Are you truly listening to the voice of your customers? It’s no longer an option, rather a necessity to stand out amongst your customers. Only the businesses that prioritize listening to the ‘Voice of the Customer’ (60%) are leveraging the impact of it – boosted customer loyalty and elevated business performance. They are no longer running in the dark, they have the data to make customer-centric decisions that directly impacts their bottom line, and they are lucratively using it.
However, listening to the customer’s voices is one step. The essence of it lies in identifying customer’s needs, preferences, and expectations and incorporating them into your core operations and their customer journey.
That’s exactly where the VoC program steps in. Not only does it transform raw customer data into actionable insights, it enables businesses in leveraging those insights to improve business metrics.
Gather Actionable Insights with Advanced Data Analytics
With the traditional approach towards feedback analysis – going through each feedback manually – is becoming obsolete for its massive expenditure on resources and time; it is worth noticing how AI analytics tools have skyrocketed and have become a top priority for all top executives.
The feat achieved by big companies like Google, Netflix, and Amazon by leveraging advanced analytics technologies is not hidden from anyone. They have transformed the way businesses leverage customer data. With AI, NLP, machine learning, and predictive analytics technologies, they are converting massive datasets into actionable insights like never before.
- Google released BigQuery and TensorFlow to improve targeting and develop predictive analytics.
- Netflix employs AI to curate personalized recommendations based on the browsing history.
- Amazon offers its machine learning services like SageMaker and Personalize to developers for predictive analytics, extracting customer insights, and optimizing operational efficiency.
Setting the benchmarks for the entire industry, they continue to innovate and evolve these technologies and methodologies and stay on top of their game.
Advanced data analytics has not only revolutionized how businesses think and operate, but it has also accelerated business growth by automating the processes and offering them data driven insights.
However, the reality of the CX industry is a bit different. Right now, 46% of companies currently lack integration across technological systems which leaves them struggling with disjointed tech infrastructures. This inability to integrate technology systems leaves 49% of businesses unable to prioritize action and 38% unable to take action at all which limits their CX capabilities. This results in 36% of the customers raising the customer query, but 32% simply churning out!
By leveraging advanced analytics techniques like text analysis and sentiment analysis, businesses can easily sift through large volumes of customer data in a matter of minutes and identify recurring themes, complaints, and sentiments. With these insights, they can take actions, create meaningful improvements, tailor their journey such that it directly resonates with customers.
With less than 10% of the businesses having insights-driven capabilities, it’s high time to leverage advanced analytics technologies to gather rich insights into customer behavior, deliver more personalized customer experiences, and increase brand loyalty.
Close the Loop to Transmute Insights into Action
What’s the point of gathering and analyzing this huge amount of data if you are not going to put it to use?
Taking action on the feedback is what makes any CX program successful, however, more often than not, businesses fail to see this through and end up letting their customer’s feedback collect dust. In fact, only 41% of organizations focus on the closed-loop mechanism, and the rest don’t take any action on the feedback hence not closing the loop with dissatisfied customers – this leads to significant customer churn.
Rather than treating feedback as a valuable piece of data, a close-loop mechanism ensures that you create a conversation with your customers that is meaningful for both you and the customer. It helps in identifying customers’ pain points and expectations, and areas of improvement in your product or service, improving their overall experience with your brand.
Not only it builds a relationship with the customer, it inculcates a trust within the customer that they are being listened to.
Additionally, this follow-up also needs to be proactive. It shouldn’t just be about preventing a detractor but also creating positive experiences and converting them into a promoter. Only when businesses focus on delivering ‘WOW’ customer experiences and not just increasing numbers, can their CX positively impact their bottom line.
But the biggest challenge is – businesses don’t know how to close the feedback loop. With the thousands of customer feedback lying in the corner, they struggle to make sense of it. Customer experience platforms that employ closed-loop capabilities like ticketing systems, predictive analytics, text and sentiment analysis, and detractor makes it much easier. With alerts raised on every detractor, tickets created on customer complaints, real-time analysis on top trends and sentiments, and predictions on customer behavior, they can take action quickly and resolve customer issues before it’s too late.
With a customer-centric approach and a robust customer experience platform, businesses can effectively close the feedback loop and boost customer satisfaction, foster loyalty, and encourage positive word of mouth.
Voice of Customer programs creates a shift in the organization – enabling businesses to take data driven decisions, it ensures that all strategies and decisions are backed by customer data and insights. It assures that everything you do is about and around the customer.
Businesses that are integrating Voice of the Customer programs with advanced data analytics capabilities and closing the feedback loop are leveraging the true potential of customer insights – fostering responsive, customer-centric, and agile work culture. By listening to the customers’ voices, businesses can improve customer loyalty, enhance customer satisfaction, and get a competitive advantage.
In the age of customer-centric world, embracing Voice of the Customer programs is not just an option it has become a necessity to propel your business success.
