the vital role.
It has been observed that almost 15%-20% increase in sales by just taking feedback from the Customer and analyze the data and make improvement from the input (Gartner did research).
A Voice of customer program has the potential to increase Customer retention if you correctly use the data and take decisive action.
Voice of Customer is the method to increase the sales of your company exponentially.
It is the best method to know what your Customers are thinking and feeling about your company.
Once the customer satisfaction level increases, then you should not worry about the retention of the Customer.
Definition of Voice of Customer
Mainly there are two descriptions is available according to MIT Marketing Science paper as below:
Description: -1: “Detailed understanding of the customer’s requirements” – revealing that VOC provides an unparalleled insight into what your customers want.
Definition: -2: “Common language for going forward in product development, etc.”
2. Inter-connection between VOC Data and Customer Experience
Do you think that the increase in sales is just the quality and price of the product or service?
The answer is “NO”.
It is not necessary to make a quality product or providing the best service in one way is not so enough.
To get genuine feedback from the customer experience is the critical factor to increase sales.
and to know how the process of Collection of customer experience data sees the below image:
To evaluate the customer experience, you need some data.
Otherwise, you can not assess what type of action you need to take against the customer experience.
So there are some methods to collect the data from the customer experience that you should know to increase the sales.
3. Methods to Collect and Use the VOC Data
As we all know that to collect the data VOC data to evaluate and improvement, there are few methods to collect the data from the customer experience.
Let’s see it step by step and know how to use that data.
Method 1: Surveys
To get the structured data from the customer experience is the survey form.
At the end of the customer journey from your company, offer them to fill the Survey form and collect it for evaluation.
Method 2: Social Listening
Another best method is Social Listening. If you want to get the review of your product or service forms the Customer, you can set Social media Poll.
It is a straightforward method and a faster way to get the VOC Data from the customer experience.
Though it is not as much as an effective method, you can apply this method partially.
Method 3: Customer Interview
Take customer interview is quite a complicated method to take feedback from Customer for which companies who have an ample amount of Customer.
In this method, you can set auto-recorded calling service to the Customer who visits your company or purchasing your product or service.
It is necessary to get the data from the customer experience to increase sales.
Not only your product or service can regain the customer visit towards the company.
It is most necessary to satisfy the customer with your service or product rather than just providing the high-quality product or service.
Because not all Customer will suit with your product for the same, everyone has different vision over your product.
To overcome this problem, getting VOC data is the most effective way to provide your best and retention of the Customer towards your company.