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What is VOC Analytics and What Are its Benefits

Listening to the voice of the customer is crucial. Detailed VOC analytics will improve customer experience and give you a leg up on the competition. Supply without demand is nothing. That’s Economics...

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Listening to the voice of the customer is crucial. Detailed VOC analytics will improve customer experience and give you a leg up on the competition. 

Supply without demand is nothing. That’s Economics 101. New customers are the lifeline of most businesses, so how much they spend to market to new customers comes as no surprise. Of course, your business’s voice should be curated to relate to your target audience. However, it is equally important to be aware of what your customers are saying. The VOC, aka the voice of the customer—will provide you with valuable insights that will drive your team toward success. 

Listening to the voice of the customer is critical, so much so that it should be the guiding principle of your customer experience. Truly understanding your customers' wants and needs will make you an extremely valuable asset to them. Empowering your business with VOC analytics can very well mean the difference between success and defeat. 

The Voice of the Customer—Explained 

So, what is VOC? Essentially, VOC is how your customers perceive your business and its services. Your customers’ opinions will not only depend on their wants and needs but also on how quickly and efficiently your business can meet or exceed their expectations. Understanding VOC is vital for businesses as it indicates how customer experiences are received, which then enables correction if any, is needed. 

Customer service is the key to business success. By collecting VOC data, businesses can strategize ways to better their customer service and improve customer retention. After all, happy customers are loyal customers—loyal customers mean greater profits and long-term growth. 

Today, it’s easier than ever to gather customer feedback thanks to the countless amount of tools available. Some examples include online surveys, live chats, call data, website traffic analytics, and online customer reviews—to name a few. These tools are meant to facilitate not obstruct, so to reduce the risk of doing more harm than good, ensure you all tools properly. 

After analyzing VOC data, your business must act fast. If several customers complain about the customer service experience or if you identify an unmet need, you should

work to remedy it immediately. Addressing all feedback, including negative feedback will ensure your business stays in sync with customer preferences. Finally, you should continuously update your methods of VOC data collection to ensure the process stays as efficient and simple as possible. 

Benefits of VOC Analytics 

It’s an understatement to say that VOC analytics can be extremely beneficial for a business. These analytics allow you to create the ideal user experience while authentically building a brand that resonates with your potential customers. Giving you the ability to create a bigger, stronger following than you ever have before. 

VOC analytics can also help with making faster improvements to the customer experience. Making these improvements ahead of your competitors can be very powerful, as it assures customers that you are reliable. When it comes to reputation management, prevention is infinitely more effective than damage control. VOC analytics will allow you to identify any problem areas early on so you can be proactive in fixing them before they escalate.

Methods for Collecting the Voice of the Customer Analytics 

There are many options available as far as gathering VOC analytics. For example, you can use call recordings in conjunction with a personalized email, which can be a great way to gather customer analytics. Before making a decision on your solution, you need to conduct thorough research to better determine which of these solutions might be the right fit for your business and customers. 

Surveys and Client Interviews 

One of the oldest yet still effective, ways of acquiring VOC data is through surveys or customer interviews. Customer interviews can reveal an additional wealth of information, although thought to be more time-consuming and expensive. Conducting group interviews or completing interviews over the phone make this method easier. Crafting surveys and interviews is relatively straightforward, but it does require asking the correct questions in order to get the most direct information. Keep your customers' attention by keeping questions clear and concise.

Focus Groups 

Although somewhat resource-intensive, focus groups can yield amazing results. In a Focus group, customers are given a platform to share their thoughts and opinions regarding a business’ products and services. You can host these groups in person or host a virtual meeting. 

Social Listening 

Another form of VOC analytics is Social listening. Social listening will give you insight into what conversations are being had on social media, which will give you a public perception of your brand. This is key to identifying and squashing any negative attention before it explodes, guaranteeing that your business’s reputation isn’t unnecessarily tarnished.

Essential Elements of a Voice of the Customer Program—the 3-Step Approach 

Although every VOC analytics program will look different, some essential elements should always be present. Keep this 3-step approach in mind when crafting your VOC analytics program. Your business risks failing to succeed without it. 

Listen 

It is no coincidence that the first step in the 3-Step Approach is listening— it might be the most important. Starting a VOC program without listening to your customers is like embarking on a journey without a roadmap. Your team must perform customer analysis to identify individuals who best represent your average customer. Narrowing your target audience will give you more accurate information on what your business should do to satisfy potential customers. Asking the right questions is also vital. These questions should be simple and direct.

Act 

Step 2 of the 3-step approach—act. To understand this step, think of VOC analytics as a loop. The loop begins when customers voice their opinions—positive and negative. Your business listens by gathering the data and closes the loop by responding and ensuring any problems are tended to. Some problems are more complex and may require a systemic change internally. Regardless, you must resolve these problems as quickly as possible. You will know you’ve made progress when the loop goes around again, and there are no complaints surrounding a previous issue. 

Analyze 

The final step involves analysis. When listening, your business is gathering mountains of data. This information is near useless if you don’t analyze it properly. You can use AI-based tools to assist you with this process. 

3-Step Approach Best Practices 

When implementing the 3-step approach, you can maximize your full potential by adhering to best practices. For instance, personalizing surveys and questionnaires will leave your customers feeling less bombarded, making them more likely to engage with your VOC requests. By doing this, your customers will feel like an important asset. They will have comfort in knowing you care about their opinions, and that they’re not

just some business statistics. 

Seamlessly integrate VOC data collection into the digital customer care experience. For example, at the end of a live chat, an AI bot might prompt a customer to leave feedback, a review, and/or a rating. Not only will this provide you with useful information, but it will also give your customer service team the chance to address all issues, which ultimately improves the overall client experience. 

Have there been drastic changes to your business? If the answer is yes, then it’s time to gather updated VOC data. Has a customer canceled a subscription with your business? Now is the time to seek feedback and see where improvements could have been made. Having a clear understanding of these types of changes will ensure you are gathering data when your customers are most ready to give it. Additionally, if a customer brings up any issues during your voice of the customer program, you will want to address them promptly. Some things cannot wait. 

Once you have collected all important VOC data, you must remember to share it across all departments. Instinctively, you might want to supply only the sales and marketing departments with this updated information. However, they are not the only ones that will benefit from it. Every member of your business should understand the voice of the customer so they can easily align with the specific goals that will increase customer retention and boost sales. Ultimately, when multiple departments are participating in the planning, execution, and analysis of the VOC program, the benefits are multiplied.

 

Conclusion 

VOC analytics are an essential component of any successful business and the benefits it provides are far too great to ignore. Not only will you be able to retain customers, but you can also prevent any crises from occurring, allowing your business to focus on what matters most—customer satisfaction. 

Human in the Loop 

Technology is ever-changing the business world. This can lead to the automation of several processes. However, humans have yet to be completely replaced by Artificial Intelligence. Regardless of how your VOC program turns out, there will likely be areas where human intervention is necessary. Helpware’s Human in the Loop (HitL) service provides the human touch wherever it is needed in the loop of technology, communication, and services. This service includes customer care, app support, and expansive content. 

Back-Office Support 

Once you have implemented a VOC program, you need a team to help execute it. Lucky for you, Helpware can build your business a customized team with back-office support. The customization process begins from the recruitment stage to ensure that we craft the perfect team for your needs. Rest assured, your success is our top priority, and our agents are completely dedicated to your business. You can get back to focusing on expanding your business. 

With Helpware on your side, you can gain a competitive edge. Contact Helpware today to discover how we can help you!

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