Voice of Customer: How to Use VOC Data to Drive Business Growth

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Imbassy
  • Date Published
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  • Reading Time 5-Minute Read

Do you know that by using customer feedback, you can also increase your company’s revenue?

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:

  1. What do I mean when I say “Voice of Customer”?
  2. Inter-connection between VOC Data and Customer Experience
  3. 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 (VOC). In the growth of sales, VOC plays a vital role. It has been observed that there is a 15%-20% increase in sales by just taking feedback from the customer,  analyzing the data, and making improvements from the input.

A recent report tells us that many companies have reduced the costs behind running customer retention programs. Just because by implementing VOC programs, customers got engaged themselves.

A VOC program has the potential to increase customer retention if you correctly use the data and take decisive action by analyzing the Data.

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, product, or service. By gathering VOC data, you can analyze what the customer is asking, to improve the product or service. By making necessary improvements, you can improve customer satisfaction. Once the customer satisfaction level increases, you should not need to worry about customer retention.

Definition of Voice of Customer:

There are two main definitions, according to the MIT Marketing Science paper:

1. Detailed understanding of the customer’s requirements – revealing that VOC provides an unparalleled insight into what your customers want from your business, product, etc.

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 based upon the quality and price of the product or service? The answer is NO. Genuine feedback from the customer experience is the critical factor to increase sales.

There is a vast connection between VOC data and customer experience. If you are taking the customer experience in the form of data, then only you can analyze it and take appropriate action.

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 sales.

3. Methods To Collect and Use VOC Data

There are few methods to collect the data from the customer experience. Let’s take it step by step and find out how to use that data to increase the sales and retention ratio of the customer.

Method 1: Surveys

A survey form can be used to get structured data from customer experience. In this case, you can make a simple survey form which contains a simple questionnaire regarding your product quality, staff behavior, the price range of the product or service.

At the end of the customer journey, offer the survey form and collect it for evaluation. After evaluating the customer feedback, analyze the problem or opportunities that the customer has identified. Make necessary improvements based on those points so that future customers get the best experience of the product you are selling or service that you are providing.

If you want to check how the survey methodology is used by companies, then you can check the Tellsubway Survey, mybkexperience, etc.

Method 2: Social Listening

Another best method is Social Listening. If you want to get a review of your product or service, you can set a 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 effective a method, you can apply it partially. There are many social media platforms where you can create a complaint board and customers can share their feedback. You can make a social listening board on social media like Facebook, Instagram, YouTube Live, etc.

Method 3: Customer Interview

A customer interview is quite a complicated method to take feedback for companies that have a large number of customers.

In this method, you can set an auto-recorded calling service to the customer who visits your company or is purchasing your product or service. Many companies set this method to gather customer experience data.

In this method, the customer will receive the call from the pre-recorded calling service, and they will ask to rate their service on request. Like GoDaddy or telecommunication companies, many other companies use this method to gather VOC Data.

Conclusion

It is necessary to get data from the customer experience to increase sales because not every customer will have the same experience or expectations of your product or service. Getting VOC data is the most effective way to provide the best customer experience and retain your customers.